Gratitude is a two-way street. This is especially true for B2B businesses where the success of every business depends on other businesses.
We cannot continue to thrive without our clients, and our clients are equally delighted with the way our solutions help optimize and streamline their accounts receivable processes.
From helping them reduce day sales outstanding (DSO) to improving their collections effectiveness index (CEI), HighRadius’ AR automation solutions help hundreds of companies unlock their working capital potential.
In this blog, we look at some customer success story examples to understand how our AR solutions benefit businesses like yours. We also highlight the unique features that our clients thank us for.
Here’s a quick look at how we help our customers.
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?
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?
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?
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?
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?
What makes our clients love our solutions and enables us to stand apart from competitors? Read on to learn about the unique features that Autonomous Receivable, our new-gen AR automation software offers:
These are just the tip of the iceberg. We help you automate end-to-end order to cash processes. Book a demo to see how our solutions work and get your AR automation doubts cleared by experts.
Automate invoicing, collections, deduction, and credit risk management with our AI-powered AR suite and experience enhanced cash flow and lower DSO & bad debtTalk to our experts
HighRadius Integrated Receivables Software Platform is the world’s only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Integrated Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway – covering the entire gamut of credit-to-cash.