Being a distribution giant with over 150,000 customers in overall 8 branches with 22 different ERPs in play, applying cash was not easy. The overall cash application process of Wesco was complex as they had to deal with multiple payment formats like electronic funds, credit cards, checks, and numerous remittance sources. With just 9 analysts, it was a hassle to execute the manual tasks within the time frame impacting productivity and turn-around time.
As most of Wesco’s payments were coming through ACH, it created a huge manual workload consuming time that could be spent on other strategically important tasks. They were receiving the remittance information through emails or web portals. They had to open every email or log in to the customer portal to obtain the remittance information.
With a manually driven Collections process and lack of prioritization of tasks, analysts within the team were stuck with redundant work. Their productivity and customer experience was taking a toll with the inefficient process in place.
Wesco was facing troubles when it came to executive visibility within their credit process. They needed a solution that could help them stay on top of their customer portfolios giving them 360 degree visibility.
A world leader in B2B distribution and supply chain solutions with net sales of $18 Billion. Their businesses are centered around electronic solutions, security solutions, utility, and broadband solutions which are present across 53 countries.
Wholesale Distribution
North America
$18 Billion
Cash Application
HighRadius Cash Application Software enabled Wesco’s cash application team to automatically capture remittances. They were able to save their time from manually linking payments and coding deductions which helped them improve working capital.
HighRadius’ Cash Application feature of seamlessly capturing payment information across all standard bank file formats and automated deduction coding allowed easy identification. They saw fewer to no invoices pending. With this, they were able to achieve 94% post exception level hit-rate.
AI-enabled worklist prioritization helps collection analysts segregate customers based on risk factors. Once that is done analysts can focus on improving productivity as well as can focus on critical customers to enhance the overall customer experience.
Real-time credit risk monitoring ensures continuous automated monitoring of credit risk for all customer portfolios. The solution notifies credit teams if there are any changes required along with some revised recommendations. So, by not waiting for periodic review, the risks related can be easily avoided.
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HighRadius Corporation
Westlake 4 Building (BP Campus)
200 Westlake Park Blvd.
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Houston, TX 77079
