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HCL and Cforia Partner to Improve Clients’ Accounts Receivable Portfolios
PUBLISHED DATE: May 18, 2011
The partnership will enable HCL to enhance collection cycle times and improve customer satisfaction through the use of Cforia Collection and Deduction tools. These tools will introduce several productivity and days sales outstanding (DSO) improvements for HCL’s order-to-cash (OTC) and business process outsourcing (BPO) services clients.
“We are happy to announce this partnership with Cforia,” said Rahul Singh, President – Business Services, HCL Technologies Ltd. “This partnership further enhances our ability to provide end-to-end solutions for our Order–to-Cash and BPO clients and will help us deliver more cash from their accounts receivable portfolio. HCL is confident that many clients and CFOs looking to accounts receivables to help improve cash flow will welcome the enhancements that this partnership offers. Further, this partnership is a perfect fit to HCL’s plans to create Proof of Concept centers that will demonstrate different and complex business scenarios across Procure to Pay, Order to Cash and Record to Report.”
Key benefits of Cforia solutions include Real-time operational visibility, measurement of all individual collector related metrics, call automation, and consolidation of disparate ERP systems into a single operating environment for increased efficiency. This partnership aligns itself to HCL’s strategy of strengthening and aggregating its offerings around business transaction platforms.
“We are very excited to have the opportunity to work with one of the leading Business Process Outsourcers in the world. The combination of HCL and Cforia will be a winning situation for all parties involved. Cforia gains unprecedented access to the world’s largest companies at the highest levels. HCL will be providing unparalleled levels of outsourcing service to their client companies. Their clients will realize the power of automation plus labor arbitrage to drive incremental improvements in key Accounts Receivable metrics that represent much more value than differences in wages. And their client’s customers win because the collaborative nature of the platform assures that customers receive an industry leading level of service,” said Brad Wentzel, Cforia Business Development Director.
About HCL Technologies
HCL Technologies is a leading global IT services company, working with clients in the areas that impact and redefine the core of their businesses. Since its inception into the global landscape after its IPO in 1999, HCL focuses on ‘transformational outsourcing’, underlined by innovation and value creation, and offers integrated portfolio of services including software-led IT solutions, remote infrastructure management, engineering and R&D services and BPO. HCL leverages its extensive global offshore infrastructure and network of offices in 26 countries to provide holistic, multi-service delivery in key industry verticals including Financial Services, Manufacturing, Consumer Services, Public Services and Healthcare. HCL takes pride in its philosophy of ‘Employee First, Customer Second’ which empowers our 73,420 transformers to create a real value for the customers. HCL Technologies, along with its subsidiaries, had consolidated revenues of US$ 3.3 billion (Rs. 15,160 crores), as on 31 March 2011 (on LTM basis). For more information, please visit www.hcltech.com
Cforia Software, Inc. (Cash Flow Optimized, Real-Time Information Access) develops solutions that enhance cash flow management. Cforia's software products extend the functionality of accounting systems like SAP, Oracle, Microsoft Dynamics, PeopleSoft and JD Edwards. Cforia's customers are found in worldwide. New customers typically realize a 10 to 20% reduction in Days Sales Outstanding (DSO) during the first 90 days after software implementation. This eleven year old company has offered industry firsts such as real-time data synchronization and held order release functionality since day one.
HCL is a $5.9 billion leading global technology and IT enterprise comprising two companies listed in India - HCL Technologies and HCL Infosystems. Founded in 1976, HCL is one of India's original IT garage start-ups. A pioneer of modern computing, HCL is a global transformational enterprise today. Its range of offerings includes product engineering, custom & package applications, BPO, IT infrastructure services, IT hardware, systems integration, and distribution of information and communications technology (ICT) products across a wide range of focused industry verticals. The HCL team consists of over 80,000 professionals of diverse nationalities, who operate from 31 countries including over 500 points of presence in India. HCL has partnerships with several leading global 1000 firms, including leading IT and technology firms. For more information, please visit www.hcl.com
Certain statements in this release are forward-looking statements, which involve a number of risks, uncertainties, assumptions and other factors that could cause actual results to differ materially from those in such forward-looking statements. All statements, other than statements of historical fact are statements that could be deemed forward looking statements, including but not limited to the statements containing the words 'planned', 'expects', 'believes', 'strategy', 'opportunity', 'anticipates', 'hopes' or other similar words. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding impact of pending regulatory proceedings, fluctuations in earnings, our ability to manage growth, intense competition in IT services, Business Process Outsourcing and consulting services including those factors which may affect our cost advantage, wage increases in India, customer acceptances of our services, products and fee structures, our ability to attract and retain highly skilled professionals, our ability to integrate acquired assets in a cost effective and timely manner, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks, our ability to successfully complete and integrate potential acquisitions, the success of our brand development efforts, liability for damages on our service contracts, the success of the companies /entities in which we have made strategic investments, withdrawal of governmental fiscal incentives, political instability, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property, other risks, uncertainties and general economic conditions affecting our industry. There can be no assurance that the forward looking statements made herein will prove to be accurate, and issuance of such forward looking statements should not be regarded as a representation by the Company, or any other person, that the objective and plans of the Company will be achieved. All forward looking statements made herein are based on information presently available to the management of the Company and the Company does not undertake to update any forward-looking statement that may be made from time to time by or on behalf of the Company.
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