To deliver greater efficiency and standardization, our client – a leading medical products and technologies company focused on solutions for the management of chronic conditions – sought a financial transformation toward digitalization of its AR operations. Convatec, with over $2 billion in revenue and customers in almost 100 countries, wanted to simplify, centralize, standardize, and automate among its 10,000 employees at nine manufacturing sites.
To achieve the key objectives, the client had to address its existing problems with an inaccurate cash application process, disconnection between the sales and collections teams, and a disjointed operating model that simply was not designed to address end-to-end needs.
The need was to:
- Transform cash application to touchless, same-day posting.
- Increase collection efficiency.
- Reduce dispute resolution time to less than a week.
- Reduce cost of AR operations.
Emagia deployed its AI-driven order-to-cash system for global business services to provide one integrated platform for receivables management, including cash application, collections, and dispute resolution.Emagia’s centralized platform dashboards provided complete visibility of all of the client’s customers, in any country.
Download this case study to discover how Emagia’s solutions empowered our client to improve cash application by 50% and increase on-time payments to over 85%, among other game-changing outcomes.