A leading security and facility services company was struggling to recover receivables amounting to over $1Bn USD from more than 30,000 clients. With the help of Domo, Diacto was able to set up a dashboard for the finance team to prioritize due invoices and create triggers to initiate actions. Our solution becomes the single source of truth for the organization with the elimination of opacity and confusion from the process.
Established in 2016, this leading security and facility services company was struggling to recover large amounts of receivables due from clients. Receivables amounting to over $1B USD, were due from more than 30,000 clients, with thousands of associated invoices. Such large amounts in aged debt, a serious concern for the company, was creating significant cash flow challenges. So the company engaged a globally renowned consulting firm to help navigate this challenge. The consulting firm advised using a BI solution to expedite the process of recovering the dues. The company was already using Domo’s business management platform in other areas of the business. Happy with their experience, the management decided upon using Domo to solve this peculiar challenge.
Despite being familiar with Domo, the company was unsure how to utilize the BI platform for AR Recovery. This was a complex, critical and high stakes project and speedy resolution was priority for the business. Familiar with Diacto’s expertise from previous projects, Domo turned to Diacto for help. Diacto quickly built the logic to identify how to approach and prioritize the revenue collection process from thousands of invoices. Starting with segmenting the customers in Categories A, B and C, based on pending amounts, payment history, invoice due dates etc., after just two weeks, Diacto had built a logic to prioritize the invoices along with a multi-level intervention approach designed to be followed for recovery.
As a process of recovery, data from all sources was captured and the actions being taken by the finance team were streamlined through the system. Within just four weeks from the start date, data transformation followed by validations and visualizations were designed, developed and deployed by Diacto. Cashflow management dashboards were built to report critical data such as Weekly Average, Past Dues, Days to Cash, End of Week status, Weekly Average Terms etc. to the executive team.
To help the company navigate through this cashflow challenge, following dashboards were built and deployed:
No Connectors used as data was already fed into Domo