Double Your O2C Productivity Through Deep Dive Analytics

Kathleen Quill

Kathleen Quill

Enterprise Customer Value Manager
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Kathleen Quill joined HighRadius as a consultant on the Credit 2020 AI and Machine Learning Editions, as well as the Collections AI Edition; she accepted a Customer Success Position last November and transitioned as a full time HighRadian, which she loves.

Session Summary:

Takeaway 1:
Top Questions that A/R Leaders are concerned about
Key Points
  • Are my collectors productive enough?
  • What does my deductions aging look like?
  • Are my deductions being handled in the most efficient way?
  • How is my hit rate? Is there an improvement from before we were using automation and now?
Takeaway 2:
Top Three Primarily Dashboards Used by HighRadius Customers
Key Points

HighRadius analytics module includes reports and dashboards that help you get the answers to all these questions and its three dashboards are:

  • Cash App Hit Rate Analysis Dashboard
  • Collections Activity Analysis Dashboard
  • Deduction Aging Analysis Dashboard
Takeaway 3:
Summarizing the tips of the HighRadius Dashboard module
Key Points
  • Add Key Reporting Dashboards to Your Favorites
  • Schedule a Report to be Emailed to You Later
  • Go to User My Profile & Add Analytics as The Default Tab
  • Click on the (?) icon to access the Analytics User Guide

Heather King
Everybody, welcome to our virtual radiants on the road. My name is Heather King, I am the VP of events and community programs with HighRadius. It is my pleasure to welcome you here today. If this is your first session with us, thank you so much you’re joining a good one, if this is your fourth session with us your second year. Third, thank you so much for taking the time out of your busy schedule to join us. We really appreciate and we hope that you’ve been enjoying all of the content that we’ve had for you so far. Before we jump into our analytics session, just a couple of housekeeping notes. So first of all polls. So for some of our sessions today, we’ve had polls in the middle of the session, some we haven’t, but we’re going to have some for this one. So when you see the big blue buttons pop up on your screen, and we read you those poll questions, please make sure that you answer them that way. We know a little bit more about the audience and will be able to tell you a little bit more about your co attendees for this. Also questions and answers. I know a broken record. But maybe some of you haven’t heard this spiel yet. But our speakers always want to hear from you. They want to know your questions, and they want to answer your questions. So please make sure that you put it into our speaker boxes, you have two options depending on how anonymous you want to be: if you want to be completely anonymous, go into the little box that is the question mark. And that will mean that only the moderators can see the question that you’re asking, if you don’t care, and you are happy for everyone to comment on your question, which we very much encourage, and you want to be loud and proud, then please make sure that you just click on the regular chat room chat. Put in your question right there, and we will get to it for sure. And then don’t forget, we have prizes. It’s kind of my favorite thing to announce. And they are super well. So at the end of the session, we will have a quick trivia question. The first person who answers it correctly gets a $20 gift card if you have joined this session, which means you have one raffle ticket for this session for our echo show. If this is your first session, you get one ticket, if it’s your second session, you have two if it’s a third, gift three, if it’s a fourth, you have four. So the more sessions you join, the more chances you have to win. And also don’t forget, we would love to meet you and learn more about you and learn more about how we might be able to help you. So if you want to find out more about us as well, let us know, send us a message in the little question box, we’ll keep it quiet and anonymous, we’ll make sure to reach back out to you to schedule that call everyone who completes the call with us and gets entered to win an iPad, so many chances to win something during our virtual ratings on the road today. But you’re all winners because you’re getting to sit in on this next session. And so I’m going to get started with that one, our analytics training session doubles your order to cash productivity through deep dive analytics. And it is with the fabulous, fabulous, fabulous. I’m Kathy quill. She is our enterprise customer value manager. She has over 35 years of experience . She is in AR and credit, she is a whiz when it comes to best practices for credit and collections. And really, she’s just a fun person to listen to. And you can see from her LinkedIn profile that a lot of people like to hear what she has to say. So without further ado, I’m going to hand it over to the fabulous Kathy and take it away, you got the virtual stage.

