Crystal Perez: [0.04]
So I’m here to talk to you about business value realization through HighRadius, implementations. So here’s our agenda for today. And we’ll go right into some of the challenges I think you’re facing today, and we face with other clients, and we’ve helped clients on that journey.
Crystal Perez: [0.23]
So I’ll start with first embarking on your technology journey. Some of the things you’ll see here are some of the similar challenges we’ve learned across industries and across industries across businesses, products, you know, too many ERPs, a very fragmented landscape everyone’s used to working off of so no one wants to let go of Excel. Right? Very common problem. You know, too many processes where you’re downloading, you’re juggling a couple of different things. And I think the biggest thing that we see, hello, the biggest thing we see is technology supposed to solve it, all right, technology comes in, it’s a plug and plays. And it will automate 99% of your process. Unfortunately, we don’t live in that world today, right? We have complexities of customers, we have segmented customers, we have things where, you know, customers don’t want to adopt self-serve capabilities. We have issues where, you know, we have very tenure, you know, employees that do a lot of subjective decisioning. So none of that is documented. So technology isn’t the end all be all. And so what we do a lot of is come in and look at the really processed domain, take a deep dive into, you know, how does your process really work? How do they really, how do you really own that process? For example, we take a look at, you know, five steps in the collections process. For example, if you speak to a manager, a manager will say collections is collections, right? And there are five ways of doing it. But when we get down into actually partnering up with the process, subject matter experts, that’s one of the first steps in value realization is actually talking to the operators, the processors, getting their deep insights on how the process works, what are all the nuances? What are the types of customers and paths that they take, in your process, when you look at credit management when you look at the beginning to end of the order to cash? So we spent a lot of time really looking into the blueprint of the process and identifying first, what’s the right fit? And how do you really standardize? And then where do you target your business outcome? So So first step is the business outcome, what do you want to achieve? And then what are the types of processes that live in that area? Right? So it’s more than just collections credit? It’s also how many different ways are you collecting for different types of customers? How many paths does your process take? So we really spend a lot of time we’ve spent a lot of time in this area, deep-diving into the processes, before actually going straight to the technology and expecting for the technology to really just plug and play and automate your process. So what we’ve done is we’ve actually looked at what are the enablers to your technology, most importantly, how to build your business case, as she called out resource constraints. So when that’s a major challenge in ensuring that you have a successful implementation because we want to do it all, we want to do a new ERP system, a new system of engagement on automating Dunning, we want to pull in the bank feeds and the credit bureau data all at once. And so some of those require people from our teams to do it, right. It requires us to review it, it requires some governance. So resource constraints looking at kind of this formula of how to be successful, ensuring the right people are there, that the timing is right for everyone. There could be in-flight projects, you know, we’ve had several clients come back to us. And, you know, we’ve laid out a timeline, unfortunately, they’re also undergoing a new ERP implementation where they’re also undergoing, you know, consolidating their customer master data. Those are huge, huge, you know, showstoppers when you’re trying to take on new technology. So those are the types of things when I say, process D process because in speaking with the operators, they know how many systems they have to go to, to update an address. They know how many systems and how many banks they have to download. And so some of the other I think enablers of your business case, I think if you approach the opposite of these hurdles, you’re going to strengthen and ensure that you have an optimistic outcome into your business case. One of the other ones that I’d like to touch on that’s a really huge one is change management, change management from the point of socializing your new tool or your tool selection, to also just adoption. You know, there are so many times where we come back with a customer and there’s very low adoption of the system they’ve spent there’s all this money and investment and time has gone in and collectors are going back and using Excel right or you know someone is manually going in Downloading and reconciling a payment. And they’re not it’s not the technology, it’s that they didn’t take the time to really go through that align the inflight projects the time from everybody, but also socialize and work on adoption. Adoption is a really, really big, big, big deal on us having to go back and really determine is the is the technology being used to its full capabilities. And more importantly, was it designed to do so because your design happens before the implementation that technology goes live. And if your design is wrong, if you expect to take a process from XML and do it exactly the same way in the technology, you’re not really achieving the full capability of how to do it, it’s really changing the way you work. Right. And that’s, that’s a difficult thing. And that’s part of change management and your communication plan. But I do want to touch on one more thing is your customers, right, your customers we live in, you know, post COVID, and post all of these areas, I mean, who really goes in downloads or waits for a copy of an invoice in the mail, right? Self Serve options, try to get your customers to adapt to these new ways, and new communication so that you don’t have to spend so much time and money
