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ZWZ Improve Receivables Management System

Resource from:  cbcc-yinx Likes:2987
Feb 24,2006
ZWZ(Wafangdian Bearing Group Co.,Ltd) is one the largest bearing manufacturers in China. For many years, they have been troubled by the irrational receivables management system. As a result, lacking of circulating funds became a common matter in ZWZ. Since June 2001, ZWZ set up a specialized team to investigate their existing receivables management system and attempt to work out an effective substitute. After months of studying and discussion, they listed several points that should be realized in the next management system of receivables: 1. Building an client credit rating system. It means classify all clients into different credit rating levels. So that different ways can be taken on deals with different clients. 2. Enforcing new managing regulations to optimize every sales procedure from order placing to postsales services. 3. Stressing the importance of credit rating system among all ZWZers. The above three points become the soul of ZWZ's new receivables management system, and they also have been proved effective to eliminate the previous troubles that around ZWZ. Three years after the improvement of their receivables management system, ZWZ has reached substantial achievements in receivables retrieving, clients classification, sales management etc. In 2004, ZWZ's sales hit 3.1 billion yuan, increased by 43% from the previous year. Also they retrieved receivables over 250 million yuan. Consequently, their circulating funds increased from previous lacking 70 million yuan to 250 million yuan.
(cbcc-yinx)
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