Kathleen Quill 3:14
Awesome. Thank you ,Welcome everyone. Heather, I don’t see the presentation on my screen. So we might be in a place where you’ll need to advance them. For me. It says that I’m on 343. But I don’t see them.I don’t know.

Heather king 3.33
All right, we’ll advance it for you.

Kathleen Quill
Okay, so I’m just going to chat for a minute then. And I’m telling you guys we’re gonna take a 30,000 foot view today of analytics in HighRadius. It’s, um, there’s a lot there, I call it it’s like an Easter egg of your high radius experience. We it’s not really what you came here for. But it’s kind of a little bonus that helps you manage your order to cash business in a way that you probably couldn’t before. Or it was hard to pull all those pieces together. So we’re going to go through a couple of tips about how to use it, and how to navigate it. And I would encourage you to get with your customer value manager or anyone at HighRadius who can help you get a deeper dive demo if you want a little more information.Okay, I still don’t see it, brother.
I’m gonna open it over here on this other computer first.

Heather king
The first slide though, Kathy is Poll. So why don’t we jump into the poll question while you open your other computer so you can see the slides. What it is, are you using any out of the box reporting tools for order to cash so A is yes, B is no C is yes, but declines it but declines over time. already. So I’ll give everybody a minute to answer this question.
All right, giving everybody a moment. All right, the answers are, are you using any other bots reporting tools for order to cash 40% of you say yes. And 60% of you saying no, I’m Kathy, does that surprise you?

Kathleen Quill
Oh, yeah. Although I would bet if we do this in a year, we will see those numbers move significantly. I bet we do this in a year. Movement, right. If we did it two years ago, it might have been 20%. Yeah. So I think that people are moving more toward, especially in the days of COVID, where we’re not together, and you need to have an overview of the operation. We’re seeing that reporting tools grow and grow,

Heather king
for sure. All right, are you? Are you okay with seeing it at least on another computer? So we can advance these? I am you got the next one? Oh, we have another poll question. All right, everybody. Does your current reporting approach provide you a real time visibility into the day to day operations of your department? So it’s just a yes or no question? Yes, your approach gets you real time visibility or no be your current recording does not give you visibility. So you got 20 seconds here to give us the yes or no. And and then we will wait for the results to tally and then I will let you know what they are. Oh, boy, it’s 50-50. Yes. To know, my good. Wow. All right. Is that surprising? Yeah. See, I think that’s another one where we’re seeing a real move toward yeses. Okay. And we have one more poll following this one. We sure do. Does your probes want to know a lot about you? We do. Have you introduced new KPIs after incorporating high radius automation solutions. So if you are one of our customers and you have, have you put in any new KPIs after putting us in there, so again, yes or no question, A or B? Already? All right, well give it another second to close 67% Say, Yes, you have introduced new KPIs. And 33% Say no.

Kathleen Quill
Well, I think again, we have the same answer, as we see more and more real time reporting available. And we can do those deeper dives very easily, that we can set KPIs that are meaningful, and are really tailored to everybody on your team. So I think we’ll see those things change too.

Heather king
Fabulous. All right, let’s keep going. Okay.

