Interview with Laurent Cailler, Credit manager at Monopanel
CHALLENGES: Adapting to Modernization
The journey of our company reflects the challenges faced in modernizing the credit management department. Initially, we grappled with an outdated system that hindered efficiency. With a shift in company philosophy and objectives towards cash flow optimization, the outdated tools became increasingly inadequate. The company struggled to meet objectives without modern software, relying on cumbersome methods like Excel spreadsheets.
A pivotal challenge emerged in convincing the hierarchy of the necessity for modern tools. This revealed the internal resistance to change however the absence of adequate systems rendered tasks impossible, highlighting the critical need for an upgrade. The absence of tools not only impeded progress but also buried underlying problems, hindering effective decision-making.
SOLUTIONS: Embracing Modern Tools, Choosing and Implementing
Faced with these challenges, the company embarked on a quest for a more robust solution, eventually selecting My DSO Manager over younger, flashier alternatives. The decision was grounded in practicality and a shared vision with the management.
"I found the demonstration of My DSO Manager less flashy, it seemed to me to be something tried and tested. We actually agreed, it was quite consensual".
The implementation process was surprisingly smooth, despite our outdated infrastructure. With the support of a veteran IT specialist, the transition to My DSO Manager took merely a month of adjustments and fine-tuning. It wasn't very long, just 2-3 round trips and very simple since we send a raw file every day which My DSO Manager retrieves.
RESULTS: Transforming Operations, Boosting Efficiency, Elevating Transparency and Credibility
My DSO Manager transformed the company's operations, turning arduous tasks into streamlined processes. Notably, Our days sales outstanding (DSO) has reduced by 20%. Furthermore, we managed to reduce the number of overdue items significantly, from over 5 million to less than 3 million. Additionally, the system's transparency and accessibility have been pivotal. The ease of use and the ability to attach relevant documents to each open item allowed for unprecedented clarity and continuity.
The day I am not available or out of office, the information remains available for those who take over, ensuring continuity and clarity in our operations.
The software not only facilitated immediate access to critical data but also significantly enhanced the company's credibility with creditors and improved the overall company image. It also enhanced our credibility with financial partners. In fact, 90% to 95% of our receivables are assigned to the factor, which finances us while we retain ownership of the debt. This relationship with the factor has become much more transparent and proactive. Since we put this solution in place, the relationships with them have changed; we were almost always behind, and now we are almost in advance. I answer questions right away and we are much more capable in our jobs. So the software has not only streamlined our financial processes but also enhanced our credibility with financial partners and clients.
"It has changed the way we interact internally and with customers, adding a layer of professionalism that wasn't as pronounced before"
The improvements extend to our dispute resolutions as well. Now, even the invoices affected by disputes are easier to manage. I have prompt interactions with all stakeholders and whenever a dispute is in progress, the system allows us for immediate responses and action. I would recommend My DSO Manager to other businesses for its intuitiveness, reliability, and clear understanding of credit management challenges.
"You feel that it is clearly designed by people who know credit management and had the problems that I have. It might seem trivial, but the challenges aren't apparent until you're in the thick of it. Managing 10 clients is straightforward, but overseeing 500 with unique, evolving needs-it's a whole different ballgame."