By Prioritizing Collections, Automating Correspondence and Adopting Best Practices ShurTech Significantly Reduced Their Past Due Receivables
Houston, Texas – July 20, 2016
– HighRadius will host a webinar featuring ShurTech as they relate how rapid business growth brought new challenges to their collections team and how implementing the HighRadius Collections Cloud significantly improved resource utilization. The complimentary webinar will take place on Thursday, June 28, 2016, 1:00pm - 2:00pm Central Daylight Time.
Marinko Marijolovic, Director, Corporate Credit Services at ShurTech Brands, and Jay Tchakarov, VP of Product Management at HighRadius, will highlight the challenges the ShurTech team faced, with insights and outcomes as they transformed their collections department processes to automate correspondence and improve resource utilization and claims validation.
ShurTech, makers of Duck Brand®, FrogTape®, Painter’s Mate Green®, T-Rex® Tape and Shurtape®, had a collections team that found it problematic to scale their operations with the existing resources. The team was spending intensive manual efforts on collections for accounts regardless of size. Notifications to customers – irrespective of account size – were being handled by collectors with limited prioritization. Dunning letters were sent via ineffective snail mail. The team had no effective way to manage and track the reminder calls, e-mails, notes or payment commitments. Huge spreadsheets, cumbersome and unwieldy, were the only means used to track tasks, with limited ability to prioritize and an ineffective way to find related customer data.
To overcome these obstacles, ShurTech brands implemented industry best practices supported by a next-generation collection management solution – the HighRadius Collections Cloud. The solution automated customer correspondence and transformed customer claims from a reactive to a pro-active process. Once the automation solution was in place, the elimination of manual tasks allowed the collections team to reallocate where efforts were focused, honing in on high-priority accounts, controlling past dues and standardizing dunning processes. Since the roll-out of the SaaS software, the ShurTech collections team has seen a 75% reduction in past due receivables.
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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 total cost of ownership (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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