Kathleen Quill
So the questions that we hear from HR leaders are things like you’re seeing here, are my collectors productive enough? And how would I know? What does my deductions aging look like? Right? Because it’s hard to tell, because it’s spread all over and you don’t really know what you’re looking at? Are they being handled in the most efficient way? Because deductions are the bane of OTC existence? And that’s getting to be more and more plentiful. And how’s my hit rate for cash apps? Is there an improvement from what we were using before? Do we have opportunities to improve? And how do we go forward in order to really capitalize on those?
One of the things about HighRadius that you’ll see is that if we go to eight is that we have analytics, like I said, it’s like an Easter egg. You may not know it’s there. It’s not what you came to us for. We’re not an analytics company. But in the time that I’ve been high radius since 1918, no 2018. We have really put the pedal to the metal on helping give you tools to figure out what’s going on in your portfolio.
If you go to Slide nine, you can see that there are HighRadius companies and we’ve just sort of said who the top ones are that are using the analytics tools, and it’s the only real value to this slide is that you can see across the board, different kinds of companies are using them and everyone uses in a different way, all your businesses are unique and special. But um, yeah, in 2021, over 4000, individual reports were pulled by our top 10. report using customers. When we look at what those customers used, it’s
primarily three dashboards. And there are plenty of others. If you are a credit only customer, we have specific dashboards for you. If you’re eipp, we have specific dashboards. But what we’re going to do today is really a quick navigation, right? Have those dashboards, what are they telling me? How do I use them? How do I go in there and play around with it to get what I want. So we’re gonna look at these three specifically, just so that we can get a feeling for what I radius dashboards look like.
Obviously, the first thing you would do to get to the analytics is login. You have your own credentials. On slide 13, go on to 13. If you don’t see the analytics tab, then in your customer, contact your customer value manager to have it enabled for you. Everyone should be able to have it because you’re going to see different levels of information, there’s even reports on there about customers for analysts that are extremely helpful, and doing their day to day.
One of the things that’s a pro tip is to add your key reporting dashboards, the things you really like to favorites. There are a lot of dashboards and a lot of reports that we don’t want you to have to dig around and hunt for what you want. I do this when I’m working with my clients. We have dashboard favorites, so that I can go quickly to what I use when I’m talking to them. The way you add them to your favorites is when you have it open, you can see the next bar down there, there’s a blue star, if you click on it, it will turn orange. And that places that particular dashboard or report in your favorites. So you will be able to very easily find it from then on.
The thing that dashboards give you is a 360 degree view of your cash applications operations. And there are many dashboards to use for that, depending on what you want to see.
In 16, we’re going to look at the hit rate analysis dashboard, particularly
what this is designed to do is to help you see what’s going on in your portfolio for cash applications. How are payments coming in? Where’s the remittance coming from? And are we getting hits? What’s the company code so that I can now pick and choose and it’s something we’ll go into in a little bit, but you can click on any of these bars and sort of narrow down and narrow down and narrow down the view. So if you just wanted to see on here, company, code 241. And what came in by ACH, you could choose just those two, and then you could choose a month, and the data down below will show you only what’s in those selections to get back out. You just unclick them again.
What does it show you on the top, you get a summary view, right of your hit rates, what’s what’s happening at the big view, over the whole picture before you even begin to narrow down and look at specific activities or specific company codes or a particular processor. So we have multiple filter options, again, you just click on them. And now we can compare the heart rates between the payment methods between remittance methods, and start to find places where we can improve that performance.
Yeah, I’m going really fast because it’s a short session. And it’s a very high overview.
It gives you a really high visibility into that payment aggregation. So we’re gonna look at header level on this particular dashboard and item level hit rates, because they both matter. Of course they both matter. But you may measure one, another client may measure another. We put a lot of our focus at HighRadius on item level, but we understand that header level matters too. And sometimes if we can fix a miss on the header level, then we’ve also automatically fix the Miss on the item level.
See, here’s the item level. So we’re really looking now at line by line so if a customer paid you for 100 invoices on one payment, and we matched 90. That’s what we’re measuring here . We might have missed on the header, but we still automated 90% of the payments on that check or that ACH or whatever came in. So for us item level matters, not because we’re going to hit everything, but because we now have an idea of what we’re missing. And if you are autonomous or AI customer, the system is going to learn from what we missed and how you manage to match them manually. And we start to see these numbers change to. I added this because a lot of questions that I get are what do those mean? What are those codes mean? We don’t want you to have to stop and go look them up. But by and large, anything here that you hover over, will give you a definition of what they’re talking about in there. So these are the shortcuts for what those pre exception items are. And then you can get to the detail that tells you why it was an exception, there might be more than one reason. And what was done to actually make it work ultimately in match even if you had to do it manually.
