Learn How Toro Utilized Electronic Invoicing and Payments Technology to Improve Billing and Receivables Management Processes
Houston, Texas – August 11, 2016
– HighRadius will host a webinar featuring the Toro Company who partnered with HighRadius to standardize business processes and apply best practices for their SAP® Receivables Management project. The complimentary webinar will take place on Thursday, August 11, 2016, 1:00pm - 2:00pm Central Daylight Time.
Brenda Price, Sr. Manager - Global Credit, The Toro Company and Shankar Bellam, Sr. Solution Architect, HighRadius will share best practices for evaluating SAP modules and getting key stakeholder buy-in, as well as recommendations and lessons learned for project planning to implement on time and within budget, and achieve outstanding results.
The Credit and A/R team at Toro, a $5B American manufacturing firm and global leader in turf and landscape maintenance, was experiencing extensive Days Sales Outstanding (DSO), bad debt, non-standardized collections and deductions processes and an absence of credit management workflows that resulted in poor credit assessment, inconsistency in reporting and increased risk. Toro is a long-term SAP shop with a sophisticated internal IT team maintaining the system but found billing had become a very manual process regardless.
After a thorough evaluation and vetting process, Toro opted to implement the HighRadius Deductions and Collections Accelerators for SAP, an off-the-shelf module that enhances SAP functionality and improves productivity. Toro worked to get buy-in at all levels of the organization and conducted a rigorous blue-printing phase to ensure the achievement of optimal results. Additionally, HighRadius provided implementation services to Toro for the installation and roll-out of the SAP Collections Management, Dispute Management, Credit Management and Biller Direct products that helped to transform Toro’s credit, A/R and e-invoicing operations, all within nine months.
“Toro partnered with HighRadius so we could help them significantly improve their substantial investment in SAP. Our turnkey implementation services for SAP Receivables Management streamlined the process for Toro to optimize the timelilnes and budget for installing the software upgrades, training personnel and documenting the process to create standardized A/R practices across the organization,” states Jay Tchakarov, VP Product Management and Marketing at HighRadius.
As a result of the implementation and consistent, open communication on the entire project, Toro was able to quickly transition from paper statements and invoices to the electronic workflow through the SAP Collections Management module. Toro was also able to get a set of customers to submit self-service invoices and statements through the SAP Biller Direct module. Overall Toro achieved an increased speed on collection on past due/current due invoices and collection on disputes, saving hundreds of thousands of dollars in optimized invoicing and collections processes annually. This translated into improved DSOs and DDOs.
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HighRadius provides Financial Supply Chain Management (FSCM) software solutions to optimize receivables and payments functions such as credit, collections, cash application, deductions and eBilling. HighRadius Receivables Cloud and Payments Cloud solution suites are delivered as software-as-a-service (SaaS) in the cloud to automate the entire credit-to-cash cycle. HighRadius certified Accelerators for SAP receivables management enables large enterprises to achieve advanced business transformation initiatives and leverage their SAP investments with lower TCO. HighRadius solutions have a proven track record of reducing days sales outstanding (DSO), bad debt and increasing operation efficiency, enabling companies to achieve an ROI in a few months. For more information please visit www.highradius.com.
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