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Professional debit management firms establish long-term relationships with corporations that may need outsourcing to provide services that enhance their cash receivables. By doing so, the firm can focus on other aspects of their client's needs and not on management of cash flow. One corporation that leads the industry in outsourcing is Creditek. The focus of Creditek is to improve financial performance through quality principles. They strive to provide immediate improvement in receivable performance and create deduction resolutions to enhance profit ability. Their goal is to increase a firm's revenue and decrease their losses. John Metzger, founder and President of Creditek, organized this corporation to assist companies as they recapture profits and working capital frozen in the order-to-cash cycle.
Since 18, Creditek has been a key factor in helping their clients process customer claims, enhance cash flow performance, and reduce business process cost. They have succeeded in generating hundreds of millions of dollars to their client's cash flow annually. Other services provided are exception management and revenue cycles consulting. Exception management deals with customers pricing issues, returned goods, and shortages caused by the client. Expedited correctly, exception management issues can be the best way to keep a happy customer-client relationship. Revenue cycle consulting deals with the collections process, claims management, accounts receivable performance, and profits. The revenue cycle consulting is so instrumental because it increases the firms' stream of cash flow and working capital.
Creditek services Fortune 1000 sized firms in the United States as well as international firms in Europe and Latin America. Their growth is achieved by networking with existing clients to add numerous prospects from other industries. Having offices nationwide and seven hundred fifty employees, Creditek enhances their clients' receivable performance by cutting operation costs. Industrial growth opportunities worldwide help Creditek expand their scope of services. This includes deduction management, invoice collection, credit decision, and preparation of systems conversion.
Creditek is not a publicly traded company. Companies such as General Atlantic Partners LLC, the world's largest equity firm, invests substantial amounts of money in companies in need of strategic assistance. General Atlantic Partners LLC, invested $0 million dollars in Creditek on May 14, 001. These funds were issued to help Creditek complete technology expansion and ensure rapid growth of the order-to-cash cycle segment of global business outsource markets. Creditek focuses on quality and client financial performance.
Being the industries' largest accounts receivable company leaves little room for competitors. Companies such as Pyramid and IAB are working towards increasing client prospects. As of now, both companies focus on improving their clients' cash flow and net worth. All three companies have a common goal, to help each of their clients create a solution to reclaim substantial amounts of written-off revenue. But neither company can compare to the many clients Creditek services throughout the country. Their consulting and outsource clientele include 00 of the Fortune 1000 consumer goods, services, high-technology, and manufacturing firms. Let's face the facts Creditek is the leader in providing superior client services to companies in need of financial solutions. The goal of Creditek is to continuously build relationships with companies to ensure their financial success. Creditek is dedicated to providing quality service to their clients through their best practices, extraordinary technology, and knowledge. Creditek realizes that significant improvement is the bottom line. Their unique and highly focused insight into the Business Process Outsourcing area will help accelerate Creditek's already outstanding performance. The overall objective of Creditek's organization is to eliminate mistakes and to eliminate poor decisions.
One on-site company, which deals with Creditek, is Thomas and Betts. Thomas and Betts is located at 8155 T&B Blvd. In Memphis, Tn. Thomas and Betts is a distribution company that provides many goods and services to different businesses throughout the country. Our current position at this site is to create a sensible strategy to restructure their finance into becoming a net gain. Our goal and mission is to provide the most innovative way to decrease their overall expenses for their account receivables department and increase their net worth. We specialize in creating a zero tolerance for their account balancing and the exchange of monies and products and services.
Our structure of process is divided into two primary working teams. Each group for both areas is divided into two sections of operational functions. One group is primarily responsible for analyzing and gathering the incoming deductions, receipts, and checks. This group is called the ongoing team. The other section is responsible for applying and researching the credit or deduction. This group is called the functional team. As a group and team we all work together and have been able to decrease Thomas and Betts' accounts receivables by over ninety percent. This shows the company that not only will we help with their bottom line but we also have organization behavior skills. Organization Behavior is the field of study that investigates the impact that individuals, groups, and structure have on behavior within organization, for the purpose of applying such knowledge toward improving an organization's effectiveness. As workers or students, we all have experienced conflict and problems in a work or group setting. Although conflict is a natural and acceptable occurrence in the work setting, our goal is to learn and seek effective ways to solving conflict as well as preventing it. Communication is a very important tool to resolving conflict. It will allow us to exchange information, receive and understand each other. The key to finding and implementing solutions is to first identify the problem, communicate the problem, listen to the problem, respond to the problem, and last but not least, solve the problem. It's evident that people will always work and interact together to insure an effective turnout.
The ongoing team is set in groups by regions and alpha sections. Each person has a specific company they work with and have to distribute accounts in alphabetical order. The analysts' accounts are divided among four individuals, Employee A, B, C, and D. However, the work structure is divided into two processes, 1) two team members made the calls and follow-up status on accounts, ) two team members receive, gather, and matched all incoming data for deductions. The accounts are divided into section of alphabets A-L and M-Z. Using this process prevents a backlog. Their goal is to complete and clear old accounts from the beginning to the end as well as establishing a current status on all accounts.
At the beginning of the newly structured teams, we were all told that eventually each person would become a full-based full-time receiver of unidentified items. As we were told, the change did occur and the process was implemented. Each person is responsible for their section of alphabets, and one major account. There were some different views and insights regarding the change, however, working as an analyst from the beginning, I thought the change was great and would definitely be more effective in meeting the company's goal.
This change affected the bottom line of Thomas and Betts cash receivables net income. Since our job is based on collecting all invalid deductions, it is imperative that all attempts to collect a debt have been used before write off is recommended. After all prudent efforts have been failed, deductions that cannot be validated or cannot be collected are recommended for write off. We assure Thomas and Betts that before write offs are recommended that all deductions have been research and are fully supported by hard copy files. Working at Creditek for the past two years has raised a question in my mind about the mind-set of Creditek as a company. While Creditek thrives on excellence and perfection with their on-site company, why do they not focus on the importance of employee satisfaction also?
The Problem
Creditek has a growing issue with the retention of their employees. Turnover is costly and disruptive, and has lasting strain on a company and it's employees. This can limit its ability to compete effectively in todays business climate. The United States Department of Labor estimates the cost of employee turnover at one-third of the annual salary of the newly hired person. Costs include lost productivity while the position is vacant, recruiting and screening costs, interview costs, training costs, and the cost of reduced efficiency as the new employee learns the job.
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