Crystal Perez: [6.13]
continually communicating to your customers. So I think that it’s really part of that journey, a couple of really great areas are like process variations. It’s not one size fits all. And there are going to be you know, we’ve on average, we achieve about a 70 to 80% standardization in your process when we do a blueprint of process domain, but there’s going to be those fallouts there’s going to be exceptions and nuances, you know, you’re going to have government customers that want an invoice a certain way. Or you’re going to have those customers that you have to pull a financial reporting, you really have to do some subjective decision, you know, how much you really need to, we’re willing to take from a credit risk perspective. So everything can be automated, but 70 to 80% of the process, right? You don’t need 10 credit application forms just because you’ve acquired 10 companies, or 10. Businesses, right? There’s a commonality that can be identified in those processes. Inability to think outside the box, and then conflicting operating model. This is a good one. Because initially, when you go into technology, you know, licensing, there’s a cost. You have a team of people that are doing, you could have a team of people that are doing multiple things, they’re a credit analyst, but they’re also a collector, they’re a cash applications person, and you know, you know, once a month they do some billing. And so it’s really important to understand, like in the future, as you change your ways of working, are you going to segregate those duties, because you could go into contracting and say you need 100 licenses, and then determine that you’re short licenses, because you had some dual role, some dual roles in there. So that all goes back to really getting into the process with the operators, the subject matter experts, not the managers, not the directors, but really understanding and documenting all of those different varieties, and then taking the standardization and technology approach. So this is the formula that we’ve identified for value realization, the very, very first part of this formula that kicks off is our partnership, our partnership with HighRadius is having a great solid partnership with the technology company, and then bringing in the fourth the domain process deep dive experience that we have, second, the right team, not only your managers to provide that, you know, guidance to remove the constraints, but your process operators, you know, optimize your solution design is, is a really huge component in this, I keep going back to not designing what you have today. But designing a solution, a new way of working, and not trying to force-fit the technology into your process today. So that’s really key in solution. So it’s the solution architect from HighRadius. It’s you know, someone like me, like a domain process expert, it’s your team, you know, your executive management team, your sponsors, and that’s really the right fit team. testing, and testing, you know, from a technology perspective, you know, high res will have their test scripts, they know how their system should function. They know, you know, what, what should work, and if something breaks, how to fix it, but no one knows your process like you. So it’s not just testing the technology, but testing your process to ensure that if, if that specific activity, you’re not going to be able to manage it in the system, then how do you manage it going forward? Do you change it? Do you bring in change management for the team to adopt a new process? Or do you simply say look, this is that 5% Right? This is that five or 8% exception that I’m going to have to live with and it’s okay because the rest of it is going to run through a standardized way. Building the tool building your customized solution and that includes your new standard braiding procedures, I had a customer once that’s that was at a company for 30 years. And she was doing credit. And in her first 15 years, the system that they were on, couldn’t you, they couldn’t input a credit limit. And so credit limits were just not tracked. And so they went to a new system 15 years prior. And she continued the same standard operating procedure. She wasn’t doing anything wrong, but the new system allowed credit limit tracking, but just the way of working never changed, they got a new system, but they continue to do what they were trained to do. So training is a huge component. And it’s a major component of adoption, right system adoption, sustain, and improvement. And that all goes back to, again, continuing your change management cycle. So that it’s there’s an incentive for your team to continue to adopt the process and evolve with it. And then they become super users of the system. They’re the ones now telling you how to make more changes, you know, how to eliminate the exception and make it the majority. Right. So we just talked a lot about, you know, what, how do you realize value? Is it just a digital experience, right?
