Receivables Case Study GETPAID - Financial Software Case Study GETPAID ... directly from their...
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Receivables Case Study GETPAID Konica-Minolta Transforms Credit and Collections with FIS GETPAID Solution The Approach Konica-Minolta’s credit and collections team applied customer segmentation (like risk grade, geography or balance due) and strategies into the GETPAID’s strategic rules engine. Strategies are configurable courses of action that initiate specific events as an invoice ages. Each strategy can consist of an unlimited number of steps, each triggered by the previous contactactivity. The engine uses the strategies to send automatic mass correspondence on behalf of Konica-Minolta to remind them that their invoices are coming due and build work queues for the collectors to help them easily identify on a single screen who they need to contact each day. Strategy steps can be used to send automated reminders and past due notices, notify sales of delinquent accounts and place calls in the collector’s work queue. Konica-Minolta’s collectors have all the necessary customer, invoice, dispute and credit information on a single screen. They can quickly view information such as payment history, proof-of-delivery documents, ageing and cash applied. From the single “Power Screen”, they can also enter notes, create payment plans, mark promises to pay, match credits, generate disputes, and send invoice copies and correspondence, such as confirmations, directly from their desktop with a single click. Konica-Minolta Background Konica-Minolta is a manufacturer of business and industrial imaging products, including copiers, laser printers, multi- functional peripherals (MFPs) and digital print systems for the production printing market. The credit and collections team is organized across Europe by clusters. Cluster West, for example, is made up of Belgium, the Netherlands, Austria and Germany. Challenges Konica-Minolta was managing its collection processes manually. Each collector was required to pull their account information out of SAP and manage their collections processes via Excel. This was not only time-consuming but also created a reactive instead of a strategic approach to collections. It also provided inconsistent results and allowed for high days sales outstanding (DSO) and poor cash flow. Additionally, the management didn’t have a complete view of cash and risk. Konica-Minolta decided to transform its credit and collections processes by implementing a technology solution to help it automate processes and drive workflow. The team embarked on a thorough selection process and chose to implement FIS’ GETPAID solution.
Transcript of Receivables Case Study GETPAID - Financial Software Case Study GETPAID ... directly from their...
Receivables Case Study
GETPAIDKonica-Minolta Transforms Credit and Collections with FIS GETPAID Solution
The Approach
Konica-Minolta’s credit and collections team applied customer segmentation (like risk grade, geography or balance due) and strategies into the GETPAID’s strategic rules engine. Strategies are confi gurable courses of action that initiate specifi c events as an invoice ages. Each strategy can consist of an unlimited number of steps, each triggered by the previous contactactivity. The engine uses the strategies to send automatic mass correspondence on behalf of Konica-Minolta to remind them that their invoices are coming due and build work queues for the collectors to help them easily identify on a single screen who they need to contact each day. Strategy steps can beused to send automated reminders and past due notices,notify sales of delinquent accounts and place calls in the collector’s work queue.
Konica-Minolta’s collectors have all the necessary customer, invoice, dispute and credit information on a single screen.They can quickly view information such as payment history, proof-of-delivery documents, ageing and cash applied.From the single “Power Screen”, they can also enter notes, create payment plans, mark promises to pay, match credits, generate disputes, and send invoice copies and correspondence, such as confi rmations, directly from their desktop with a single click.
Konica-Minolta Background
Konica-Minolta is a manufacturer of business and industrial imaging products, including copiers, laser printers, multi-functional peripherals (MFPs) and digital print systems for the production printing market. The credit and collections team is organized across Europe by clusters. Cluster West, for example, is made up of Belgium, the Netherlands, Austria and Germany.
Challenges
Konica-Minolta was managing its collection processes manually. Each collector was required to pull their account information out of SAP and manage their collections processes via Excel. This was not only time-consuming but also createda reactive instead of a strategic approach to collections.It also provided inconsistent results and allowed for high days sales outstanding (DSO) and poor cash fl ow. Additionally, the management didn’t have a complete view of cash and risk.
Konica-Minolta decided to transform its credit and collections processes by implementing a technology solution to help it automate processes and drive workfl ow. The team embarked on a thorough selection process and chose to implement FIS’ GETPAID solution.
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About FIS’ Corporate Liquidity SolutionsFIS o� ers a leading liquidity and risk management solutionfor corporations, insurance companies and the public sector.The solution suite includes credit risk modeling, collections management, treasury risk analysis, cash management, and payments system integration. The solutions help consolidate data from multiple in-house systems, drive workfl ow and provide connectivity to a broad range of trading partners including banks, SWIFT, credit data providers, FX platforms, money markets, and market data. The technology is supported by a full range of services delivered by domain experts, including managed cloud services, treasury operations management, SWIFT administration, managed bank connectivity and bank onboarding. FIS’ solutions can be deployed in SaaS, public cloud or on-premise environments.
About FISFIS is a global leader in fi nancial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, consulting and outsourcing solutions. Through the depth and breadth of our solutions portfolio, global capabilities and domain expertise, FIS serves more than 20,000 clients in over 130 countries. Headquartered in Jacksonville, Florida, FIS employs more than 55,000 people worldwide and holds leadership positions in payment processing, fi nancial so� ware and banking solutions. Providing so� ware, services and outsourcing of the technology that empowers the fi nancial world, FIS is a Fortune 500 company and is a member of Standard & Poor’s 500® Index. For more information about FIS, visit www.fi sglobal.com
Results
Konica-Minolta has transformed its credit and collectionsteam and processes from a reactive to a proactive and strategic organization. It has increased productivity through automation and workfl ow. It has visibility into cash and risk across the organization, across each cluster and down to the country level.
Within just a couple months of implementing the automation technology,
we reduced DSO and ours outstanding invoices from €1.7 million to €300,000.
