At Intuitive, the delayed cash posting rates posed a major threat to their consumer relations, business with pharmaceutical firms, and infirmaries, who insist on getting their invoices cleared immediately, upon payment. The auto-cash posting rate was just 40%, which being inconsistent with the actual rate hindered visibility, further compounding their troubles.
While doing business with the public & government-led hospitals & firms, they often came across exceptional scenarios, which were very hard to tackle even with their existing ERP, banking tools & IT team. Also, having to cater to customer portfolios spread across 15+ countries, Intuitive was liable to accept payments in multiple currencies while conforming to a broad spectrum of payment & trade statutes.
The sudden spurt of growth over just a few years at Intuitive led to an unprecedented rise in business demands. But the Banking and A/R management tools in place couldn’t meet the automation requirements the business team desired, despite the incurring costs. Hence, they had to thoroughly meet the operational requirements with manual efforts, which often led to Analysts’ fatigue.
With a revenue of $5 billion, Intuitive Surgical, Inc. is a pioneer and global leader in robotic-assisted, minimally invasive surgery. Intuitive develops, manufactures, and markets the da Vinci surgical system, its flagship product.
Pharma & Life Sciences
The Solution helped auto-match invoices to their respective payments in all global parent-child scenarios. Even the absence of an invoice number didn’t create an issue as the Solution could match the invoices based on other references like the sales order number and purchase order number. And besides, it was flexible enough to handle invoices even with truncated reference numbers.
The multi-OCR engine offered by the HighRadius Cash Application solution effortlessly captured accurate and noise-free remittance data from multiple sources simultaneously, while the web bots helped auto-extract data securely from across customer portals. Also, the solution automatically helped them map the customer-provided reason codeswith internal ERP-specific reason codes without any human intervention.
The Out-of-the-box reporting capabilities offered them seamless executive visibility and let them conveniently keep tabs on the overall productivity across all their global operations. The Solution ensured easy remittance linking across all incoming payments, irrespective of the payment format, bank file format, remittance format, language, or currency.
HighRadius was that best-in-class solution for Intuitive to be able to reduce the manual workload and increase our automation hit rate, and to ensure that we had something sustainable as we continue to grow.
Head Of Global Finance Shared Services