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Case Studies > Achieving Straight-through Cash Posting with Artificial Intelligence

Achieving Straight-through Cash Posting with Artificial Intelligence

Technology Category
  • Functional Applications - Enterprise Resource Planning Systems (ERP)
  • Analytics & Modeling - Predictive Analytics
  • Application Infrastructure & Middleware - Data Exchange & Integration
Applicable Industries
  • Utilities
Applicable Functions
  • Business Operation
Services
  • Software Design & Engineering Services
  • System Integration
The Challenge
WESCO faced a complex cash application scenario involving multiple payment formats and remittance sources. Analysts spent significant time extracting remittances from emails, EDIs, and A/P portals, leading to inefficiency. Banks did not support e-payment reconciliation, requiring manual work. Payments and remittances often arrived separately, complicating invoice matching and making the process laborious and time-consuming. WESCO sought a solution that would act as a single source of truth, be easy to deploy, and train staff on, aiming for a sustainable and scalable cash application process.
About The Customer
WESCO, a Fortune 500 company headquartered in Pittsburgh, Pennsylvania, is a global leader in electrical, communications, and utility distribution and supply chain solutions. With operations in 17 countries, WESCO serves numerous Fortune 1,000 companies, providing efficient and consistent support across various locations. The company generates $8.3 billion in revenue and is known for its comprehensive range of products and services that cater to diverse industries. WESCO's commitment to innovation and customer satisfaction has solidified its position as a trusted partner in the wholesale distribution sector.
The Solution
WESCO implemented HighRadius' Cash Application Cloud to address their challenges. The AI-based solution automated the processing of multiple remittance formats, capturing data from emails, OCR, and web portals. It ensured seamless capture of e-payment information across standard bank file formats and multiple languages. The AI-based remittance prediction feature suggested missing remittances, allowing analysts to match payments based on various fields. The solution also automated deduction coding and integrated with other A/R processes, ensuring collections and credit teams were aligned. HighRadius' solution was configured to meet WESCO's specific business requirements, enabling efficient invoice closure and dispute posting.
Operational Impact
  • WESCO achieved an 84%+ cash application hit-rate across multiple payment formats.
  • The timeliness of cash application improved significantly, reducing manual intervention.
  • The solution provided better visibility into customer remittances across the organization.
Quantitative Benefit
  • 84%+ cash application hit-rate across multiple payment formats.

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