Everything we thought we were doing right before … Esker's simply made it better.
MIDDLETON, Wis. (PRWEB) April 10, 2018
Esker, a worldwide leader in document process automation solutions and pioneer in cloud computing, today announced that Trek Bicycle, the largest bicycle company in the United States, has automated its global collections management process using Esker's cloud-based solution powered by TermSync technology. The initiative went live in March 2017 and is currently being released to Trek customers in Europe and the United Kingdom.
Trek has 16 international distribution centers and 5,000 independent bicycle dealers around the world, with 60 percent of its business coming from abroad. With Esker, the company finally has a global collections management solution, utilized by 32 collectors in 18 offices worldwide, to streamline critical accounts receivable (AR) activities such as payment reminders, account lookups, call logging, customer portal payments, collections forecasting, root-cause analysis and task management collaboration.
"We didn't have a standardized collections tool before Esker," said Andrew St Clair, global director of financial services at Trek Bicycle. "Everyday tasks, like sending reminder letters, were all done manually. We made it work, but there was no real consistency in our process. It was crucial that we had a true global solution and the other credit and collections vendors just didn't have Esker's international expertise."
In an effort to meet its customer's needs, Esker partnered closely with Trek to translate the interface into 14 different languages and even helpedin the design of a more user-friendly statement to send to customers. "Our worldwide rollout was a huge deal, and Esker kept up with us every step of the way," added St Clair. "It was a true partnership."
Benefits of automated collections management
Following the implementation of Esker, Trek has achieved numerous benefits, including:
1. Reduced past-due percentage by 4 percent
2. Reduced Days Sales Outstanding (DSO)
3. Improved collaboration - users can now go into Esker, choose an invoice and assign tasks to other departments (e.g., cash application, etc.)
4. Enhanced visibility - customizable monthly management reports can be accessed directly from the dashboard
5. Increased productivity - several staff members were able to be reallocated to more business-critical positons
6. Higher satisfaction - customers now have access to a self-service portal to make payments, manage preferences and more
"The discipline that Esker drives in the credit and collections process is phenomenal," said St Clair. "In my 20-plus years, it's the best product I've ever used based on its simplicity and ease of navigating. Esker has been extremely well-received within the walls of Trek and even with our customers. Everything we thought we were doing right before … Esker's simply made it better."
About Trek Bicycle
Trek Bicycle is a global leader in the design and manufacture of bicycles and bicycling-related products and accessories. From Tour de France-winning road bikes to tricycles designed to introduce the next generation of riders to the possibilities of pedal-power, Trek has a bike for nearly every rider. Trek believes the bicycle can be a simple solution to many of the world's most complex problems, including obesity, traffic congestion, and climate change, and is committed to breaking down the barriers that prevent people from using bicycles more often for daily transportation, recreation, and inspiration.
Esker is a worldwide leader in cloud-based document process automation software. Esker solutions, including the acquisition of the TermSync accounts receivable solution in 2015, help organizations of all sizes to improve efficiencies, accuracy, visibility and costs associated with business processes. Esker provides on-demand and on-premises software to automate accounts payable, order processing, accounts receivable, purchasing and more.
Founded in 1985, Esker operates in North America, Latin America, Europe and Asia Pacific with global headquarters in Lyon, France and U.S. headquarters in Madison, Wisconsin. In 2017, Esker generated 76.1 million euros in total sales revenue. For more information on Esker and its solutions, visit http://www.esker.com. Follow Esker on Twitter @EskerInc and join the conversation on the Esker blog at blog.esker.com.