Crystal Perez: [11.14]
And what I’ve been touching on is, these four building blocks, if you will, you know, it’s having a partnership with HighRadius that you know, has a market-leading technology, in the order to cash process, deep domain expertise, really taking a look at not only what you do and how you work the process, but what is the industry doing? What’s your competitor doing? Right? And more than likely we’ve worked in all the industries that you’re in, and we probably are working with your competitors. So we know exactly how they solved that problem. We know exactly where the pain points are at. Right? We know what they were able to automate. And, and what they were able to standardize, right. And then we talked about, you know, the implementation experience, you know, the whole team of HighRadius solution architects, the deep domain experts, you know, even your team of managers that help guide and, and help support the project. And this has been really our contribution to success on how we approach all of the implementations with HighRadius. We’ve partnered again, across many industries, most of the industries that you work in today. And that’s been you know, what’s worked well, for us. It’s really just a formula that we continue to evolve, and we make it better. And, you know, we do it today, we do it tomorrow. And we will continue to do that.
Sarvottam Darsha: [12.42]
Thank you, Crystal. Good afternoon, everybody. I was already introduced, but for some clarification, the role that I play is very important because it’s very central to how we exist as an organization. So my job entails bringing domain and cutting edge hierarchies technology together to solve business problems for our clients. That’s at the center of why we exist. And with all the learning that our team and Crystal shared some of those in a very summarized way here, right now, what we bring to the table is the ability to deliver that success for our clients focused first and foremost, on business outcomes, what is the business value that you as a client want to realize from this entire deployment? So we have industrialized all our learning. And we have these three services that you see on the screen offered to apply. This is our secret recipe for delivering tangible business value to our clients. First and foremost, what do clients need? As we embark on a HighRadius journey? The first thing that the client needs is a vision, a strategy, and a roadmap of what value are we targeting? How will that be delivered? So what we do is we provide advisory services, advisory services in terms of what’s the best practice in the industry, in the invoice to cash space, how does HighRadius bring that value to you? And on paper with your stakeholders define what your solution would look like. It’s very differentiated because we probably are the back offices managing ITC, for a number of clients and our access to your industry to your contextual organization information is very deep. So when we come up with these consulting strategies in the roadmap, we are sure about delivering that value. So that is the first service that we offer. In terms of advisory services. The second service that we offer is aligned to the client’s need to actually deliver that value. Putting it on paper is one thing, but can we deliver it? Can we bring him those productivity commitments? And then kind of show those actually happening? Can we improve cash efficiency? Can we improve productivity? Can we improve the cash conversion cycle that happens when we lead with a HighRadius implementation approach where we have in the implementation team, as system integrators, as people who actually go and deploy that solution for you have skin in the game, skin in the game that we committed on a certain value? And we know how it has to be delivered. And what we do essentially, is bring that to life through our technology capabilities. And that’s what I do for a living. If we commit a value, the value realization has to be delivered through these implementation services. The journey doesn’t stop there. Once clients have tasted success, they want to see continuous ongoing outcomes and value realization. So what we also provide is application maintenance and support, which is not a traditional IT support that you would get for user query response and small issue remediation and bug fixes here and there. But an overall flow of how value could be delivered on an ongoing basis after the Go Live as well. There is an opportunity to make improvements there is there are changes in the business process. There are new rules, regulations, and mandates that come up, all of that become an ongoing process to enable continuous value realization for clients in the journey. So our overall services essentially focus on the synergy of domain and technology together to make sure that the committed deliver value that is committed during the strategy phase is delivered to you. These are industrialized services. And if you have questions or clarifications if you need more details, we are here to answer your questions. Today in the call, and also we have a booth, you can visit us there, learn from us in terms of what we are witnessing with other cloud customers, and even maybe talk to some of our customers in terms of how this is all becoming real. I’ll pause there. Thank you so much for your time and I open the forum for your questions.
