Double Your O2C Productivity Through Deep Dive Analytics

Ganadeep Rey Patlolla

Ganadeep Rey Patlolla

Director, Finance Transformation
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Ganadeep Rey Patlolla is the Director of Finance Transformation at HighRadius and his expertise include implementing business systems and improving operational processes utilizing a mix of industry-changing tools, technologies,and statistics.

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 Dashboards Used by HighRadius Customers
Key Points
  • Cash App Hit Rate Analysis Dashboard
  • Collections Activity Analysis Dashboard
  • Deduction Aging Analysis Dashboard
Takeaway 3:
About HighRadius Analytics Module
Key Points
  • HighRadius Analytics Module includes reports and various dashboards.
  • The leading user of analytics of HighRadius is a tech disruptor and they are using analytics to be able to make those data-driven decisions and major manufacturers CPG companies are also having that big shift in being able to use analytics and how to have an interactive dashboard to actually present in your weekly monthly reviews review meetings.
Heather King

Hello, hello, hello.
Oh, I love it when my voice silences a crowd. But it’s the morning. It’s maybe the first conference for several of you in a few years. So let’s have a little animation. Hello. Hello, welcome.
Okay, that’s close. I rate that about a five. We’ll do it one more time. Hello. Hello. Hello. Good morning, everybody. Welcome to ratings on the road, Chicago.
Okay, good. Yes, I have my ringer in the audience that works for me. Hi, everybody. I’m Heather King. I’m the VP of events and community programs over at HighRadius. I am super excited to welcome you all to the radiance on the road, Chicago. I am very curious. So I just took my first plane ride in one year, 11 months and 28 days yesterday. How many of you are in your first event for COVID? Yeah. All right. Well, a round of applause for everybody. Hurray, we’re all getting back into the business of conferences, which we’re super, super excited about. All right, so we want to run into our content that you’re here to see as soon as possible. But before that, there’s always some housekeeping notes. The first one is that we have an awesome app that I’ve seen so many people active on, which is amazing. It’s called the Whova app. If you haven’t downloaded yet, please do because you’re going to get to see your agenda on there all the people who are here that you can message and try to meet with, you get to do polls that we’re going to have throughout the entire event, you can do that through our agenda page, I’ll have a slide for that a little bit later on. All good things come from our Whova app. So if you have not downloaded it yet, please do so as soon as you can. It also lets you rate our sessions. So we know what you loved, what you might not have loved so that when we continue to do our events throughout the year, next year, we make our events better for you. Alright, so thank you so much for joining our workshop on Double Your O2C Productivity Through Deep Dive Analytics. So we are going to get started. I think right now how do you feel about that? And if you want to start right now. So let’s introduce our speaker again, Ganadeep Rey Patlolla is the Director of Finance transformation at HighRadius. Sorry, I have to read it. I have not memorized everybody’s bios, and expertise, including implementing business systems and improving operational processes, utilizing a mix of industry-changing tools, technologies and statistics. So let’s give Ganadeep a really fantastic Chicago round of applause. And let’s get started.

