An insightful summary of how these GPOs made their A/R future-ready while reducing costs, improving metrics and keeping their customers happy!
The financial services team at Keurig Dr. Pepper relied on outsourcing Collections, Cash Application and other A/R functions to control costs. However, customer experience and receivables performance remained poor. Here is why: ? Degrading customer experience: Outsourced parties focussed on collecting dollars that led to multiple touchpoints and eventually unhappy customers. ? No standardization and transparency: Both these factors contributed to inconsistent processes and inability to even understand what was going wrong due to a lack of metrics. ? Increasing costs: With the increase in business, the costs kept increasing while the key metrics kept deteriorating.
In order to eliminate the increasing customer dissatisfaction as well as to improve the A/R performance while giving real-time visibility to all the stakeholders involved, Keurig Dr. Pepper opted to inhouse their collection, cash application, and deductions operations on a single integrated receivables platform. Backed up by technology that standardizes your A/R processes, helps to track all metrics and reduces the customer touchpoints, the inhouse service model enabled Keurig, Dr. Pepper, to save $2.5M in annual savings while the volume, quality, and productivity have risen.
Best practices suggested by Colleen Zdrojewski, VP, Financial Services, Keurig Dr. Pepper: ? Foster the culture of continuous improvement ? Optimize the use of technology ? Prepare a strong leadership team that is ready to embrace the new technology
HighRadius Integrated Receivables Software Platform is the world's only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Integrated Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway - covering the entire gamut of credit-to-cash.