Tip number two, you can schedule a report to be emailed to you, you go to schedule reports you select, I would encourage you if you do this with more than one, name the report, because I’ve done it, and I send them and I’m like, Oh, for Pete’s sake, I don’t know where this is coming from. Because I have so many that are coming to me, name the report, something you can recognize, like Monday morning, weekly hit write report, and have it delivered directly to your email box with all of the filters that you’ve applied to it. So you don’t have to go in all the time and check, you can have it delivered directly to you, by using the schedule reports.
Collections, we have the same thing, we have a 360 degree view of the operations by using the dashboards. Now some of you that I see on here, our clients I work with and you know that we dig deeper when we use the reports, the dashboards are that big daily real time view of what’s happening in the operation. And again, this has been really valuable. As we’re all spread out, we were spread out before because some of you are global. But now we’re really spread out because we’re all working remotely. So to be able to see the whole picture at one time is really a benefit to all of us. So we’re going to look at the activity analysis dashboard specifically. And again, if we talk about anything here that you don’t have in your production, talk to somebody at HighRadius, put in a high five ticket and talk to your customer value manager to get it enabled.
Activity analysis dashboard shows us a lot of information. And we’re gonna talk about how to get to what you want. So here different actions, right, what happened in this period of time that it’s covering, in this case, it’s a long period of time, you can see the chart back there that shows I think this covers a three month or five month period of time. But over that period of time, here’s what your collectors were doing. Right? How many notes did they put in? How many emails did they send, all of that is in there. And you can drill down here into looking at a collector or group of collectors by clicking on those bars, which is what we talked about. All of these have drill downs that will take you deeper and deeper into that detail.
I love this because it shows you this period of time, right? This one’s does three months, it covers the last 90 days. And you can start to see patterns of activity. For some of us, we know what the pattern of activity should be right? Like, if you are in construction, the 13th and 14th of the month have high activity because nobody wants to get lien notices on the 15th. So we know what those should be. But sometimes we see surprising patterns. We want to see a lot of see this one on the 14th we had a lot of activity.
Sometimes we want to see it closer to the end of the month from the 24 first on maybe where we want to ramp up those collection activities before month end. And sometimes we’ll see activity that goes with our quarters, right because you’re near a quarter close. Everybody’s really pushing hard, but we can start to see those patterns.
turns here in a nice graphical illustration
you can hone in on any or one of those elements. In this case, to get a tighter view, I hovered over, the first one slid my cursor to the last date I wanted, and it zoomed all of my data now to only show me that period of time. So I’m looking at a month. And it’s giving me all of the activity that occurred during that month, which obviously significantly less than that 90 day period. But I can do this. And then if I say I want to see that period of time and only notes, then if I click on the notes bar, I burrow down a little bit deeper. So it’s really easy, we make it very easy for you to really dig in add pieces of track pieces from what you are looking at, when you’re working with it.
This, what does it contain, they’re showing you all of that detail, right? So we’re looking at the big picture up on top. But what it drills down to, and this is downloadable to an Excel spreadsheet or CSV, whatever works for you, once you got to the data you want, you can download your filtered data, you can download it all if you want. And then you can manipulate it how you need to to maybe get a better picture. I do sometimes do this with clients when we want to look at a bigger picture of collector activity.
And who did what over a period of time we put it, then in Excel and we do a pivot table and we get a different kind of illustration. But all that data is here for us with just a few clicks of our mouse. Yeah, here’s Pro Tip number three. If you don’t know where your profile is, you can go and add analytics as the default tab. When I work with any of my clients, my default tab is analytics. But everyone has a default tab up in your profile. And if you don’t know how to get to your profile, you go to the little gear up on top where you would search for help or anything else. And check my profile. And you will have an opportunity in that profile to select analytics as your default page. This is really helpful for those of you who are managing a group of people. If you don’t particularly want to go right to the work list, you want to go and get that quick overview. And it’s very easy to switch them to your work list. But when you open a dashboard, it gives you a really quick look at what your entire portfolio looks like.
