Old Dominion Freight Line Inc. is increasing processing productivity in its accounts receivable department upwards of 500 percent with the deployment of new technology.
By using Brainware Distiller for Remittances, an automated platform that captures shippers’ payments and associated information at the point of receipt, Old Dominion can accelerate the remittance process by eliminating time-consuming manual data entry.
Streamlining the order-to-cash process is helping Old Dominion efficiently handle a larger volume of shipments. The national less-than-truckload carrier saw a 19.9 percent increase in shipments and 20.5 percent increase in tonnage in the fourth quarter of 2010 compared to 2009.
‘The right technology allows us to grow without having to add to our monthly overhead,’ said Ken Erdner, Old Dominion’s vice president of information technology. ‘The automation we’ve deployed prevents delayed shipments due to late payments and helps us maintain our commitment to providing customers with the industry’s highest service levels for on-time and claims-free deliveries.’
With the new platform, Old Dominion’s accounts receivable department can monitor cash flow in real time in addition to improving the overall efficiency.
‘By enabling customers like Old Dominion Freight Line to achieve 80 percent touchless processing, a team previously clearing a respectable 400 remittances per hour now regularly achieves 2,000 in an hour, allowing staff to focus their efforts on reconciling those requiring special attention, as well as contributing to other value-added tasks within the organization,’ said Carl Mergele, CEO of Brainware Inc.
Brainware Distiller for Remittances is manufactured by Brainware Inc., a provider of intelligent data capture and enterprise search solutions.