OneSpan gains unparalleled visibility across AR reporting and collections with Quadient AR

ERP: Workday

INDUSTRY: Software

OneSpan helps organizations accelerate digital transformations by enabling secure, compliant, and refreshingly easy digital customer agreements and transaction experiences. The company delivers digital agreement products and services that automate and secure customer-facing and revenue-generating business processes. OneSpan’s solutions help organizations streamline and secure user experiences, which in turn allows them to drive growth, reduce risk, and unlock their business potential.

"With Quadient AR, it’s like we have another person on our team! The platform has helped improve efficiencies, which has been key to reducing our DSO. Customers can access their accounts, employees know exactly what to focus on, and we have complete visibility into the effectiveness of our collections. I love it."

CHALLENGE

OneSpan is trusted by global blue-chip enterprises, including more than 60% of the world’s largest banks. To keep up with new business growth, OneSpan was focused on scaling operations and increasing AR visibility. When Ryan Madden, Senior Director, Financial Operations, joined OneSpan and evaluated the numbers, he saw an opportunity to improve the process.

There were several opportunities that Ryan identified. Using Workday, the AR team could not contact customers efficiently. Sending out notices was a manual process and when communications were sent, the team lacked visibility into who had received and registered the email. This made it difficult to approach collections strategically and ensure that customers were accounted for.

Reporting issues compounded this challenge. Labor-intensive data scrubbing had to take place before reports could be analyzed and used to inform collections efforts. This made it difficult to identify at-risk customers and increased the probability of late payments. It also made it hard to work collaboratively with sales. Without a clear and centralized view of data, communicating decisions on accounts — such as putting customers on credit holds — was a process that frustrated both parties.

Like many organizations during and after the pandemic, OneSpan was challenged with the sudden remote nature of work. Team members needed to adjust to new ways of collaborating, so tasks were not missed when people were on leave or out sick. It also forced new ways of communicating with customers, to ensure invoices were delivered and settled on time.

SOLUTION

Quadient AR integrated with OneSpan’s Workday ERP, centralizing financial data on one intelligent platform.

Employees can better self-manage, particularly in a remote working environment. Meetings are used to tackle priority issues, and colleagues no longer need to wait on each other for information.

The platform highlights AR risk, using predictive analytics to accurately determine when a customer is likely to pay. For example, an account may only be one day past due, but based on historical payment data, the tool can predict that they won’t pay for another 30 days. This helps the team to prioritize accounts.

Managing multiple teams, Ryan wants to ensure he has clear visibility and insight with AR data and any risks to stay in control.

"The solution makes it easy for me to measure performance, identify issues, and act quickly. This benefit applies to the entire team."

Automated workflows distribute dunning notices consistently and the team can now see whether messages have reached their intended target. They have access to valuable details, including which customers have opened emails, which haven’t, and the emails that have bounced. This informs collections.

OneSpan’s sales team also benefits. They receive regular, automated reports that detail customer payment behavior and the decisions made on accounts. This keeps AR and sales tightly aligned.

Externally, customers enjoy an improved experience. Not only do they receive more regular communications. They can also use the platform’s self-service portal to access their accounts and make payments at any time, from anywhere. This enables them to pay faster while reducing the amount of work for the AR team.

RESULTS

OneSpan has accelerated cash flow and improved the AR experience for both employees and customers.

• Days sales outstanding (DSO) reduced by 13 days.
• Average days to pay decreased by seven days. A reduction of more than a working week across the company’s entire AR portfolio.
• Unparalleled visibility across AR reporting and collections.
• Improved customer experience and internal relationships.

"Using a single system to track work, save notes and set tasks for myself and my team is a game changer. We can’t remember what it was like working without it."