Improving Overall A/R Efficiency with Digital Transformation of Credit, Collections, and Cash Posting
Company Size
200-1,000
Region
- America
Country
- United States
Product
- Cash Application Cloud
- Collections Cloud
- Credit Cloud
Tech Stack
- Artificial Intelligence
- ERP System
- SAP
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Customer Satisfaction
- Productivity Improvements
Technology Category
- Analytics & Modeling - Predictive Analytics
- Application Infrastructure & Middleware - Data Exchange & Integration
- Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Functions
- Business Operation
- Quality Assurance
Use Cases
- Process Control & Optimization
Services
- Software Design & Engineering Services
- System Integration
About The Customer
Summit Electric Supply Co. Inc. is a privately held, independent wholesale distributor of industrial electrical equipment and supplies, founded in 1977. Headquartered in Albuquerque, New Mexico, the company has over 550 employees and ranks #17 among electrical distributors in the United States. Summit Electric is known for its forward-thinking approach towards technology and its commitment to serving customers by adding superior value through industry expertise and innovative systems. With a revenue of $505 million, the company has a significant presence in the wholesale distribution industry.
The Challenge
Summit Electric faced several challenges in their Accounts Receivable (A/R) processes. The credit team struggled with manual and inconsistent data gathering, incomplete data, lack of real-time risk alerts, and longer turnaround times due to the absence of a workflow. The collections team had no customer prioritization strategy and faced issues with process standardization, leading to inconsistencies and inefficiencies. The cash application process was entirely manual, with poor lockbox services and manual deduction coding, resulting in slow processing and delays.
The Solution
HighRadius provided Summit Electric with a comprehensive solution to address their A/R challenges. The Credit Cloud automated the approval workflow for low-risk customers, aggregated credit data from multiple agencies, and offered an online credit application for ease of use. The Collections Cloud prioritized worklists for maximum collector effectiveness and automated correspondence for low-risk customers. The Cash Application Cloud eliminated lockbox fees, automated transactional tasks, and enabled auto-identification and submission of remittance in no remittance scenarios. Additionally, it provided automatic conversion of customer reason-codes to internal codes and auto-invoice matching, significantly improving efficiency and reducing manual effort.
Operational Impact
Quantitative Benefit
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