A GLOBAL MANUFACTURER OF MEDICAL EQUIPMENT
- Problem: Business and system processes were not aligned with the strategic direction. Work-around solutions were implemented by ”siloed” departments not allowing for integrated solutions.
- Solution: A thorough assessment unfolded deficiencies in: IT coordination / communication, enterprise-wide accounting and contracts system, and centralized procedures / best practices. Standardized policies, accounting practices, a contracts management process and ERP system were all implemented.
- ROI: Initial year ROI was 3.4 to one, with a follow-up year yielding a 4.6 to 1 return
Based upon the implementation plans, the following key initiatives were completed with Synergetics onsite:
- Established standardized accounting / collections policies
- Centralized contract management process
- Turned off the automated CRM system and incorporated a manual, but effective contract management process which was utilized until the future ERP system was in place.
- Established new guidelines for the Credit & Collections department to facilitate new customers, credit issues and cash collections.
- Developed freight transaction fees and reconciliation process
- Management training was conducted in every phase of the operation.