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Teletrac Navman: Automating Receivables to Achieve 81% CEI

  • 45 days reduction in Day Sales Outstanding (DSO)
  • 35% of the customers pay invoices digitally
  • 81% Collections Effectiveness Index (CEI) achieved
Collections
EIPP
Business Transformation Stories

HighRadius solutions are fantastic. I believe when each solution is set up to the needs of your business, they will work great. You will see positive progress quickly.

Jim Petras
Manager - Credit/Collections, Billing & Cash Application
Teletrac Navman
Challenges
How did HighRadius help
Impact

Roadblocks in bringing AR processes in-house

Teletrac Navman’s accounts receivables process was inefficient and disorganized. Work was incredibly hectic with a team of only four full-time employees and two temporary employees. Their processes were manual, and it was challenging to follow up with customers for timely payments.

The team at Teletrac Navman realized that they need a holistic approach to enable digital transformation and address the issues of inconsistency and labor-intensive manual work in their accounts receivables processes.

Accounts receivable processes – manual, disparate and time-consuming

Disparate systems + Manual Processes = Longer Collections Cycle

Teletrac Navman’s entire collections process was manual. The collections team would review each account periodically and reach out to the customers whose payments were overdue. There was no in-built mechanism to prioritize accounts and the team would follow up with customers in random order. Their dunning process was time-consuming and manual. The analysts spent much of their time identifying high-risk customers, sending emails, and tracking promise-to-pays and notes.

Despite collection analysts investing a lot of their time into dunning, the receivables were often delayed. The workflow was time-consuming, inefficient, and unscalable, resulting in longer collection cycles.
Tracking receivables became more difficult as the customer base grew
As the company grew, it became increasingly difficult for the collections team to keep track of critical and past-due customer accounts. With a workforce of just six members, it was difficult to follow up with all customers to ensure timely payments.

Call for the right solution

The search for a one-stop platform to streamline receivables

Teletrac Navman was seeking a strategic solution to help them boost process efficiency while ensuring scalability. The team was looking for a cloud-based solution that could integrate seamlessly via a plug-and-play model with minimal business involvement and zero dependencies on their internal IT teams. They wanted a solution that could:

  • Send reminders, schedule emails, and integrate with the ERP system.
  • Automate processes and reduce the number of calls to collect past due receivables. They also wanted to send invoice copies through the mail.
  • Automate other inefficient and non-value-adding tasks to improve the team’s productivity.
  • Provide a Self-service portal to make the entire process convenient for the clients.
ABOUT TELETRAC NAVMAN

Teletrac Navman is a leading software-as-a-service (SaaS) provider leveraging location-based technology and services for managing mobile assets. With specialized solutions that deliver greater visibility into real-time insights and analytics, Teletrac Navman helps companies make better business decisions that enhance productivity and profitability. Its fleet and asset management software uncovers data that would otherwise go unnoticed, allowing customers to reduce risk and confidently move their business forward.

INDUSTRY

Computer Software

GEOGRAPHY:

Irvine, CA, United States

VALUATION:

$253 million

ERP

SAP ECC 6.0

PRODUCTS

Collections
EIPP

Jim Petras

Before implementing HighRadius solutions, our entire collection process was manual, unorganized, and extremely inefficient. Past due balances continued to increase to an unmanageable level.

Jim Petras
Manager - Credit/Collections, Billing & Cash Application
Teletrac Navman

How did HighRadius help?

Fast, low-effort collections + an improved customer experience

Teletrac Navman wanted to improve collections by identifying high-risk customers using real-time data. They also wanted to redefine their collection strategy to become more proactive. HighRadius’ solutions assisted Teletrac Navman to automate workflows and transitioning to a proactive collections process. We help the team in the following areas:

Worklist prioritization– Our systems help Teletrac Navman automatically identify accounts that have a high probability of delinquency based on customer credit scores and the company’s collection rules. It then prioritizes the team’s worklists based on system-configured parameters such as payment history trend and risk score, among others. Analysts then use the worklist to focus on specific, high-risk customer accounts.

Automated dunning– The solution helped automate dunning for the low-risk accounts. Sending personalized emails to different aging buckets such as 30-60 days and 60-90 days became more manageable.  The system could trigger bulk correspondence in a matter of just a few minutes. Subsequently, the high-risk accounts which required the team’s intervention were automatically prioritized in the collection worklist based on specific rules. This process enabled the collection analysts to spend more time on specific accounts and build better customer relationships.

Self-service portal– The Self-service portal paved the way for improved customer convenience by allowing them to remotely make payments any time. This helped enhance the customer experience.

Jim Petras

When we implemented HighRadius solutions, our internal processes changed drastically. Past due accounts were prioritized based on our predetermined strategies and worklists were created daily for each collector. We now have an organized and efficient process for resolving past due balances.

Jim Petras
Manager - Credit/Collections, Billing & Cash Application
Teletrac Navman

Higher operational efficiency and cost savings with HighRadius

of the customers pay invoices digitally
Collections Effectiveness Index (CEI) achieved
days reduction in Day Sales Outstanding (DSO)
increase in employee productivity
Jim Petras

Before implementing the Collection Cloud Solution, we had four full-time collectors and two temps. Within one year after implementation, we reduced staffing by 50% to three full-time collectors. We utilize HighRadius’s capabilities and features to handle the smaller dollar accounts, which frees up the Collection Team for more value-added tasks.

We have the ability to store contacts, document collection efforts, create follow-up tasks, assign reason codes to categorize issues, and set up an auto-correspondence process. We have seen significant improvement in our Past Due Aging and DSO results.

Jim Petras
Manager - Credit/Collections, Billing & Cash Application
Teletrac Navman

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