Vopak
The introduction of Vopak Shared Services (VSS) introduced more structure to the tank storage company’s credit management. VSS singled out OnGuard’s creditmanagement software as the right product to take the professionalisation and optimisation of the credit management process a step further.
With a history going back almost four centuries Vopak is the global market leader in the independent storage and handling of liquid oil products, chemicals, vegetable oils and liquefi ed gases. Vopak has terminals in the world’s most strategic ports with specialised facilities including storage tanks, jetties, tanker loading stations, pipelines and road and rail connections. Frank Jonker, Credit Manager Vopak Shared Services, was instructed to select a credit management software package that was in line with the new accounts receivables process with a view to optimising and professionalising the service.
Jonker: ‘The selection process yielded a clear winner, and that was OnGuard.’
In brief...
- More structure introduced to credit management
- Decrease in average age of outstanding invoices (>365 days from 12% to 2%)
- Decreased DBO (178 to 38 days)
- Correct information available for each account and each invoice
- Highly qualifi ed and motivated personnel
- Use of the correct profiles
- Large number of old fi les rationalised
- Standardisation of procedures and work processes
- A profile for each account group
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