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Mining the O2C Goldmine: Lhoist’s Digital Transformation Journey
Technology Category
- Analytics & Modeling - Predictive Analytics
- Application Infrastructure & Middleware - Data Exchange & Integration
- Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Functions
- Business Operation
Services
- Software Design & Engineering Services
- System Integration
The Challenge
Lhoist faced significant challenges in their cash application and collections process due to a high volume of transactions and limited resources. They had 2,000 active customer accounts with over 22,000 open line items and $5,000,000 in unapplied cash. The collections team had to manage $25,000,000 past due A/R on 22,000 open line items. Manual processing of check-based payments, non-standardized e-payments, high deductions volume, and overall slower cash posting were major issues. Additionally, manual correspondence and limited resources further complicated the collections process.
About The Customer
Lhoist Group is a global leader in lime, dolime, and minerals, operating in more than 25 countries with over 6,400 employees. They generate a turnover of more than $2.2 billion. Lhoist has a large customer base and deals with a high volume of transactions daily. Their operations are spread across multiple business units, making it challenging to manage cash application and collections efficiently. The company faced significant issues with manual processing, high transaction volumes, and limited resources, which impacted their overall productivity and customer satisfaction.
The Solution
HighRadius provided Lhoist with AI-powered Cash Application Cloud and Collections Cloud solutions. These solutions automated the cash application process, eliminating the need for manual cash posting and enabling auto-matching of invoices to payments. The system also auto-identified and submitted remittances, converted customer reason codes to internal codes, and captured remittance data automatically. For collections, the Collections Cloud automated correspondence, tracked the collections process, and provided a centralized history of call logs. This automation helped Lhoist eliminate clerical tasks, focus on high-priority tasks, and improve overall productivity.
Operational Impact
Quantitative Benefit
