Financial Business Process Training
CARA’s client is the credit and collection division of the leading national supplier of maintenance, repair and operating products, whose expanding footprint in the market includes presence in Asia and Latin America.
The client wanted to reduce their Accounts Receivables and lower the average number of days it takes to collect revenue after a sale is made, or Days Sales Outstanding (DSO). DSO is an indicator of how strong sales are. The quicker Accounts Receivables are collected, the company can reinvest the cash back into the business and make more sales. In this client’s situation, reducing DSO by one day is equal to freeing up $15M of capital.
To achieve this objective, the client sought to first define a consistent call process and then design and develop a nationwide training solution for their frontline Credit Analysts and Credit Specialists.
The client determined they needed a process improvement expert to assist the team, observe the current process, and work with subject matter experts to define the “desired state” and result in lower DSO averages.
The client approached CARA for help because of its reputation for providing experienced, business savvy instructional design consultants with a strong sense of urgency. This client had also worked with CARA in the past and was familiar with CARA’s high standard for service excellence.
CARA positioned a senior consultant who immediately partnered with the client’s leadership to determine an ideal plan for this critical, high-profile training initiative. Initial efforts focused on working closely with the collection experts and the project team to observe behavior, analyze processes, and to recommend a training strategy including virtual classroom and fieldbased classroom events.
Then, development began on an intricate and highly sophisticated design document that detailed all aspects of the training, including potential risks, mitigation strategies, and communication plans. The training plan also included a framework for a comprehensive Manager’s Toolkit to help ensure that the process is reinforced and supported in the work environment.
CARA was pleased to have an opportunity to help this client achieve its business objective of reducing DSO. The client continues to be pleased with the program design and the professionalism provided by CARA on this high-profile project.
Hot Training Jobs
CARA News & Insights
Survey Report & Webinar:
Panic, paralysis, power surge. Which characterizes the state of leadership development today? CARA’s latest Pulse Survey Report explores the landscape.
Change Management is the New Black
“Working for CARA has its perks. Among them are the incredible people I get to meet. As CARA grows our Change Management services capabilities, I have had the good fortune to meet with many Change Leaders from across Midwest companies..” read more