Okay, deductions, deductions is the same thing. We’re going to get a 360 view of what our operation looks like, what are our opportunities for improvement? What’s really going well, and what isn’t going well, because the key with deductions I’m not I’m preaching to the choir is the faster you handle them, the better off you are right? Either you can tell them they’re invalid and get your money. Or you can get it off your books and take care of it and move on and close that payment record for that customer. So we want to handle deductions as quickly as we can. And knowing what’s happening gives us the chance to do that. In slide 33,we’re going to look at this deductions aging analysis dashboard. And remember, we have others. So this is we’re just taking the time to look at what we can find in some of those key dashboards. The deductions agent dashboard overview, we’re looking at just really what’s happening, right, who has the most deductions, what are the customers with the most deductions, where are we seeing, do we see a particular time of the year when deductions rise? So this really gives you that again, that big overview of what’s happening. When we drill down a little bit, you can see that the total amount and the average age are sort of an overview that you get, so we can get an idea just to what’s out there. What are we looking at that 13.7 4 million is relative because it could have been 34 million before you started using the deductions module. And we might have a goal of getting it down to 5 million. But this tells us how we’re looking right how are we doing? What’s happening and it’s
Is it a surprise to us? Or is it what we expected to see? We have, of course, that total amount in the buckets, right? That shows us what’s happening in that period of time, how old are those. And again, if you click on one of those, the detailed data that comes up, tells you what’s actually in that bucket. And you can download it. Now if you need to go specifically and work with it. You can choose a particular customer and a particular time period, and go really dig into it. This is where we’re talking about what are the processors working on? Right, we can see from this chart that Morgan has a lot of them. And that’s not judging Morgan. All of this is also portfolio based, Morgan may have a portfolio with customers who take a lot more deductions. So when we look at these numbers, you take them and again, we talk about setting KPIs, right? You use them in a way that you know how your business works. And you can see, you can judge Morgan against a KPI that matches her portfolio, and what you expect that performance to be. But this tells you what’s really happening. And it’s real time.
Sorry, I got lost over here. Yeah, this is your top customers, right? We if you have, if you have 10 customers who have the bulk of your deductions, then you know where to focus yourself. You might have one or two people working on just those customers to get them reconciled. I know clients and I’ve known people forever who can’t who have the big you know, you have the bigs and reconciling deductions for one or two of your customers is literally a full time job. This helps you again, see where are we focusing that time? Are we good? Are we losing money? Because the deductions are bigger than our margin? How much is being eaten into that, but it lets you see, really where? Where is all that? Where’s all that money being held up? reason codes, why are they getting deductions I’ve seen somewhere we go. Where they’re the top reason is misbuild. Because they use an old catalog. And so it was built on old pricing. And they had new pricing or they had old pricing and it built a new pricing. So we can now start to see if we have a lot of unknowns, that tells us something too. Let’s go figure out why we’re calling those unknown. And can we classify them to give us a better picture of what’s happening in the organization. When it comes to deductions, deductions, management is probably a way to really impact the bottom line of your company. And this gives you the chance to really figure out how to get a hold of it and how to keep a hold of it. Here’s Pro Tip number four, when I was going by I don’t have one up here. But you see that little blue air that little blue circle, if you click on that circle, it will take you to the description of what it’s talking about. Either it comes up with this little box that says here’s what this is about, here’s what it’s measuring. And here’s how we’re measuring it. Or it will take you directly to the help guide if there’s too much information. And it will walk you through all of the elements of that particular dashboard. You can skip ahead if you don’t care about all of them. But if you’ve used the help guide, you know, it’s very easy to use, but you don’t have to go find it, it will automatically take you there if you click on the little blue arrow up in the corner.
So quickly, let’s summarize our pro tips. Right? You add those key reporting that you care about to your dashboard, some to your favorite, some people don’t care about many of them. But it’s certainly a very, very quick way to get to see what it is you want to see. You can schedule reports to be mailed to you at any time you like you can have one delivered every morning. You can have it at the end of the month. Because you are looking, this is real time and it’s live. You may be it may be really valuable for you to do it the last day of every month so you’ll have a snapshot, right of what was in there the last day of that month, because we’re gonna move on the dashboards are live and they’re real time so snapshots are very helpful. And by delivering a report to yourself, you can get that snapshot,.go to your user profile and add analytics as your default tab. If you’re going somewhere else, you might want to go ahead and put that one in there. But again, this is really valuable for people I work with who are managers to add that analytics as the default. And to use that question mark icon to access the user’s guide, or a pop up explanation of what that particular sometimes if there’s a formula they’re using the formula will be described in the pop up. And I think almost every dashboard and analytics report has that little question, Mark. Because when you ask me, how are we calculating that? Guess what? I’m going to the little question mark. And when I answer you, I’m almost 100% of the time cutting and pasting the answer. Because that’s the Bible. And you don’t know what I want. You don’t want to know what I think you want to know what we’re really doing. So that’s where we go. Those are the big tips. We have a little bit of time for q&a, if you have any.

