How Coleman Achieved 94%+ Automation with Artificial Intelligence

Highradius

About The Webinar

The Coleman Company, a leading manufacturer of outdoor recreation products was experiencing an accounting operations bottleneck. With an expanding customer base, the Accounts Receivable and Cash Application department was faced with processing payments as varied as bank checks, ACH, Wire transfers, EFT and manually reconciling them with an equally diverse mix of remittance comprising of check stubs, bank lockbox files, e-mails and e-mail attachments, information on websites and EDI.

Coleman needed to move away from paying thousands of dollars in bank key-in fees on top of a highly labor-intensive, time-consuming, inefficient and error-prone manual cash application process. Coleman leveraged Artificial Intelligence-enabled technology to automatically reconcile and post over 94% of all payments – saving on bank lockbox costs, freeing up critical resources from manual tasks and achieving error-free cash posting in the process.

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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.