How I Saved $470k
Background:
A few years ago in leadership at a Fortune 500, a team member brought up an issue of concern. They noticed some discrepancies between what was supposed to be billed to clients vs what was actually billed.
Problem Investigation:
I asked the team member who brought it to my attention if they’d look into this more, so they can provide some concrete examples and estimation of impact.
The team member was able to produce data showing that a subset of clients on a specific billing plan weren’t being billed set up fees correctly.
I partnered with corporate billing team to confirm the results as well as confirm the issue didn’t exist with any other billing plans.
Problem Resolution:
I created a task force compromised of Product Managers/Directors, Development, Corporate Billing, Corporate Finance, and Management to alert them of the issue and put some short/long term solutions in place, ensuring input/requirements from each party were gathered.
Results:
The task force I led was able to save $470k in set up fees with the short term solution put in place. A long term solution was discussed and the project was handed over to the Product Management team to ensure completion.
As a bonus, the map we created of all the billing plans and how they are handled was useful for future reference for all parties involved.