Lucents, AR, FAO, Outsourcing, Finance
Lucent's AR outsourcing drives down past dues by $88 million
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Not many CFOs would volunteer to take a spin around a parking lot on their Ducati motorcycle to give FAO Today some great fodder for its first cover story. But thats just what CFO & Vice President of EMEA for Lucent Technologies Len Rinaldi did.
Just as his company, Lucent Technologies, decided to take the fairly new Finance and Accounting Outsourcing (FAO) market for a test drive in hopes of giving their customers better service and their stockholders a better bottom line.
In 2002, Lucent Technologies was facing significant business changes. The telecom industry was in the midst of the most dramatic downturn in its history. Lucents profits and stock, like those of virtually everyone else in the industry, were caught in a downward spiral. Lucent knew it would take some innovative thinking and strong leadership to survive.
Lucents CFO, Frank D'Amelio, and his team decided to set about stabilizing the financial structure of the company, aligning costs and expenses to match the new market dynamics, and redesigning fundamental processes to improve the business. This would involve streamlining the supply chain, improving internal controls and disclosures, and overhauling customer order, delivery, and billing processes in order to improve operations and restore credibility with customers and investors.
by Margo Alderton, FAOToday
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