TalkTalk Business implement Alloc8 and increase cash allocation efficiency
TalkTalk Business, the UK’s leading value for money provider of voice and data solutions to Britain’s businesses, has improved efficiency in their cash processing by implementing Rimilia’s award winning cash allocation solution, Alloc8.
Rimilia successfully worked in partnership with TalkTalk Business to implement the software back in January 2014 and as a result of this, the cash team are now benefitting from the many valued features of Alloc8.
The current combined automatch rate is an impressive 70%+ whilst their manual process has been reduced to 10% of payments received by BACS, Faster Payments and Cheque.
This is well above industry recognised benchmarks for process automation.
More recently, the team at TalkTalk have gone on to receive recognition for Commercial Credit Team of the Year at the 2015 CICM British Credit Awards.
Rimilia Project Manager, Matt Hill commented;
“The team at TalkTalk Business were a pleasure to work with. The objectives for the solution and drivers for the business case were identified early on in the project and we ensured that full business benefit was provided to the team, within their timescales.
Welcome to Alloc8 TalkTalk Business, we look forward to building on the great working relationship that we already have”.
TalkTalk Business Head of Credit and Risk Tamsyn Harrison-Gabbott commented;
"We approached Rimilia about an opportunity for them to help improve our cash allocation process.
We discussed 2 primary objectives:
- Reduce the time taken to match customer payments to account.
- Reduce the manual effort required to manage this process.
Rimilia were very open and honest in their approach and worked closely with TalkTalk Business to help define the project scope.
They held our hand at every step of the way and supported an earlier implementation which helped us to identify key changes early on in the process.
As a result of implementing Alloc8, we have a consistent auto match rate of 70% across all payments, which means that we do not need the manpower to look at these.
Consequently, we have reduced the effort required by 85% each month which is phenomenal.
We regularly review the performance of Alloc8 with Rimilia and have always got something new to look at or try which has been suggested. A great experience which has ultimately changed our business. Thank you".
Don’t expect the achievements of the finance revolution to be limited to those of the last, AI has the potential to transform finance functions even more drastically.
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