We assisted with the asset recovery team for the withdrawal from the multi utility sector. The primary focus being WIP (work in progress) reduction, commercial reconciliation, and paperwork compliance. With a secondary focus on the closure of projects and adoption by the IDNO’s (Independent Distribution network Operator).
We reduced the WIP by £2 million in the first 4 months and an overall reduction of more than £6 million in 16 months. This was achieved by consolidating data from an invoicing and recorded paperwork perspective onto one usable format on IFS (Industrial and Financial Systems) software used by the Client. Doing so enabled us to reconcile the projects commercially, analyse the data through various reports, identify and rank the project with the highest outstanding value and target specific regions. From this we were able to generate a strategy for multiple departments of the business to follow by utilising internal resource and organising external resource to conduct surveys for missing paperwork. A deep understanding of the required paperwork standards from the IDNO’s was needed and relationships, with key individuals from the main asset adoption agencies, were quickly established early on were maintained throughout. Training was provided by Phoenix Consulting to the Client’s staff where necessary to internal and external resource on the required standards. Once all the paperwork was received, the payments were submitted, and the invoicing was reconciled on a project-by-project basis against the asset value agreements. This was followed by the review of adoption agreements and full project closure.