Enhance the efficiency and effectiveness of billing and collection process

The OKR is designed to improve both the efficiency and effectiveness of the billing and collection process. The first objective is to increase the accuracy of billing to 98%, this is achieved by reducing any system or process errors. The means by which this can be achieved include conducting regular audits, providing training for the billing staff, and implementing a digital invoice verification system.

The second part of the aim is to reduce overdue receivables by achieving a 10% reduction through consistent follow-ups. If there are outstanding invoices, implementing a structured follow-up policy is needed. Setting up an automatic reminder for overdue receivables can be helpful. Training staff in effective communication strategies for collection is also included in the initiatives.

The final objective is to encourage timely payments by implementing an automatic reminder system, hoping to increase on-time payments by 15%. In order to achieve this, the initiatives involve researching popular automatic reminder systems in the market, training staff on how to use the system, and choosing and purchasing the appropriate reminder system software.

Overall, the OKR aims to streamline the billing and collection process, thereby increasing efficiency and minimizing errors. It combines the enhancement of both human resources and technological tools to ensure the smooth running of the whole process.