Achieving 98% hit-rate and improving A/R efficiency by automating the accounts receivable process

Impact Achieved

98%

Header Level Hit-Rate

80%

CEI achieved

2.9

Day Reduction in DSO over 1 year

HighRadius has helped us focus on the areas that we needed to collect on. And we’ve become more efficient. The entire team works efficiently. Now that we’ve adopted HighRadius.

case-study-speaker

Beth Petry

Corporate Credit Manager

Summit Electric

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About Summit Electric:

Summit Electric managed to increase cash flow, reduce DSO, apply payments faster, & make accurate credit decisions 2x faster with A/R automation.

Employee:

525

Revenue:

$505 Million

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Top Challenges

  • Lacked standardized process and had to manually gather data from multiple sources
  • Manually Intensive workload due to incomplete data in the forms
  • Manual payment and deductions processing

Business Benefits

  • Prioritized worklist based on pre-defined business rules to maximize collector effectiveness
  • Automatically send collection correspondence such as past-due letters and invoices via email and fax
  • The system auto-matched invoices to payments therefore reducing manual workload

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