The DBO decreased substantially and the average age of the receivables went down.
Vopak achieved more turnover with fewer clients and got its bills paid more quickly.
The introduction of Vopak Shared Services (VSS) introduced more structure to the tank storage company’s credit management. VSS singled out OnGuard’s software as the right product to take the professionalisation and optimisation of the credit management process a step further.
Jonker was instructed to select a credit management software solution that was in line with the new accounts receivables process and with a focus on optimising and professionalising the service. Jonker: ‘OnGuard was a clear winner. At that time there were around seven hundred active accounts and some 50 unapplied cash items. The average days billing outstanding (DBO) at that time was 130 days. OnGuard made it possible to introduce a profile for each account group, based on the oldest outstanding item.’ Jonker: ‘It wasn’t long before the initial results presented themselves. The DBO decreased substantially, the average age of the receivables went down and so did the number of active accounts – despite the increase in turnover. Put differently: Vopak achieved more turnover with fewer clients and got its bills paid quicker.’
‘We are always looking for the next step in professionalising our service.’
Credit manager, Vopak