“Before, we were starting to lose business to competitors because it was taking us generally two days to onboard a customer. Now we can onboard a customer in less than an hour. So HighRadius really helped with that.”
An industrial giant in metals and mining, Martin Marietta faced significant challenges in its operations overall. The processes they had in place, such as keying in information, were highly manual and took up a lot of the analysts’ time. The company needed a way to repurpose this effort into more productive tasks like analysis and value optimization. Processes also lacked standardization which needed to be addressed and they wanted a method to increase visibility into metrics to help track where time was being wasted. They were using three lockboxes and 1 EDI file along with bank keying in.
Each division followed its own processes and this led to confusion among teams. It also led to inconsistencies in information gathering for shared customers.
Processes were completely manual based on forms that needed to be filled in by credit managers from the master data. Record-Keeping was exclusively hands-on and analysts also made customer calls and set-ups in person, which took up a lot of time.
Getting audits done for credit analysis was a huge task because the information was inaccurate. A lack of transparency also caused inconsistencies in credit calculations.
Information wasn’t being accurately fed into the system by banks, causing frustration and misapplication on the analysts’ side. This called unnecessary delays and errors.
Customers paid with inconsistent formats like tickets and statements that caused issues because information regarding invoices and remittance had to be aggregated manually from these documents. This consumed a lot of the analysts’ bandwidth so identification of payments also became a hectic task.
Martin Marietta set up a shared service center in 2015 to help them effectively integrate acquisitions and to keep up with their vision of becoming a world-class organization.
Metals and Mining
$4.7 Billion (2020)
So we’ve had pretty good success there as well and we’ve just implemented their cash application system at HighRadius and we went from 61% and we’re currently at 81% automatic application of cash.
AR Shared Services Manager
Detailed tracking of correspondence history and follow-ups helped create a streamlined process that increased transparency and a smoother workflow.
The solution brought standardization into their operations with the help of configurable scoring models and workflows. It also automatically extracted credit data and made accurate predictions on customers’ payments.
The use of dashboards and worklists allowed analysts and execs to access KPIs and track team productivity easily. The solution also helped give them a better understanding of which customers were higher risk, and helped set credit limits.
The solution was able to automatically pull data from the different remittance sources and formats they received. This feature helped them tackle the issue of inconsistent payment formats and was able to automate data extraction. It also saved time and helped increase accuracy by keeping errors to a minimum.
The solution helped Martin Marietta boost productivity by reallocating analysts and automating their workload. This ensured that analysts could be shifted to higher priority tasks instead.
The solution could easily integrate with different ERPs and made it easier to carry out data migration and reduce time wasted on tech support. It was also scalable and had the capacity to accommodate improvements.