How Shawcor Slashed Their DSO with FieldFX
Days Sales Outstanding (DSO) is a measure of how long it takes a company to collect payment on an invoice for a product or service. High DSO can lead to cash flow problems and affect the liquidity of an organization.
For many service providers, paper tickets are the backbone of their business. Manual processing of these paper tickets creates a lag time in creating the final invoice, which adds to high DSO.
In 2015, Shawcor Inspection Services was an organization that was suffering from chronically high DSO due to the lack of internal process efficiency.
Shawcor is a provider of nondestructive testing, inspection, and data management services for pipelines, plants, fabrication, and midstream infrastructure. They wanted to digitally optimize the way they managed and processed field tickets in order to invoice their customers faster and reduce their DSO. This is where FieldFX came in.
FieldFX was a flexible and scalable field operations management software that provided Shawcor with the tools to digitally manage their field tickets. Within weeks, Shawcor’s DSO was lowered from 84 days to 55 days. It has continued to fall from there.
Find out how Shawcor achieved this incredible result by downloading the case study here.