Mark Harrison, Founder & CEO, Callisto Grand
Sam Dhingra, Director Solution Engineering, HighRadius
Buying and Implementing Technology for Treasury Professionals
The system did all the heavy lifting; it was reaching out to every customer. And it was pretty amazing, to see all these customers reaching out, wanting to pay bills, wanting to get it resolved, instead of my people having to hunt them. Didn’t matter what amount was the invoice, everyone was getting contacted.
With no automation solution in place, the entire process was heavily manual. Dunning through emails, calls, or fax was all done manually, making it challenging for collectors to cover all accounts. Over 50% of the analyst’s time was spent just dialing for dollars, writing emails, and requesting escalations.
Ivanti did not use any form of centralized repository for tracking reminders, emails, notes, or P2Ps. Thus, there was no real visibility into their operations regarding which payments needed to be followed upon. This meant a lack of ownership among teams.
There was also no visibility for C-suite members to analyze the performance of their business units. These reports also had to be generated manually.
With no actual customer prioritization list in place, Ivanti lacked focus on strategizing accounts, which impacted the entire receivables aging. Working on multiple Excel spreadsheets also proved to be a challenging task because it required too much effort and led to errors.
With customers present worldwide, Ivanti faced issues with conforming to the local norms of correspondence. This caused significant hassle and delays in collecting payments.
Ivanti is a Utah-based IT software company producing software for IT security, IT service management, IT asset management, unified endpoint management, identity management, and supply chain management
$ 414 Million (2020)
AI-enabled collections helped Ivanti reallocate 90% of their analysts’ time to higher priority tasks like research and contacting top customers. With artificial intelligence they were able to:
Ivanti was also able to implement reporting frameworks at employee and CXO levels using the solution. This helped create visibility for them by enabling them to track performance in real-time and get a fair idea of ownership of accounts. With the use of dashboards, the company monitored its collector efficiency index (CEI) and analyzed metrics like the cost of AR operations and DSO reduction.
The main benefit Ivanti gained from the implementation of the dashboards and AI was cash forecasting.With the solution, Ivanti could get accurate predictions of accounts payable based on consumer payment behavior patterns since there was no visibility into payment prediction at the invoice-level. Using this technology helped them accurately assess high-risk customers and prioritize who to contact accordingly.
With artificial intelligence, Ivanti could build a scalable solution to help them eliminate manual and repetitive tasks, utilize resources strategically, standardize processes, and get real-time visibility into metrics and performance. This step helped them achieve over 20% year over year business growth.
The automation collection operation that we had with HighRadius was that we were able to have an automated priority work list. This was very big for us.
Global Credit Manager
The solution was able to pull and store information from calls, emails and other such correspondences, saving analysts’ time for more critical tasks.
The solution used AI to provide accurate predictions of customers’ payment commitments and used that information to create work lists for analysts to use, filtering customers by risk. This also brought a level of standardization into the workflow.
The solution helped extract information and invoices from correspondences directly and provided real-time tracking insights into payments
With dashboards recording performance, the solution helped Ivanti track critical metrics like the KPIs of employees.
The solution was straightforward to use and was also able to provide user support in multiple languages. This made cross-country correspondence for collections much simpler.
The way customers pay in the software industry is an average 45 days. Our customers on average now pay 14 days past the due date when before we were 70 something days past the due date. Now HighRadius was able to give us those numbers as well.
Global Credit Manager
The call logs, we had none. We had no notes. They basically were working off Excel sheets.
Global Credit Manager
Get in touch with an expert to see how HighRadius can help your business
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