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Kickstarting Global Finance SSC Transformation With Cash Application Automation

  • 100% Increase in Auto-Posting Rates
  • 230K+ Annual Savings In Actual Spends
  • 70% Decrease in Rolling Cash Unapplied
  • 30%+ Annual Bank Fee Reduction
Cash Application
Business Transformation Stories
Video Testimonial
Challenges
How did HighRadius help
Impact

Challenges in Cash Application

Rapid Year-On-year Growth At Intuitive Fostered Massive Transaction Volumes, And A Lagging Cash Application

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.

A Global Consumer Landscape Meant Dealing With Countless Complex Regional Currencies & Compliance Issues

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.

Expensive & Unreliable Receivables Management Tools At Their Disposal Escalated Manual Workload On The FTEs

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.

ABOUT INTUITIVE SURGICAL

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.

INDUSTRY

Pharma & Life Sciences

REGION

North America

REVENUE

$5 Billion

PRODUCTS

Cash Application

How did HighRadius Help

Scott Phillips

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.

Scott Phillips
Head Of Global Finance Shared Services
Intuitive Surgical

Impact

Increase in Auto-Posting Rates
Annual Savings In Actual Spends
Decrease in Rolling Cash Unapplied
Annual Bank Fee Reduction

Autopilot for Order to Cash

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