Heather King
Fabulous. All right. Well, also make sure everybody you have any questions, put them into the chat box with a little question mark icon. So Kathy, how is and we do? We only have about four minutes, but how is the data integrated into the high ratings system? Is it real time or that pretty periodically?

Kathleen Quill
No, it’s real time. It is. If you look this morning and you look tomorrow, it will have changed now when it’s periodic, of course it doesn’t change. But when you look at today, if you looked at today, today and you go, Look tomorrow, after all of today’s business is finished, it will be different.

Heather King
And so customer satisfaction is one of the biggest concerns for all businesses, right? So how does the analytics keep that in check?

Kathleen Quill
Our customer or their customer

Heather King
Does not say a little color on both of them and then I think we’ll end it there.

Kathleen Quill
OK? I think that the big deal is for their customer satisfaction, right? I mean, obviously, it helps us if you can get the big picture, but for your customers, you can easily identify who’s an issue right and address it in a way that’s meaningful to both of you instead of. We don’t understand why you’re taking all these deductions. You can have a very clear itemized list with your customer and what those deductions are and how you can address either hand having them up front or how you’re going to clear them more quickly.

Heather King

Kathleen Quill
Any time you have data at your fingertips, you’re in a better position.

Heather King
Gotcha. All right. Well, I don’t see any more questions in any of the boxes. So since we only have two minutes left anyway, I will call it Kathleen. Well, thank you so much for that very informative session. It was fantastic if anybody has questions, but they didn’t want to put it anywhere for some reason. Let us know after the fact and we’ll send them along to Kathy and we will get responses to those questions. But without further ado, we will. We actually have one more poll. We do have one more poll and it allows people to stay anonymous. So do you want to learn more about the high radius analytics module so you can just answer that in our chat box? Or you can put it into the Q&A box? Let us know if you’re interested in hearing more about this. It’s a great tool and something that definitely would be great for more information on, so tell us. Yes, you want more information on the analytics module in either the chat box or the question box. And excuse me, we will make sure to get you any information that you, as I’m choking on my own rep, are interested in hearing about. Excuse me. So we will get that over to you. Remember, you can let us know at any time if you want more information about analytics to connect you to an expert or send you some more materials for research. You just let us know about that. All right. As we are at the last minute of the session, let’s get to our trivia question. The first person to answer correctly does get a $20 gift card, and let’s see what that question is. What percentage of participants on a conference call is, will is less. I guess it is more likely to multitask with their camera on. All right. So you are, I think this is worded a little bit incorrectly. I think it’s more likely to multitask with your camera or I don’t know. This one doesn’t make as much sense to me. Which person do

Kathleen Quill
As likely right as the cameras on OK, less likely to multitask.

Heather King
Gotcha. Percentage of conference call is less likely to multitask. If your camera’s on, you’re not going to multitask. If your camera’s on, you’re all emailing in the background. So what percentage of participants on a conference call is less likely to multitask with their camera on? All right. I think we have seen the correct answer. The correct answer is eighty two percent with

Kathleen Quill
no room

Heather King
multitask with a camera on, so most people are focusing on the meeting if the camera’s on, so they listen to everyone. Make sure your meetings are camera happy because if they’re not, everyone is doing something else. All right, everybody. So thanks again to Kathy for that fabulous session. We are going to be moving on to our very last session of the day in 10 minutes at 2:00 p.m. Eastern. Make sure you go back into the agenda. Click back on into that session with his EPSCO guide to building a winning air team for long term success. Cannot wait to hear our last case study for you, so make sure you head on over there in just under 10 minutes and I will see you there.

Kathleen Quill
All right, thank you all. Have a great one.

Heather King
Thank you.

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