20% Reduction in Bad Debt: Staples’ Collections Automation Journey with AI

Speakers

George Uko

Manager of Credit & Collections,
Staples

Transcript

v0:01] George Uko: Okay, I want to start by introducing myself, I am with Staples- promotional products. As I go through the presentation, keep in mind, Staples-promotional products, anything with your company logo is what we do. So I'm not with the paper side of the store side, we are with the promotional side. So it's an interesting experience as far as what we've been through with HighRadius and hopefully as I go through my slides, you could see what I'm referring to. [0:36] George Uko: Okay, for our agenda, what we're going to talk about, we're going to go into what we were looking for what we call the two-fold plan of the executives, what we were looking to accomplish by going with HighRadius, we had some very straightforward agenda that we wanted to go through to achieve. Another thing we wanted to do was to see as far as some of the different challenges, just like any organization, anytime you switch as far as your automation or get into automation, you're going to run into some different issues. So we're going to go over some of our different challenges, and then the other thing, which is a good…

What you'll learn

  • How Staples reduced DSO by 6 days through AI-enabled collections
  • How critical accounts are auto-transferred to 3rd party collection agencies
  • There’s no time like the present

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    HighRadius Collections Software automates and optimizes the credit & collections management process to improve collector efficiency, minimize bad debt write-offs, improve customer relationships, and reduce DSO. It provides a complete set of tools to optimize and automate the credit collections management process and enable the better prioritization of credit collections activities All the information you need (invoices, dispute information, POD, claims, tracking info, etc.) on each case is automatically presented in a collections work-space and is ready for use. Apart from the wide variety of benefits that it has, it also comes with some amazing features like CADE (Collection Agency Data Exchange), collector’s dashboard which has prioritized collections worklist, automated dunning & correspondence, dispute management, centralized tracking of notes, call logs & payment commitments along with cash forecasting functionalities. The result is a more efficient collections team that contributes to enhanced cash flow and reduced DSO.