Leading construction materials company uses artificial intelligence (AI) to make the finance team more efficient
LONDON, UK – 30 October 2019 – Rimilia, a financial technology company, today announced that Breedon Group plc, the leading construction materials group in Great Britain and Ireland, implemented Rimilia Cash™ to automate their cash application processes and make their credit collection teams more effective.
Breedon operates 80 quarries, 2 cement plants, 40 asphalt plants, 170 ready-mixed concrete and mortar plants, 9 concrete and clay products plants, 4 contract surfacing businesses, 6 import/export terminals, and 2 slate production facilities.
The Breedon Group was searching for ways to more efficiently manage their large volume of payments and the resource-heavy process required to apply these payments. They selected Rimilia Cash, an artificial intelligence (AI) software, to alleviate some of the manual burden of matching payments to invoices.
Rimilia Cash was implemented across Breedon Group’s entire business and integrated with their accounting system, Infor SunSystems. As a result, Breedon Group was able to auto-match 82% of their payments and significantly reduce the amount of unapplied cash. The credit collection teams are now more efficient and have access to more accurate information, plus the Breedon Group was able to increase cash flow.
Matthew Schmid, Head of Credit Services for Breedon Group, said: “We handle a huge variety and volume of transactions across our three divisions: Cement, GB and Ireland. Our business spans quarries with a smaller volume of high-value transactions, aggregate businesses, downstream products and concrete customers where we handle a large volume of lower-value transactions. We work with customers on different terms, several currencies and partial payments, and all payment types: cash, transfers, credit, debit and cheques. We needed a solution that could handle all our conditions and parameters.”
Matthew Schmid continued: “After we made the decision to automate our cash application process, we spoke with other vendors in our market, which led us to Rimilia. Rimilia had the technology and team, and could provide a consistent, proven and scalable solution that met all our needs and could work across our whole group.”
Steve Richardson, cofounder and CCO of Rimilia, said: “It’s a pleasure to work with businesses of the calibre, reputation and reach of Breedon Group, which is a true leader in its market. We’re proud to be part of the Breedon financial team’s direction and purpose, which reflects our own vision to transform back-end financial processes, increase productivity, and make AI accessible to financial teams.”
“It’s early days but we already see an impact from working with Rimilia. We are delighted with these initial results, which include a process which used to take our team a few days being reduced to a few hours. That’s transformative for our team and our business and we look forward to other new outcomes as we continue to optimize our financial processes,” concluded Breedon Group’s Matthew Schmid.
Rimilia creates software finance people love by helping them eliminate the archaic practices of tracking cash and managing credit collections. Rimilia provides companies around the globe with faster cash allocation, clearer information, and better control over cash flow. As a global solution, Rimilia works with any currency, any bank, any ERP, in any country and language. Rimilia has offices located in Bromsgrove and London in the UK, Toronto in Canada and Denver, Colorado in the U.S.
Learn more at www.rimilia.com