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.

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.