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Project Objectives:
The project aimed to improve the efficiency of Honda Finance’s Late Collections department by optimizing external vendor partnerships and reducing financial risk. The primary objective was to implement a prequalification step in the vendor assignment process, ensuring better allocation of resources, minimizing inefficiencies, and reducing charge-off losses.
Project Overview:
The inefficiencies in vendor assignments posed a risk of financial loss to Honda Finance, prompting the need for an improved process. The project began with the development of a project charter, defining its scope and expected outcomes. A stakeholder analysis was conducted to engage key individuals and identify how the project would impact vendor relationships. Additionally, a gap analysis was performed to identify weaknesses in the current vendor assignment process, and solutions were recommended to close operational gaps. The project officially started on March 16th and was scheduled for completion before the beginning of the new fiscal year on April 1st, 2022.
Deliverables:
- Quarterly Vendor Performance Report – A structured report to help late collections representatives efficiently assign and reassign power sports vehicles.
- Pivot Chart Visualization – A user-friendly alternative to traditional data tables, allowing easy comparison of vendor performance.
- Digital Accessibility – The report was made available in a shared digital drive and distributed via email.
- Vendor Performance Metrics – A comparative analysis of vendors based on five critical performance categories:
- Successful Repossessions
- Active Repossessions
- Rejected Repossessions
- Failed Repossessions
- Positive and Negative Closures
Challenges:
- Ensuring the deliverable was clear, digestible, and usable for all stakeholders.
- Identifying key performance indicators that accurately reflected vendor efficiency.
- Addressing stakeholder concerns regarding data accessibility and report visualization.
- Managing a tight project timeline to meet the fiscal year deadline.
Outcome:
The project successfully improved the vendor assignment process, resulting in:
- 30-60 days of assignment turnaround savings.
- $3,000 - $6,000 saved per assignment in charge-off dollars.
- Improved stakeholder engagement by implementing a structured reporting process.
- A streamlined vendor evaluation system, enhancing decision-making for late collections representatives.
- A positive impact on a department handling a high volume of accounts nationally.
The project met its objectives, providing Honda Finance with a more efficient, cost-effective vendor assignment process that strengthened its late collections operations.
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Project Deliverables
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Comments and Reviews
"I Love the clarity of these graphs." - Customer Accounts Team Lead
"I like what I saw there! Thanks!" - Customer Accounts Team Lead
