20% Reduction in Bad Debt: Collections Automation Journey with AI
Customer Company Size
Large Corporate
Region
- America
Country
- United States
Product
- Collections Cloud
Tech Stack
- Artificial Intelligence
- SaaS
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Customer Satisfaction
- Productivity Improvements
Technology Category
- Analytics & Modeling - Predictive Analytics
- Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Functions
- Business Operation
- Sales & Marketing
Use Cases
- Process Control & Optimization
Services
- Software Design & Engineering Services
- System Integration
About The Customer
Staples, headquartered in Framingham, Massachusetts, is a leading company in the Business Supplies and Equipment industry. Known as The Work Life Fulfillment Company, Staples helps businesses of all sizes be more productive, connected, and inspired. They offer customized solutions through dedicated account teams, category professionals, innovative brands, and a curated product assortment. Staples aims to help organizations achieve their goals, whether they work in traditional office settings or remote environments. With a revenue of $17.9 billion, Staples is a significant player in its industry.
The Challenge
With a team of just 12 people, Staples faced a hectic work environment. Seven collectors were managing 900-1000 accounts each, with aging buckets up to 1000 days. They had to manually gather information from 20 different customer portals, which was time-consuming and inefficient. The accounts included multiple parent-child scenarios, complicating visibility and transparency. Paper-based aging and manual prioritization further added to the inefficiency, with dollars stuck in 1000+ days aging buckets. Manual invoice tracing from customer portals led to lesser productivity.
The Solution
HighRadius provided a Collections Cloud solution that generated a prioritized worklist, intelligently gathering data and performing task prioritization. This allowed analysts to focus on the dunning process rather than aggregating information. The solution monitored payment commitments, reminder calls, reminder mails, and blocked orders. It consolidated customer information into a single worklist, making centralized access more efficient. In-built templates for different dunning stages were used, and the solution allowed for monitoring metrics and tracking KPIs. Graphical representations of analyst performance were also provided.
Operational Impact
Quantitative Benefit
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