Manufacturing Case Study 1
Third-Party Vendor Collections for a Global Electronics Manufacturer
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Background
A global electronics manufacturer was experiencing challenges in collecting payments from third-party vendors across different regions. Discrepancies in invoicing, delayed payments, and varying legal frameworks in different countries led to inefficiencies and cash flow issues. The manufacturer needed a reliable and centralized solution to manage vendor collections across its international operations.
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Objective
To streamline and automate third-party vendor collections, ensuring timely payments, reducing discrepancies, and improving overall cash flow management.
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Solution
Corpshore Solutions implemented a centralized vendor collections management system that automated the invoicing and payment follow-up processes. The system tracked outstanding payments, sent automated reminders to vendors, and flagged overdue accounts for escalation. In addition, the system included legal compliance features tailored to the specific regulations of different regions.