Ganadeep Rey Patlolla

Mic check. Okay. Good morning, everybody. And thanks, Heather, for that lovely introduction. So welcome to Chicago. And I’m really excited for everybody here at this conference today. So what we wanted to do today was we kind of will give everybody a flavour if you are already on HighRadius. How do you use analytics? And if you’re thinking about HighRadius, also how to use analytics, analytics comes as part of your package, we enable it. Once your live data is fed, it starts to read your performances and we have a static standard built out KPIs. So why are analytics important? Everybody right now is very much data-driven. In your leadership, you want to make your business operational strategic decisions, but you want to have it driven by data. Right? In the Order to Cash space in receivables, you have these common questions always being asked, What are my collectors doing? Are they being efficient? You want to track not just your scores like ADP ADL, you also want to see your operational teams performances, operational teams engagement with the tool. Do we know what does my deduction aging looks like? You want to be able to double click and double click and double click down to the problem. If you have a chart down, where do you need to identify certain scope for improvement? These are all very relevant questions for your HR teams, leaders, even up to the CFO. They want to be able to increase your bottom line. How does account receivables drive those bottom line? Questions? So these are common questions when we did our survey, from our analytics to our all of our live accounts. These are our top questions. And today, you will get a sneak peek and a little bit of a hands-on view of how you’ll be able to get answers to some of these questions. So just the information slide. We have most of these dashboards and reports built into our analytics platform. And just to kind of get to a field, how many of our customers use analytics at the highest level, right? If you see if you kind of see the slide on how well you can read in the bottom. But the leading user of analytics of HighRadius is a tech disruptor. And they are using analytics to be able to make those data-driven decisions and major manufacturers CPG companies are also having that big shift in being able to use analytics and how to have an interactive dashboard to actually present in your weekly monthly review meetings. With that, I’m going to kind of actually switch to a live demo in a minute. And today, we will be kind of looking at a cash application dashboard, one for collections and one for the deductions. Again, there are many dashboards, but this that I will be doing a demo will be the most popular one.
And with this, I’ll be switching to the live system if I can get, yes. Okay, so this is our demo system, I’ve already logged in. So once you kind of login, in our navigation bar, you will find a tab that says analytics. Once you come under analytics, every product that you have purchased and you have enabled will have its own section. And you have a section that calls out all the existing dashboards, we do have some dashboards that are being built. So you might see a greyed out dashboard, that doesn’t mean that it’s not working. It’s, being cooked. And we also have reports that you can use for either downloading or during your excellent analysis. Or if you have to feed it to your backend analytics platform, your native platform that can also be done. So what I’m going to do is I’m going to first start with a cash application, let’s take a look at a very popular dashboard in the cash app. It’s called the hit rate analysis. Everybody, whoever has a cash application, always want to know, what is my overall automation, without touch without having a user to go in and, and change or fix things? What is my efficiency like? just unclick? This guy, it’s. So your header level hit rate on this sample that we have is 81%. Right? It shows you without any touch 81% of your payments are having a header level hit. Sorry, there was a question.

