Automated dunning reduces cycle time by 90% and saves multiple FTE

Industry : Cross-Industry, Media and Entertainment Function : Operations

Company Profile

International Media Organization provides the world with innovative streaming services and digital video products, as well as production, distribution and advertising solutions. The company also delivers the largest share of the U.S. television audience and has amassed one of the most extensive libraries of TV and film titles.

Scope Highlights

  • 3,000+ dunning statements annually
  • Accounts receivable
  • Global payment collections
  • MS Excel
  • Robotic process automation (RPA)

Challenge

Each month, the client sent collection notifications to customers regarding past due unpaid invoices. This process spanned reviewing sales statements to identify past due customers, completing and sending dunning notifications, and following up with the internal collections team. This high-touch process was taxing on existing resources. Leadership wanted a solution that could quickly generate and submit collection dunning notifications and allow team members to focus on specialized cases.

Solution

The solution retrieves open receivables and applies externalized data handling rules to identify and cleanse billing information. It then prepares an account statement by transforming the data and loading to an easy-to-use workbook template. Next, the solution emails a templated collection notification to the customer and the assigned AR contact. Any customer email reply are forwarded to the appropriate collector for follow-up. The solution alerts the receivables team of any cases that require additional attention.

Results

4-5 FTE saved

90% cycle time reduction

Improved cash flow