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Excellent Improvements in Payment Cycle Time

ECSite-Cycle-Times-whitepaperV2Receiving payment for goods and services is the lifeblood of any company. With timelines often at 90 days (or longer), making sure your projects are approved in a timely manner is essential to company cash flow. Most telecommunications contractors are quite adept at planning and performing the contracted work, but there can be a gap between work completed and work documented in a manner acceptable to the customer. The latter gets the project into “approved for payment” status and a check in your company’s account. This approval is usually completed with a “Close-Out Package”.

The Close-Out Package (COP):  Experience teaches us that work done well is work measured and recorded properly. COPs have become a mainstay in most industries, including telecommunications, and their usefulness in logging accomplishments and providing historical documentation is without question. The COP must be in the format the customer requires and must demonstrate the contractor completed all tasks satisfactorily. However, despite the COP’s importance to the project and customer, wireless contractors report their customers still find incorrect data in a staggering 89% of their COPs!

In fact, CEO and Founder Subbu Meiyappan of ECSite, a Bay Area-based company offering an end-to-end platform for fully automated COPs says, “automated COPs are becoming an essential part of the immediate future.”

Managing, developing, and delivering accurate COPs and gaining quick acceptance is a detailed, costly task often overlooked during bidding and operations. Incorrect COPs may result in return visits to the site, re-work by project managers and administrators, strain on business relationships, and a concurrent delay in payment. These delays can account for significant losses in time and profit for your business.

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