>Ganadeep Rey Patlolla

For each bank account, we have a different report that can break it down. But this dashboard, if I understand your question, the right would be everything that is on the system. If you have an an ongoing phased approach of
automating certain sections of banks or account groups, this may not be the best report because it doesn’t break it down. But we can work with you to kind of figure out the appropriate filters and the right dashboards that gave you that distinction. So the way we can use the dashboard on an interactive level, and to kind of go into a meeting, you want to get some answers. So right now, you know, I’m just going to take couple of examples. This is test data that I have some familiarity with. So I’m going to directly click into it. But we always encourage all of our users to be you know, like a child, go click on all of these dashboards to see what insights you may be seeing. Because from HighRadius, we don’t have insights into your operations. We don’t know why this is why a certain customer or why a certain bank has a challenge or a certain company code has some intrigue, native Islanders in there in that front. So let’s say there was a small dip in the month of November, this is November 2020. Data, this is not new. And I see that there was X number of payments, the total number of lines, etc. And again, because I know the data, I’m going to click directly into it. There are about 96 payments that are being paid by cheque.
And when you click on the check, your hit rate on the section drops to 69%. So your overall hit rate was like at 80 something but this one element is slowing you down. That’s kind of like you to kind of go back to your operations and maybe even have that engagement with your customers who are paying you by cheque, can we urge them to kind of move to electronic funds, give us your references by you know non-check because the check could be having a poor quality image, there’s so much problem. So again, this is just a small example. But this is to kind of give you insight as to how you can interact. You can even say if it is not just checked, but then the like the payment method remittance source emails, EDI, paper scans, all of those things, you’d be able to kind of break down in this interactive way. Any questions on the cash application dashboard before I exit and go into collections next
and feel free to reach out To me after the session is done, I’ll be around having any questions if you have one on one also. Okay, so one of the things that I do want to give you is, as we do the demonstration, I’ll kind of give you a couple of pro tips. We have many dashboards and reports, all users always say, I don’t want to be able to like scroll down 20 reports or 2020 dashboards, we can have you click on this little star, it’s going to be a favourite. So the next time you need to access this report, instead of coming into the cash application and scrolling down or trying to search by typing the search field, just go to favourites, it’s going to show up there.
And another cool tooltip. If you spend most of your time in analytics,
always explore this feature where you can go to your My Profile,
and change your default tab to be analytics. And this can be set to you know, collections, cash application, any screen because you want your users to be able to go into the screen that they are mostly going to spend most of the time. So you know, always do that avoids one additional click data loads faster when you log in, gets you to where you need to be. Next, we will go to collections, right in collections. As I was kind of mentioning, apart from just measuring your default, your industry-standard metrics of ADL or you know, delinquency days, you’ll also want to see in the system tracking and measuring of user activity, because this is what we bring as, as an integrated system where we can actually give you insights into your collector’s activities. Are they sending correspondences? Are they taking notes? Are they making the phone calls, etc? So whenever you see most of these kinds of timescale bars, if you ever want to just zoom in on the month of December, just drag and select your period.
And the data is already filtered. Dynamically there. And you can see that Dominic Harris made the most number of activities. And you know, you can see the other names in there. And like, let’s say, you want to see who made the most
payment commitments. So, again, 159 payment commitments were made over the span of the time selected. And again, it was Dominic Harris. Now let’s say if I click on Dominic, and then you will be able to then see the trend of the activities, and also the customers that he or she touched upon. So this would be one dashboard to kind of see user activity in the system. There are other variations of user activities for collections. But this is one of our most popular use collections dashboards. I’ll pause here and take any questions for collections or anything in general. Okay, last but not least, let’s go into deductions.
So deductions, as you can all be aware, is one of the most. the trickiest thing that you want to solve the problems for, because you have a large volume of customers taking an insane number of deductions for various reasons, and you want to keep your deductions you want to be able to collect on the invalid deductions and you want to mark the valid one, so that you can just either charge it off right off or do the right appropriate action. Right. And as a, as an AR leader, or are the cash leader here? How would you want to kind of get the insight as to where is your pain point, right? If you were to see, on a simple dashboard, you have these aging buckets, this aging bucket kind of shows you that something is wrong, the team is unable to resolve the deductions and they’re really aging high and fast. So you want to be able to keep your aging buckets, you know, and in in a downward curve, not have this kind of parabolic upward trend again. So like let’s say, you want to see your top customer with the most number of deductions, what’s happening with that account, right? They seem to have a pretty steady trend on this, but I want to see
shortage and damages because that’s more operational. You need to work with your logistics and sales. Why did they ship less? Why did they send some damaged products? If I click on that?
Let me click on the right place. It then shows, you know, this is something that I kind of would I would call out to my accounts as this particular deduction group is taking the longest time for you to resolve. Obviously, this includes operational and policy and procedural elements. And you also know that that to be able to change the trend,
where do you put your most efforts? And right, if you want to make that needle shift 510 percentage points, where would you want to put your continuous process improvement efforts. So this kind of data-driven point of view would be a graphical and easy place for you to kind of dive in and establish a problem child or problem area. Again, these are indicative examples, you know, each company, each customer could have a very different relationship, where I clicked, as you know, shortages and damages may not always be applicable for everybody, right. And, and this reason, code-driven analysis, at least a couple of my accounts that I support, we’ve always been able to kind of identify various the volume and which process, right, you have deductions because of pricing, you have deductions, because of various elements in your operational or even just delays. So we would want to be able to help you improve your process to drive faster production resolution, speeds and efficiencies there.
And one other thing is you can download these dashboards, you can take screenshots and present them. But we always encourage you to go to your leadership and show a more interactive dashboard that gives you that extra zing, instead of just presenting a static presentation with some numbers and charts. So highly encourage everybody to try this out. And give us feedback. If there are specific filters, some of these dashboards do have filters, if we can customize our normal customers fine-tune to meet your needs, that does help you get the value out of a product that we want you to use.
And also, this is not applicable to the dashboards. But when you go to any of our reports, you can even schedule a report. So let’s say if I go to item level hit rates.
You can schedule a report to be sent to you via email on a periodic basis, right you want the report to sent you a snapshot of your numbers every Friday or every first of the month, you can do that. So that it’s delivered to a specific person or a group of people.
Right. So those are my
few, tooltips, and, you know, questions and any concerns or anything that I can address.
We have time for Q&A. I’m going to switch back from the demo mode now.
So these were the few pro tips on how you can make your analytics be your primary place to go to and how to make some of these clicks faster.
Right.Time for q&a.Yes, please.

Audience 1

How do you integrate your service model and kind of see the metrics across companies are shared services.

Ganadeep Rey Patlolla

So depending on your shared service model, we would either need to know what would be your organizational structure, when we are establishing those data points. Either use company code or elements of that kind and use those filtering methods or filtering points to be able to show that we don’t have a shared service model driven reporting metric. But we should be able to utilize existing dashboards customized to your needs.

