Here’s a quick look at how we help our customers.
1. Reducing past-dues by 50% at ShurTape
ShurTape is a CPG company providing ducts, pressure-sensitive masking, and specialty tape products. As its business expanded, manual handling of collections, deductions, and cash application was becoming a challenge. Due to resource crunch, they were writing off all deductions below $250! Manual prioritization of worklists further resulted in AR slipping through the cracks. There was only limited visibility into client communications and tracking.
How we help ShurTape?
- Built-in structured workflows for deduction resolution
- POD backup and claim automation
- Automated worklist prioritization system for accurate account targeting
- 50% overall reduction in past-due receivables with streamlined processes
- Automated credit approval or denial correspondence to customers
2. Improving AR efficiency at Summit Electric Supply Co
Summit Electric Supply Co is a wholesale distributor of industrial electrical supplies and equipment. They wanted a system that provides clearer visibility into their operations and a central hub for storing information. Manual methods were making it difficult for the team to aggregate data, prioritize customer accounts for collections, code deductions, and apply cash. The lack of cohesion between teams and real-time alerts into customers’ credit status was affecting their efficiency and customer experience.
How we help Summit Electric Supply?
- Prioritized worklists for better collector effectiveness
- 100% elimination of lockbox fees
- Automated discount and deduction coding to save analysts’ time
- Match invoices to payments automatically
- Automated credit workflows for low-risk customers
3. Increasing productivity by 150% at FleetPride
FleetPride, Inc. is one of the largest retailers of heavy duty truck and trailer replacement parts. It has over 260 branches in 45 states. Multiple business acquisitions resulted in a surge of customers, thereby making it difficult to manage the large number of accounts. FleetPride had a small team that manually handled collections, dunning, and reconciliation. A high volume of overdue invoices (19,365 accounts worth $31M) was also reported. The entire process was time-consuming and needed swift automation to improve productivity.
How we help FleetPride?
- Automatic and intelligent aggregation of data
- Rules-based automation to enable strategic collections
- Prioritized and self-generated worklists
- Automated correspondence
- Reporting and analytics
4. AR Transformation at J.J. Keller
J.J. Keller & Associates, Inc. offers customers regulatory and information services and products related to the Department of Transportation, Occupational Safety and Health Administration, and other state agencies. They were dependent on manual processes to collect payments and match remittances from their 550,000+ customers. Credit risk management was done through a COBOL-based legacy system and the credit team had to deal with 178,000+ customers with open AR.
How we help JJ Keller?
- Credit risk information of clients from aggregated from multiple sources on a single screen
- 50% faster credit reviews through automated credit approval workflows
- Integrated external and internal alerts
- Deduction coding and short payment identification made automatic
- 80% of cash automatically applied using our cash app engines
5. 87% increase in analyst productivity at Komar
Komar is a wholesale distributor of owned, licensed, and private label textile brands. Komar Distribution Services runs their apparel distribution unit that has operations across the globe. Their most significant difficulties were around cash application and managing deductions and discounts on a large scale. Blocked orders due to lack of inter-team collaboration, delayed cash processing, bottom line erosion due to inefficient deductions, and increased DSO were their other challenges.
How we help Komar?
- Auto aggregation of data for accurate cash application
- Track and predict deductions status
- 87% Increase in analyst’s productivity with automated processes
- Automated cash posting and deduction coding
- Record time processing of claim disputes
