You turn to Accordion.
We partner with cross-functional stakeholders in corporate accounting, accounts receivable management, policy administration, underwriting, and information technology to uncover the root causes of the AR issues via two main workflows:
Current State Assessment:
- Examining the current state process documentation, policy management system functionality, and data warehouse capabilities.
- Holding interviews with key stakeholders in accounting, operations, information technology, and the insurance management software vendor to document current process, data, & system capabilities, and pain points.
- Conducting in-person and virtual discovery workshops for North America and Latin America cross-functional teams to examine the AR reporting and Collections issues and uncover the root causes.
Future State Design:
- Developing 23 improvement opportunities for process and policy standardization in the Bill-to-Cash cycle.
- Establishing 22 improvement opportunities for policy management, accounting system design, data warehouse enablement, and standard reporting catalog requirements.
- Creating a roadmap for the development and delivery of improvement opportunities to deliver the future state vision for the finance and operations teams.
Your value is enhanced.
You have now implemented “quick win” enhancements to your policy management system and developed new AR reporting. You have also started making enhancements to your collection process to reduce your Days Sales Outstanding (DSO) performance metric down to industry standards. On top of it all, you are exploring options for new financial accounting system implementation.