Rocket Fuel For Revenue Recognition

How a leading manufacturer accelerated the order-to-cash cycle with ChronosCloud’s automated title transfer actions

Overview

Supply chain visibility has long been touted as the brass ring, but visibility will only get you so far. When one leading manufacturer needed to go past visibility into tangible value, they turned to ChronosCloud.

Combining AI, automation, and industry experience, ChronosCloud built a solution that enabled faster cash cycles, fewer title transfer errors, and took the stress out of audit readiness.

The results were outstanding.



Solution

AI
Recognizing Title Transfer Events
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Creating Automated Actions
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Automating Financial Audits

Results

Cash Flow Icon
Faster Cash Cycles
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Fewer Errors
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Clean Audits

In business, cash isn’t everything — it’s the only thing.

That may not be exactly what Vince Lombardi said, but that slight change makes his observation as true for business as it ever was for football.

And yet, too many enterprises waste precious time as they wait for title transfer notifications from their carriers.

A California-based high-tech equipment manufacturer found itself facing that kind of inefficiency, and hunted for a better solution.
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the-challenge

The Challenge

With multiple carriers and varying rules for title transfer based on country and product, managers were reduced to checking websites for status updates, manually applying finance rules and tracking it all via offline spreadsheets.

In daily operations, it was inefficient. At reporting periods, it was a dangerous, high-stakes drill. During audits, it required the whole team’s effort. And most of all, it was slowing down their cash cycle.

The Solution: Automated Excellence

ChronosCloud connected the client’s key carriers to a single automated, online platform in under 30 days — without intensive IT resources.

Here are some key features of the platform, and how they’ve created more efficiency for the client:

AI

Recognizing Title Transfer Events

ChronosCloud’s custom-built artificial intelligence algorithms to spot the key title events for each shipment. Whichever Incoterm applies — EXW, FCA, DDU or any of the other possibilities — ChronosCloud matches that to the correct status notification, even across carriers with differing update terminology.

Creating Automated Actions

The ChronosCloud platform notifies managers instantly as shipments become eligible for revenue posting. The client has since connected this system directly to its ERP for immediate entry. That takes inventory off the balance sheet and puts cash back on, making investors happier.

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Search

Automating Financial Audits

The client’s accounting partners no longer have to fish for physical proofs-of-delivery or search online carrier sites. Every order’s title documentation is available with a single query to ChronosCloud.

Real Results

The new platform enabled:

Cash Flow Icon

Faster Cash Cycles

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Fewer Errors

Search

Clean Audits

This solution saves us significant time, provides us with real-time updates on transactions and provides a valuable platform for effective collaboration between our finance and operations teams.

Finance Chief
Viavi Solutions

Enhanced User Experience

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A better business model from an award-winning team

Clients depend on ChronosCloud for critical services because our experts know supply chains as well as they know software.

The minds that make ChronosCloud also provide strategic supply chain transformation services to two of Gartner’s Top 10 Global Supply chains, and have won supply chain and technology excellence awards from some of the world’s manufacturing supply chain leaders.