Improving Overall A/R Efficiency with Digital Transformation of Credit, Collections, and Cash Posting
公司规模
200-1,000
地区
- America
国家
- United States
产品
- Cash Application Cloud
- Collections Cloud
- Credit Cloud
技术栈
- Artificial Intelligence
- ERP System
- SAP
实施规模
- Enterprise-wide Deployment
影响指标
- Cost Savings
- Customer Satisfaction
- Productivity Improvements
技术
- 分析与建模 - 预测分析
- 应用基础设施与中间件 - 数据交换与集成
- 功能应用 - 企业资源规划系统 (ERP)
适用功能
- 商业运营
- 质量保证
用例
- 过程控制与优化
服务
- 软件设计与工程服务
- 系统集成
关于客户
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.
挑战
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.
解决方案
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.
运营影响
数量效益
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