Heather King

Who else has a question? I have a mic and I will travel. We wait for the mic. I know it’s the first session to hear your question.

Audience 2

So just go back to that deduction aging. Yeah, you can filter on

Ganadeep Rey Patlolla

Can we switch back to the life’s system, please? I’m waiting for Can we switch back to the other screen? Okay, you were looking for deduction aging. Okay.

Audience 3

Yeah, the question on the deduction aging. So can that aging be filtered so that you’re just looking at the invalid because that’s what you really want to go collect?

Ganadeep Rey Patlolla

the deduction aging for the invalid Re.
This is the demo system, but we just rolled it out last month, and new invalid based because it was highly requested, right? The demo system does not have it, but it is it’s actually been built. So we just have again it. So as you can understand all of the analytics are extensively driven based on how good your data is tagged. Good data, good results, bad data, garbage in, garbage out. So if your team operationally are tracking and tagging invalid properly, we have a dashboard that was built very recently. I won’t be able to show you right now, but I can show you probably offline. how that’s working. Thank you.

Heather King

We still have time for a couple more questions, anybody wants to be brave.
Nope. Alrighty. I hope I get my exercise ring completed today.

Audience 4

– How editable are these outputs here you have the top 10 customers that were by item count, is it available in dollar amount versus item count? switchable back and forth? Can I edit the aging grouping dates to include more than just more than 90 days such as 120 or 180? Plus? However, bore the reason codes? I mean, I know these are pretty standard. Are they adjustable by the business?

Ganadeep Rey Patlolla

Yeah, sure. So I’ll address each of them.
Right now these are by value. But you can do it by volume. Also, these are by dollar amounts. Or at least that’s but to your point, yes, we should be able to give you both value or value comparison. And again, these buckets come you know, these are standard buckets. But for your business, if you need shorter or longer date range buckets. Yes, possible. And the reason codes, if you don’t mind repeating a question for the reason codes? Yes.Yes.

Audience 5

So the question is if the reason code categories can be changed, so these reason code categories, the hybrid does not create them, it is completely driven by your reason code setups, right? When we’re doing the implementation, we look at your system, if you have like 50 reason codes, right? Do you want them combined for reporting purposes? Or do you want to still keep them all 50 out there, you can have how many you need in here? But this is truly the client’s business data point.
And there are many more interesting reports and dashboards for reason codes and going into reason code aging, I can show it to you offline.

Audience 6

Got a good question on the cash application hit rate.
Are there some standard parameters that define the header level hit rate and the line-level hit rate that we can get more information to which are generic in the tool?

Ganadeep Rey Patlolla

Yes, good call out. So one of the tooltips that I can give you is highly questioned and discussed is what is hatred? How do you define hit rate, so to actually go to that, I should have done this. So we do have a Help section.
And within the Help section, give me a moment, when you go to analytics under the platform, within the analytics, you will be able to see like if you wanted to know what each report means, how does it do a calculation. If you go to the collections, we have our own version of an ADL or delinquent days calculation, if you want to understand some of our formulas for hit rates or anything, your HELP section will be able to explain that to you. So the header level hit rates to kind of answer that in a brief level is, do I identify the customer? When the payment comes in? At the most higher level? Customer, maybe also your organization ID, then the item level is do I pick up your invoices? Can you identify which ones are non-invoice? Or like, you know, like standard or what do you say standalone deductions. So all of the detail, I don’t want to kind of go into a lot of details on that front. But the Help section would be a great repository for you to learn, teach others or if you have a question, always just check this out. And if you have more questions reach out to your friendly customer value manager and they will give you the answers.

Heather King

All right, we have time for one more question

Audience 7

just a question on the deductions dashboard. Is there a dashboard that helps track productivity from a like account and a touch at the analyst level?

Ganadeep Rey Patlolla

There’s probably something there. I don’t know about it. I’ll look into it and I’ll get back to you. Okay. Because of deductions, we don’t necessarily have to define touchpoints as collections because each company has a slightly different way of processing your reductions. This probably is something I’ll look into it and get back to you.

Heather King

We do still now have time for one more question. We can play stump the speaker. All right, going once, going twice. Alright, it looks like people want a little more time for another cup of gourmet coffee. Let’s give Ganadeep a big round of applause.

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