The case studies below show how others have benefitted from partnering with Lucrotec.
CLIENT: $2B+ Construction
National exterior building products and services enterprise with 300+ locations in 40+ states.
Leading Construction Enterprise Builds Efficiency and Revenue with Lucrotec APeX™ for $1B in B2B Supplier Payments
With over 30,000 suppliers, the Client was struggling to keep master vendor data up to date and make payments in a timely and accurate manner. A payments automation firm had failed to deliver. The client was still 98.6% paper checks before Lucrotec.
Lucrotec performed an Assessment of the Client’s accounts payable data and created a roadmap for deployment of APeX. As new business are acquired, Lucrotec analyzes the new entities payables and designs a four week implementation schedule for rapid, reliable onboarding.
Lucrotec was hired to help. The Client went live with Lucrotec APeX. Lucrotec implemented the suppliers in phases over a 3-month ramp-up period, validated all supplier’s remittance details, and increased payment digitization to 62% - a figure that continues to rise. After processing thousands of transactions, the Client has been able to achieve significant bottom-line benefits along with other operational benefits including:
Went from 29 card accepting suppliers with their prior provider to 8,700 plus activated by Lucrotec.
More than 30,000 “vendor master” updates resulting in greater data accuracy for the Client. This included all subsidiary business.
Non-Card suppliers migrated to ACH and digital check, digitizing payments to more than 62% of suppliers.
The Client now has payment dashboards for payment visibility and awareness 24/7/365.
Check writing costs have decreased due to increased ACH, digital check, and card acceptance as well as Lucrotec’s lower check writing cost.
Implementing APeX for their new acquisitions increases economic leverage.