Securing the Scalability of Credit and A/R with Integrated Receivables

  • 50% Overall Past Due A/R Reduction
  • Efficient Customer Correspondence
  • 75% Past Due Reduction
Collections Cloud
Deductions Cloud
Business Transformation Stories

We started seeing immediate results upon implementation: 100%+ efficiency gain!

Marinko Marijolovic
Director Corporate Credit Services
ShurTech
Challenges
How did HighRadius help
Impact

Challenges

  • Slow Output and Degrading Customer Experiences

    Like numerous global organizations, ShurTech had a Credit and A/R team manually handling all processes including collections and deductions. Yet, with the expanding business and mounting receivables, this manual effort could not yield the best results. With a lack of prioritization and a policy of writing off any deduction below $250, the Credit and A/R team of ShurTech was at an impasse. The major issues faced by the team:

  • Collections
    • Broken customer experience for large customers due to manual prioritization of list
    • Lack of visibility in tracking, planning, and execution of customer correspondence that was done manually through emails, fax, and calls
    • No centralized repository of notes, their SAP allowed only item level notes.
      Unreliable Ad Hoc reminders from spreadsheets and Outlook
  • Deductions
    • Time Consuming manual research for collecting back up documents
    • All ShurTech deductions below $250 were written off due to resource crunch
    • Unstructured cross departmental workflow and approval
ABOUT SHURTECH

ShurTech Brands is a subsidiary of Shurtape Technologies, an industry leading producer of pressure sensitive masking, duct, packaging, and specialty tape products, with facilities in the United States, Canada, United Kingdom, Germany, and Mexico.

INDUSTRY

CPG

REGION

North America

REVENUE

$15.7 Million

PRODUCTS

Collections Cloud
Deductions Cloud

How did HighRadius Help

Deduction Management

Claim and POD Backup Automation:

The solution is able to pull claim and POD information from customer and retailer websites as well as emails and paper documents. It is also able to link the documents to the relevant dispute cases.

Correspondence Automation:

Based on the resolution outcome, analysts are able to automate denial and approval correspondence to the customer.

Deduction Resolution Workflows:

The solution provides a structured workflow for approvals or any inter-department collaboration. It ensures consistent processing and enable automated cross-departmental collaboration and resolution.

Collections Management

Prioritized Collections and Strategy:

Using an automated prioritization system meant that collectors could receive algorithmically generated account lists to collect from based on standardized rules and strategies.

Automated Correspondence:

Collectors could focus on calling high-value or high-risk accounts while automating the bulk of the dunning through pre-defined templates and rules via email, fax, and mail.

Increased Managerial Visibility:

All collector activity could now be recorded in a single place versus using notepads and spreadsheets. This provided a consolidated view on the work done by collectors on different accounts.

Impact

Overall Past Due A/R Reduction
31+ Past Due Reduction
1-30 Past Due Reduction

Autopilot for Order to Cash

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