5 HID Global Recommended Dashboards For Credit and Collections Managers in 2020

[0:00] Julie Stigler:

Thank you guys all for joining us today. We really appreciate it. As she mentioned, we are from HID Global down in Austin. My name is Julie Stigler. And this is Wendy.

Before we get started, just a little background information for you in terms of our history with HighRadius. We’ve been a partner with HighRadius for about a year, maybe a little over a year in which we implemented the cloud for credit and collections in our North American location. During the assessment phase of working with HighRadius, we mentioned to them that one of our struggles and challenges is reporting and immediate access to information in a dashboard-type of situation. And for those of you that manage credit and collections teams, you do know that you probably have the same challenges that I do in terms of monitoring team performance against a set of KPIs. Oftentimes, we are asked by senior management for a split-second decision, in which you need readily available data on maybe a specific customer or specific business sector. And sometimes, with your ERP systems in your business intelligence systems, it’s a bit difficult to get that information. And that’s really been our situation here at HID Global and when we reached out to HighRadius, that was one of our main focuses is what can you offer us in terms of reporting and dashboard technology.

[1:27] Wendy Lorfing:

As credit managers, we’re always busy and we need tools. We need tools to be able to manage our workflow and you know, our other people and so the HighRadius analytic product gives us tools we need to be able to do our job better and more efficiently.

[1:46] Julie Stigler:

So over the years, technology has had a significant role to play in the evolution of our job responsibilities. Automation has been delivering value in AR for some time now, but the area remains vastly unexplored is that every reporting and analytics for Order-to-Cash.

[2:02] Wendy Lorfing:

So instead of being reactionary, where you wait until the end of the week or the end of the month, and you get your reports and then figure out what’s going on, HighRadius will allow you to be proactive, and you can do forecasting and use the on-demand reporting and not their dashboard that gives, you can look for what happened today. So you can see what’s going on currently, and make your adjustments as it’s happening instead of waiting till after the fact.

[2:31] Julie Stigler:

So in today’s session, what we are going to cover is basically kind of the challenges that HID has had with our ERP system and our business intelligence systems. With that in mind, we asked for HighRadius, some dashboards in relations to activity analysis, aging analysis, promise to pay receivable, forecasting and credit efficiency analysis, and then we’re going to discuss a few of the things that we’re planning to do as our future roadmap with HighRadiuOne of the key factors that have been a challenge for me is being able to see something with a 360-degree view. At HID, we do not have a single source for truth for department-wide visibility. Information is available and it’s available in silos. So I’m sure a lot of you are like me, in which I had access to data. But then I had to grab the data interpreted and then make decisions off of hours, I’m trying to consolidate the data and come up with the solution. Also, with this type of analysis, I didn’t have a lot, I couldn’t drill down into the capability. So I didn’t have the ability to deep dive into the information quickly. And I think that’s what we’re talking about here, is speed. I mean, eventually, I could get all the data that I needed to make a decision, but it’s the amount of speed in which I need to make that decision. So I didn’t have access to a dashboard situation that I could drill down into and make a decision on.

And I think all of us are also in this position in which IT resources at all of our companies are stretched thin. Objectives: you’re put on an IT roadmap and they determine in terms of prioritization where your stuff fits, oftentimes receivables and credit, we’re not the high priority for a customer or for the company because we are not revenue-generating where it costs basis. So, our projects tend to get passed down to the bottom of the IT roadmap. And so when we’re looking for upgrades with the products that we have, they sound great but we’ll get to it in a year and then it’s two years and then okay maybe eventually when I retire I’ll see it. So, it’s not that we have a great IT system, it’s just again- limited resources. The big one that I had, and what I really was focusing on with HighRadius is my challenge of monitoring my team productivity against KPIs. I didn’t have a way of inspecting what I expected from my team I can give them especially from what I’m talking about his activity collection activity, they were supposed to do ‘X’ amount of calls, let’s say, per day, I had no way of managing that and saying, Okay, did Susie make 20 calls today, she may have only made 10. But I had no way of doing that. So that was a big focus for me to be able to manage the activity of my employees.

[5:21] Wendy Lorfing:

So with the HighRadius analytics, you have the ability to drill down so you can see the graph of your activity. And if you see something, anomaly, you can drill down into it and see what’s going on. You can track your KPIs and keep, you know, have an engine you have a graph with a flow. So you can just buy real quick eyeball, you can see the flow of what’s going on. You have efficiencies because it’s quick, and it’s just all right there. And you can get all the data you need on one page instead of having to flip through multiple pages. And you can do this across multiple units. So if you have a bunch of different business units, then like we have, you know, in America and Latin America and Manhattan, you can see all that in one place. And you can track and measure your internal team, which as managers, that’s what we need to do. So that we can make sure that our whole team is working together and cohesive.

[6:15] Julie Stigler:

So the recommendations from each idea, and I want to go on record as saying is, the response that we’ve gotten from HighRadius in terms of the asks have been phenomenal. We put out an idea of what we want, and they work with us. And lo and behold, poof, we have it. So if you have ideas in terms of what you want out of your analytics and dashboard that you don’t see that we’ve asked for, because this is definitely a work in progress for us. We’ve asked for these things. We got them. And now we’re going to continue to build upon more things that we want. So, today, this is what our analytic page looks like in terms of when I go into analytics. I see all of this. My focus today is on the dashboards because, a) that’s where I’m in those dashboards, almost on a daily basis. I love dashboards. And then I think the reports have always been there. But the dashboards are what new and that’s the focus for today. My favorite, and as I talked about is the activity analysis dashboard. This dashboard analyzes collector activity for the past 90 days in relation to the unique customers reached and touched.

