Strategic Financial Management – Plitt company

Case Study on how Insight Consultants solved the problem of its client, Plitt Company’s challenge of managing a very huge customer data by initially working as a ‘follow-up’ agent and later formulated a plan to identify, categorise and train Plitt’s employees to try and mitigate outstanding / AR status.

Plitt company had a huge customer base of 2,500. This brought with it the expected pressures of recovering, outstanding and resulted in inefficiencies of managing customer data.

Client

Plitt Company is a US based leading seafood wholesale / retail company with over USD 100 M in turnover.

Business Problem

Plitt Seafood Company has a customer base close to 2,500.Their accounts receivable status was close to a US $12 million. Follow-up calls were not yielding results and there was a chronic delay on invoicing and defaulters. The client was looking for a partner who could study the situation, understand it and help them out of the crisis.

How Insight assisted in solving their problem?

Insight started out initially by making ‘follow up’ calls to customers. Slowly over a period of time, the team created a plan which included a 2-pronged approach of identifying & categorizing customers according to 5 identified parameters viz:

• Chronic delay on invoices
• Active customers
• Average invoice value outstanding
• Frequency of clearing invoices based on regular follow-ups and
• Typical respondents

and devised strategic call responses based on four standard categories. We also came up with the plan of involving the Sales Team and made it a Team effort, which was a first in the history of the client as the Sales Team hadn’t ever engaged in such an effort prior to this.

 Services Provided

• Requirement Analysis
• Solution Planning and Development
• Enlisting Support from Sales Teams
• Metrics Creation
• Providing IT Support and Maintenance

 The Bottom Line

This effort enabled reduction of outstanding by a significant 30% in 6 months, helped to generate Management Information reports. Insight Consultants eventually managed the IT Help-desk of the client.

Bob Sullivan, Plitt company, plitt, accounts receivable, Stylusinc When I was searching for a company, I was looking for a group I could trust, and where I’d get personal attention. On both scores, I’m completely satisfied with you.”
– Bob Sullivan, President, The Plitt Seafood Company

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