RB Director shares how they tackled growing payment and claim volumes with HighRadius Integrated Receivables solutions
HOUSTON, TX JUNE 07, 2017
Join Reckitt Benckiser as they present a special webcast on June 8 at 1:00 pm CT. Like most businesses, Reckitt Benckiser (RB), makers of several #1 power brands including Lysol, Mucinex, Veet and Finish, heavily relies on their credit and receivables teams to support business growth with efficient, timely receivable processing. However, a 24% increase in outbound invoices and an alarming 18% increase in deductions and claims necessitated some major changes.
With additional factors such as continued business growth, a proliferation of payments and multiple remittance formats across checks, ACH, emails, EDI files and customer websites, Reckitt Benckiser also faced highly manual credit-to-cash processes for payment reconciliation, billing, customer onboarding and deductions management, leaving the receivables team at RB constrained for resources.
Aggressively pursuing their mission to “change the game,” the finance leadership at RB turned to technology for an answer. After evaluating several options, RB decided to partner with HighRadius Corporation because of their ability to provide a single, integrated cloud platform for automating processes across the credit-to-cash cycle. During the past half-decade, RB has worked together with HighRadius to automate cash application, deductions management and invoicing with HighRadius™ Integrated Receivables solutions.
Talking about their journey with HighRadius, Roberto Rettore, Trade Investment Director at RB said, “Over the last five years Reckitt Benckiser has automated the processing of $15B in receivables and billions in deductions with HighRadius™ Integrated Receivables. Their unified cloud platform for credit-to-cash automation provides unprecedented ROI with minimal investment or IT effort.”
During the webinar, Roberto will highlight how RB transformed cash application – a quick fix in any receivables transformation journey for its potential to deliver immediate ROI. Roberto will talk about a phased approach to cash application automation which could help teams achieve more than 80% automation in reconciling ACH and check payments with remittances received via email, attachments, spreadsheets, EDI files and through customer websites and portals. He will be joined by Elaine M. Nowak, Director of Product Management and Marketing, HighRadius. Elaine works to educate corporate credit and receivables leaders and practitioners about the value of HighRadius™ Integrated Receivables technology and the impact that could be achieved to decrease operational expenses, improve performance and reduce DSO and bad debt.
“It has been an amazing experience to see the leadership and teams at RB drive their credit and receivables transformation. HighRadius is proud to have enabled their integrated receivables vision using our technology. The achievements – automated payment reconciliation, faster deduction resolution and reduced invoicing costs - are a testimony to what our teams have achieved together in the last five years,” said Elaine.
The special webcast will focus on Reckitt Benckiser’s game-changing receivable transformation journey, starting with cash application. The live, complimentary webinar “Healthier Receivables, Happier CFOs: How AI enabled Reckitt Benckiser to process $15B Receivables at Zero additional cost” is scheduled for Thursday, June 8, at 1:00 pm CT. Register here for the webcast.
Previously, Reckitt Benckiser has presented about eliminating 98% of their invoicing costs with HighRadius EIPP Cloud. A recording of that webinar could be downloaded here
About Reckitt Benckiser
RB* is the world’s leading consumer health and hygiene company. The company has operations in more than 60 countries, with headquarters in London, Dubai and Amsterdam, and sales in most countries across the globe. The company employs approximately c. 37,000 people worldwide. Inspired by a purpose to deliver innovative solutions for healthier lives and happier homes, RB is in the top 20 companies listed on the London Stock Exchange. They are the global No 1 or No 2 in the majority of fast-growing categories, driven by an exceptional focus on innovation. Their health, hygiene and home portfolio is led by global power brands including Nurofen, Strepsils, Gaviscon, Mucinex, Durex, Scholl, Clearasil, Lysol, Dettol, Veet, Harpic, Cillit Bang, Mortein, Finish, Vanish, Calgon, Air Wick, Woolite and French’s.
For more information visit http://www.rb.com
*RB is the trading name of Reckitt Benckiser group of companies.
HighRadius™ provides Financial Supply Chain Management software solutions to optimize receivables and payments functions such as credit, collections, cash application, deductions and eBilling. Our Integrated Receivables solution suite is delivered as software-as-a-service to automate the credit-to-cash cycle. HighRadius solutions have a proven track record of reducing day sales outstanding (DSO), bad debt and increasing operation efficiency enabling companies to achieve an ROI in just a few months.
For more information please visit http://www.highradius.com
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Senior Marketing Manager