Receivables Transformation Blueprint for Optimization

Impact Achieved

Zero

-touch deductions routing at cash application

One

system for brokers to resolve all deductions

HighRadius has helped us integrate all the siloed systems and with each passing day we are seeing new benefits that we hadn’t even anticipated.

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Inga Occorso

Financial Manager, A/R Operations

McCormick

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About McCormick

McCormick leveraged automation coupled with Autonomous Receivables technology to resolve 164K+ deductions with 200+ brokers.

Employee

14000

Revenue

$6.317 Billion (2021)

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Top Challenges

  • Old cash application process made it harder for the IT team to support solutions
  • Lack of standardized workflow which posed threat to recover data
  • Mapping reason codes were hard due to unmanageable deduction process

Business Benefits

  • Auto-aggregated remittance feature save time and resources
  • With Auto Extraction of Invoices and Tracking, analysts were able to recover all kinds of data
  • With deductions mapping reason codes became easier
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