Client Story
MODERNIZING CREDIT-TO-CASH
Strategic Partnership Drives Impactful Improvements in Cash Flow and Operational Efficiency
Apogee Enterprises is the industry leader in architectural products and services including architectural glass, framing systems and installation businesses. The company shapes skylines with its glass and aluminum window, storefront and curtainwall systems, helping commercial buildings look great, reduce energy consumption and protect against hurricanes and blasts. Apogee has approximately nine operating companies with 15 U.S. manufacturing and fabricating locations, and nine international locations.
The challenge
Apogee Enterprises has been using FIS® GETPAID credit-to-cash solution since 2002. Before GETPAID, Jerry Drake, director of credit & collections, experienced a decline in on-time payments and an increase in overdue accounts receivable (AR). To improve results, Jerry led a team in completing a Six Sigma study focused on improving days sales outstanding (DSO) and AR aging.
The solution
The study led the team to implement GETPAID for a single business unit. The results were clearly apparent within 90 days. The CFO was so impressed, GETPAID was rolled out companywide. Today, Apogee utilizes credit management, strategic collections and disputes identification within GETPAID.
Additionally, the company takes advantage of the customer risk scoring within GETPAID for assistance with calculating accurate bad debt reserves. Apogee hosts the solution on premises, supported by its internal IT team.
The results
The impact has been substantial. DSO and overdue AR have been on a consistent downward trend, providing significant cash flow improvement. The Apogee team has increased the number of accounts in its portfolio while reducing number of resources supporting the accounts by 60%.
The future looks strong for Apogee Enterprises. Apogee is looking forward to deploying the latest in artificial intelligence related to cash application in its ongoing quest to optimize automation. According to Jerry, “GETPAID has brought a continuity in approach to accounts and discipline.” The strategic partnership between FIS and Apogee has driven remarkable improvements in cash flow and operational efficiency.
At a Glance
OBJECTIVE
Gain control over DSO and overdue AR and increase cash flow while reducing resources needed to support a growing account base.FIS SOLUTIONS
RESULTS
Reduced overdue AR from 6% to 1.4%, improving cash flow while using 60% less resources.Impact
GETPAID transformed Apogee’s AR and positioned the company for growth. So impressed 90 days after implementation in a single business unit, the CFO implemented GETPAID companywide.
FIS GETPAID provided a reduction of AR greater than 90 days overdue from 6% to 1.4%.”
GETPAID has brought a continuity in approach to accounts and discipline.”