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Process Redesign in Cloud-Based Software Company Saves $2M
Technology Category
- Sensors - Flow Meters
- Sensors - Liquid Detection Sensors
Use Cases
- Augmented Reality
- Mixed Reality
The Challenge
A leading cloud-based software company was facing difficulties in achieving the desired efficiencies and scale needed to support consistent growth in terms of accounts payable (AP) and accounts receivable (AR) functions from its facilities in South America and Central Europe. The company's previous IT service providers' collections data was consistently low, around 60% based on historical records. This led to a cash flow problem and an increase in the aging of outstanding receivables. The company was also seeking standardization across geographies. To address these issues, the company set a goal of achieving 70% collections and reached out to Cognizant, their strategic partner of seven years, for assistance.
The Customer
Not disclosed
About The Customer
The customer is a leading cloud-based software company with facilities in South America and Central Europe. They were struggling with achieving the desired efficiencies and scale needed to support consistent growth in terms of accounts payable (AP) and accounts receivable (AR) functions. The company was also facing issues with low collections data, cash flow problems, and an increase in the aging of outstanding receivables. They were seeking to improve these areas and standardize their operations across geographies. The company had a long-standing relationship with Cognizant, their strategic partner of seven years.
The Solution
Cognizant began by conducting an audit of the aging receivables report and performed a detailed analysis of the baseline. They redesigned the end-to-end AR process by establishing standard operating procedures (SOPs) for collections and billing agents. This helped agents identify their goals and achieve measurable targets, improving efficiency and outcomes. Cognizant's data scientists analyzed customer payment patterns, which informed their collections approach, touchpoints, and timeline. They found that 30% of customers pay after a reminder call, so agents began calling immediately after the due date, resulting in quicker payments. Cognizant worked closely with agents to understand and address their challenges. They used the company’s own global CRM platform to mirror the processes between the company and its customers. Cognizant also streamlined the company’s operations and call center to reduce language barriers and service disruptions and to acquire highly skilled resources.
Operational Impact
Quantitative Benefit
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