Cash application automation helped us achieve our targets of scaling accounts receivable operations to meet the business growth... With automation applied across the entire cash application process, we have seen an improvement in team productivity and efficiency.
Houston, Texas (PRWEB) September 19, 2017
Starbucks, the Seattle-based coffee company, is one of America’s most well recognized coffee house chains, with operations in more than 25,000 locations worldwide and a mission to “inspire and nurture the human spirit – one person, one cup, and one neighborhood at a time.”
As of 2016, Starbucks reported $21 billion in revenue, 11% growth vs prior year. Licensed Stores, CPG, and Foodservice businesses which together represent 21% of total Company revenue also grew double digit. As expected, the customer finance team at Starbucks was tasked with the objective of continuing to support business growth while maintaining optimal credit and A/R operational levels.
To continue to meet these objectives, Starbucks turned to advanced technology in the form of an Artificial Intelligence-based cash application automation solution that would help resolve the escalating growth challenges such as scaling the cash application across multiple customers, each with their own payment system and with their own remittance format.
Using cash application automation, Starbucks reaped rich rewards by automating 72% of their line items and processing 77% of their payments automatically.
Join Martha McElroy Rojas, Director, Customer Financial Services at Starbucks Coffee Company and Tammy Colburn, Senior Accounting Manager, Accounts Receivable as they share their journey and how the cash application automation solution are helping them meet their company objectives.
“Cash application automation helped us achieve our targets of scaling accounts receivable operations to meet the business growth. Using this technology, we successfully faced the operational challenges related to the labor intensive, manual process of capturing customer remittance details, the absence of remittance and multiple accounts for each customer. With automation applied across the entire cash application process, we have seen an improvement in team productivity and efficiency,” states Martha.
Date and Time: September 21, 1:00pm to 2:00pm CT
The webinar will also be co-presented by Allison Tanner, Strategic Accounts at HighRadius. To join, please click here.
By bringing people together over coffee, Starbucks has become one of the world’s best-known and best-loved companies. We purchase, roast and serve award-winning coffee. We also offer Italian-style espresso beverages, cold blended beverages, delicious food, premium teas and selected compact discs through our retail stores. Working at Starbucks is a lot like working with your friends. When you work here, you’re not an “employee” – we call ourselves “partners” because we believe in shared common goals and mutual success. We’re dedicated to serving ethically sourced coffee, caring for the environment and giving back to the communities where we do business. Starbucks is an equal opportunity employer of all qualified individuals, including minorities, women, veterans and individuals with disabilities.
About HighRadius Corporation
HighRadius is a Fintech enterprise Software-as-a-Service (SaaS) company. The HighRadius™ Integrated Receivables platform optimizes cash flow through automation of receivables and payments processes across credit, collections, cash application, deductions, electronic billing and payment processing. Powered by the Rivana™ Artificial Intelligence Engine, HighRadius™ Integrated Receivables enables teams to leverage machine learning for accurate decision making and future outcomes. The RadiusOne™ B2B payment network allows suppliers to digitally connect with buyers, closing the loop from supplier receivable processes to buyer payable processes. HighRadius solutions have a proven track record of optimizing cash flow, reducing days sales outstanding (DSO) and bad debt, and increasing operational efficiency so that companies may achieve strong ROI in just a few months.
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