First Quartile Consulting
(1QC) is a focused utility benchmarking and consulting firm that offers a powerful combination of benchmarking programs and consulting
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Credit and Collections DiagnosticThe Credit and Collections Diagnostic typically entails the following steps:
*Adjustments can be made to fit your company’s particular needs.
Step 1: First Quartile will work with you to organize the credit assessment, initiate and process a Credit Data Request to gather data on financial and cost, organizational, credit process, regulatory, performance (to compare versus benchmarks), and reporting data and information
Step 2: Targeted, cross-functional interviews with employees engaged in/ supporting the Credit and Collections process (typically Credit and Collections Office and Field, Contact Centers, Forecasting, Data Support, Revenue Protection, Billing, Finance, Technology) aimed at understanding strengths and opportunities
Step 3: Analysis of gathered data and assessment of the 7 key areas of the collections process in the categories of cost, organization, process (include technology), regulatory, reporting and performance management
Step 4: Development of a gap analysis (including the use of First Quartile benchmarks) that shows gaps in each of the credit and collections areas in Step 3, quantifies areas of improvement and potential benefit
Step 5: Reporting of outcomes and support in development of next steps for improvement as appropriate. Findings are typically presented in the form of a report and Executive Presentation that includes findings, opportunities, costs, benefits, next steps
How is management involved and how long will the review take?
First Quartile will work with your organization to provide updates on the status of the assessment via several “in-process updates. We will work with your team to effectively communicate the assessment to those parties involved and key constituents. The diagnostic will typically take 5-6 weeks* depending on availability of needed employees and data.
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