Ever worsening economic indicators, a consumer-centric regulatory climate and historic unemployment levels have created a formidable gauntlet for receivable management concerns to navigate. Operational heads are turning to nontraditional sources for help.
For some innovative accounts receivable management firms, these sources include tearing a page from the manuals of high profile manufacturing businesses by implementing Six Sigma methodologies. Developed by Motorola during the 1980s and made famous by General Electric, Six Sigma represents a widely accepted methodology for driving continuous improvement. Six Sigma requires the analysis of data to understand business processes, including process variation and capabilities. The methodology follows a consistent approach to Define, Measure, Analyze, Improve and Control (DMAIC). Service industries, including accounts receivable management, generally have been late to adopt Six Sigma due to the perception that these concepts may not translate from manufacturing to people-intensive processes.
Why Collections? Why Now?
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