Join HighRadius to Learn How COTY Achieved 87% Straight-Through Payment Processing Automation for Cash Application
In the upcoming June 23 webinar, COTY will share for implementing an artificial intelligence-based robotics automation platform
Houston, Texas, June 15, 2016 – HighRadius, the leading provider of robotics solutions for Credit and Accounts Receivable automation and the preferred choice of Fortune 1000 companies, is hosting a webinar featuring COTY Inc., a global beauty leader and American beauty products manufacturer founded in Paris, France, by François Coty in 1904. Based in New York, its main products are fragrances, color cosmetics and skin and body care products.
A $4.4 billion company, COTY was facing the challenge of managing globally distributed sales operations while still ensuring a positive working capital ratio. Cash posting in the system was a manual process, with invoice clearing and claims needing manual coding and processing. The claims investigation team was largely dependent on an error-prone, manual cash application process. The rise of electronic payments with multiple remittance formats received from various channels, including email, web portals, EDI, etc., exacerbated the issues, introducing further complexity for maintaining efficiency and scaling in the cash application process.
Anne Addabbo, Director, North America A/R and Deductions Management at COTY and Elaine M. Nowak, Director of Product Marketing and Management at HighRadius will discuss the challenges, insights and outcomes related to transforming cash application through technology and the benefits realized from a fully automated process.
In such a complex situation, automating cash application processing became instrumental in reducing costs for the existing business, while simultaneously enhancing the flexibility and adaptability for future business growth. The solution was to implement cash application automation using the HighRadius Cash Application Cloud solution, an artificial intelligence-based automation platform. The SaaS solution offers easy integration with any ERP system to speed up deployment and reduce need for IT resources. The HighRadius suite of products allow corporate clients to increase operational efficiency and to achieve a strong ROI in just a few months.
For COTY, the new system helped to decrease operational expenditure by standardizing and scaling the cash application process across business units and geographies. Pre-coded deductions reduced the redundant validation from the claims investigation process and ultimately the end-to-end automation of the cash application process resulted in a significant reduction of DSO.
“Our commitment is to create powerful technology that brings real automation and efficiency gains for business processes. It is great to see companies such as COTY, Inc. realize continuing value as they are able to directly apply learnings to simplify cash application management, optimize resources, and free up time for more high-value decision making with increased efficiency,” says Elaine M. Nowak of HighRadius.
The complimentary webinar will take place on Thursday, June 23, 2016, 1:00 pm – 2:00 pm Central Daylight Time.
For more information or to register, click here.
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 debit and increasing operation efficiency enabling companies to achieve an ROI in few months. For more information please visit www.highradius.com.
About Coty Inc.
Coty is a leading global beauty company with net revenues of $4.4 billion for the fiscal year ended June 30, 2015. Founded in Paris in 1904, Coty is a pure play beauty company with a portfolio of well-known fragrances, color cosmetics and skin & body care products sold in over 130 countries and territories. Coty's product offerings include such global brands as adidas, Calvin Klein, Chloé, DAVIDOFF, Marc Jacobs, OPI, philosophy, Playboy, Rimmel and Sally Hansen.
For additional information about Coty Inc., please visit www.coty.com.
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