Activity comparison of different collectors, different activity types for form for each collector on a particular day activity performed for a particular customer on a particular day. So this is what the dashboard shows for all the collector activity recorded in the system over the last three months and you can filter by activity type collector, as well as time range.

You can also export the file so that if you want to have a conversation with your employee about a coaching session or even a well-done session, fantastic you hit your KPI, you’re able to export this data as well. So in this case that you can see the total number of action items created by all collectors help to do a deep dive into the action items created per collector. So if you have certain requirements from activity in terms of the number of calls, you want them to make, the number of correspondence in terms of emailing because I know in today’s day and age, there’s a lot of collection activity done by email. So you have the ability to also look into notes, payment commitments are recorded, as well as disputes and tasks. And as you can see here, this is real live data from our system.

My team doesn’t do a great job in inputting disputes and tasks, they struggle there. So this is going to be an area focus because I think they could use tasks much more efficiently than they do. Without this analytical dashboard. I would not have known that my team doesn’t do great on tasks. So now I know where I need to focus my time with my team members. The other one that we have is an aging analysis by the processor. This tells me the AR by total AR. So I get the total AR with current as well as the aging buckets, I get it by customers. If I wanted to include the totally are in different aging buckets and determine all the AR by percent pass do. It also gives it to me if I dropped down onto a processor, I could see their top 10 or top 10 customers that have the most past-due balances.

And then there’s the aging dashboard, which is slightly different. This is one related to just pass two balances. So the first one aging analysis gave you the total AR so if you’re trying to do a percentage of AR pass to you’re able to do that with the aging analysis with an aging dashboard. On the far left, you can see it’s grayed out but you have owners, processors and customer names. Now, remember we’ve only implemented the one location in our North American office once we start implementing our global accounts, which we’re in the process of doing this will be much more useful in terms of getting a global perspective of what we’re looking at. Finally, we have our promise to pay receivable forecasting. This displays the promise to pay the amount that will be received in upcoming weeks based on each customer’s past promise to pay history in the last three months. And it shows the probability of promise to be kept by customers and also for a collector. This is what it looks like. So again, this helps you with your forecast, it gives you a spot in which you could go on the dashboard and see if their promise to pay is effective. Or if you have an issue with a collector who records a lot of promise to pays but then gets a lot of broken promises, then you could zero in on their collection technique or look to find the root cause of their issues with a lot of broken promises.

[10:41] Julie Stigler:

So I’m going to hand it over to Wendy for the credit side.

[10:44] Wendy Lorfing:

And we have analytics for the credit side also because that was all like collections and so on credit, go ahead. We have the same kind of a bunch of recording and graphs and everything you can see, like how many reports you’ve pulled from your credit agency, you can see how many credit analyses your people have done, like, are they doing 50 credit checks a day? Are they doing 10 credit checks a day? That’s all with us.

I’m the only credit analyst right now. So you can see I did 60 over the last 90 days. So you can filter it by different time periods. So you can see in a month, years, so you can and whenever you have multiple people, then you’ll see how each of your credit analysts have done.

And then this one shows you the graph of the risk of your customers. So you can tell if my whole portfolio, high risk or low risk? You know, luckily, ours is a lot of low risks, and then that gives you your percentage of each risk class and then the dashboard is what they’re working on to get all those reports which are in each report is really good because you can drill down into it and get some valuable information. But if you need to see all your key information at one time without having to go to each of your reports, you go to the dashboard. And there you’ll have that top line is all of the credit checks that you’ve done for whatever period and you can change that to be different time periods. If you just like scroll and highlight, then you’ll pick just a specific amount of time so you can really zero into specifics.

And then you’ve got the long blue bar going down is your total number of credit checks by a person. So if you have 10 different analysts, you’ll be able to see how many credit reviews each analyst has done. And then the pie chart, the big one with the large piece of green that one is your credit risk. So that’s going to show your low, medium and high risk your portfolio all at one glance so you can you know, just quick and easy go. Oh, I’m mostly green, I’m good.

And then the other part pie chart with a lot of different colors. That one shows the type of review you’re doing. This one has a ton of different types, you know, at our location, we have like we have ad hoc whole, the periodic review where it’s like it’s normal, just as normal time has come up if you have a new customer, that kind of thing. Those are different types of credit reviews that you’ve done. And so you can see, is most of my stuff new customers? Or is most of it ad hoc? Where, either the customer or our salesperson has said- I need a higher credit limit. I need you to do a review so you can see what your percentages of what type of business you’re doing. That is the thing that’s coming. And so yeah, and that’s it. So then we have the future of what’s coming for HighRadius.

[14:14] Julie Stigler:

Sorry, I almost wish we were in the future for you guys because our dashboard would look amazing because at this point we are in ours, as it says here, we’re new production product expectation is a credit dashboard. But we’re also currently in project implementation and where we’re going to roll it out globally to 4 shared services centers in and then several acquisitions. So the idea is that we’re going to be able to centralize and view visibility, everything that we need to see on our dashboards for all of our shared services centers, plus we’re going to be putting on this, the system, our acquisitions that are on different ERP systems. We also have a product feature development with them with this global rollout, it will allow for a systematic release of orders on hold from a collections perspective. I do know from the perspective of the credit, they already have that built-in, they don’t have that built-in on the collection side. So we’re really looking forward to global interaction, integration, and analytics. So that we have full visibility from a global standpoint of the data that we’re handling from multiple shared services. And I think hopefully, you saw a glimpse of what they have now. And this was just an ask for us. We said, Hey, can you do this. And within less than three months, we had this all built for us. So I think if you have ideas in terms of what you need, from a dashboard, reporting perspective, just ask and there’s a high likelihood that they will be able to build it for you.

Thank you guys for joining us, we appreciate it. And just remember, we’re not professionals. So, when you fill out your forms, just remember that.