HOUSTON--(BUSINESS WIRE)--HighRadius today announced that Konica Minolta has been honored at the 2024 Working Capital Awards, hosted by the Working Capital Forum.
The award recognizes innovation in cash forecasting, with 33 global organizations competing this year.
What challenges were they facing?
40% of their day was consumed by manual tasks and another 30% dedicated to data visualization & reporting. This left only 30% of their time for cash forecasting. Their goal was to move from monthly to daily forecasting, but their options were limited. Either increase headcount to manage the workload, or adopt technology to automate and scale their processes.
What results did they achieve?
Implementation of HighRadius’ AI-driven cash management & cash forecasting solution helped Konica Minolta achieve:
- 87% better cash management efficiency
- 75% reduction of daily operational treasury tasks
- 20% improvement in forecasting accuracy
- 15% reduction in cash volatility
- 87.5% reduction in daily data gathering time (2 hours to 15 minutes) with automated bank integration
The bottom line? Konica Minolta is now able to run accurate daily forecasts, which led to $400,000 in interest savings on 90-day short-term loans. They also freed up $30M in working capital, by improving DSO & automating other critical AR tasks.
Thoughts from the Leaders
“Winning the 'Best Cash Forecasting Initiative' award highlights Konica Minolta's commitment to innovation and the strength of our partnership with HighRadius. Their AI-powered, data-driven solutions revolutionized our cash forecasting process, providing confidence in the accuracy of our data. By addressing challenges such as limited visibility and reliance on manual processes, HighRadius enabled us to achieve scalable reporting and analytics. With this foundation, we are now equipped to make bold, growth-oriented decisions with clarity, driving improved financial health, enhanced liquidity, and sustained success,” said Holly DeSantis, EVP & CFO, Konica Minolta Business Solutions, U.S.A, Inc.
We congratulate Konica Minolta on earning this well-deserved recognition. Holly's team truly exemplifies what it means to turn vision into results. Cutting bank data aggregation time from 2 hours to just 15 minutes is a remarkable example of value creation in operational efficiency. It's achievements like these that inspire us, and we are thrilled to have been a part of Konica Minolta's journey. We look forward to seeing their continued success," said Sashi Narahari, CEO at HighRadius.
About HighRadius
HighRadius offers cloud-based autonomous software designed to revolutionize the Office of the CFO. Leveraging AI, RPA, NLP, and connected workspaces, HighRadius’ software automates and optimizes Order-to-Cash, Treasury, Record-to-Report, B2B Payments, and Accounts Payable processes. With 2700+ implementations across 1,000 leading companies, including 3M, Unilever, and Hershey's, HighRadius enables finance teams to achieve operational excellence and measurable business outcomes, enhancing productivity and reducing operational costs, all within six months.
For more information, visit HighRadius’ Website
About Konica Minolta
Konica Minolta, Inc. is a leading global technology company that provides innovative solutions to businesses and organizations around the world. With a rich history of over 150 years, Konica Minolta delivers a wide range of products and services, including office equipment, production print systems, industrial materials, healthcare equipment, and optical devices. The company is committed to helping its customers navigate the digital era through cutting-edge technology and a focus on customer satisfaction.
