SOURCE: Aceva

April 12, 2005 13:53 ET

StorageTek Records Significant Gains in Collections Management With Aceva Revenue and Receivables Management Suite

Aceva Collections Management Automates Manual, Labor-Intensive Collections Processes for Leading Global Storage Solutions Provider

SAN MATEO, CA -- (MARKET WIRE) -- April 12, 2005 -- Aceva™ Technologies, Inc., a leading provider of enterprise software applications for revenue and receivables management, today announced that StorageTek, a $2 billion, global provider of innovative storage solutions, has realized significant quality and process improvements in collections management using Aceva's collections management solution. Aceva Collections Management, a key component of the Aceva Revenue and Receivables Management Suite, automates routine collections tasks to speed dispute resolution and minimize days sales outstanding (DSO), prioritizes and monitors collection activities for more accurate forecasting and cash flow predictability, and ensures consistent enforcement of business processes and policies for better customer service levels. The Aceva Revenue and Receivables Management Suite enables global corporations to maximize their financial performance by minimizing accounts receivable and reducing revenue leakage while improving customer satisfaction.

With Aceva in place as the technology provider of choice, StorageTek has newfound visibility into cash allocations. By providing a manner in which to holistically manage and evaluate global account details, the company was immediately able to identify and remedy significant amounts of unapplied cash. Moving forward, the company's objectives are to leverage Aceva's technology to unlock more working capital and achieve a 25% productivity increase in its collections operations via the automation of collection processes.

Workflow Automation Improves Collections Efficiency

StorageTek selected Aceva for its flexible technology, robust rules engine, and intuitive interface, as well as the expertise and high service levels offered by the company's professional service team. Aceva's technology is in use at StorageTek's shared service center which handles nationwide accounts receivable functions. Prior to implementing Aceva's technology, collectors at StorageTek routinely spent considerable time manually retrieving, aggregating and summarizing large volumes of order and invoice-related information. Much of the pertinent data regarding customer accounts was housed within multiple information silos such as ERP systems, databases and desktop applications. In addition, report generation capabilities were limited, offering minimal visibility into month-ending cash positions. By implementing Aceva, StorageTek has combined collections best practices with process automation, transforming collections from a manual, labor-intensive process into an automated, streamlined, efficient operation. These operational improvements include:

--  A single, consolidated view of the entire customer account, including
    a comprehensive view of dispute activity
--  Automated dispute management, escalation, and routing
--  System generated prioritization rules such as automatic workflow and
    to-do lists for consistent, active customer contact
--  Flexible, user friendly report generation for proactive visibility of
    cash performance and intelligent forecasting
    
"We are pleased with the results the technology has delivered at StorageTek," said Sanjay Srivastava, Chief Operating Officer at Aceva. "This continues Aceva's successful track record of helping global corporations realize overall financial improvements by driving down DSO and optimizing working capital, maximizing operational efficiencies, and achieving corporate initiatives such as streamlining the collections process for continuous cash flow improvements."

About StorageTek

StorageTek is a $2 billion global company that enables businesses, through its information lifecycle management strategy, to align the cost of storage with the value of information. The company's innovative storage solutions manage the complexity and growth of information, lower costs, improve efficiency and protect investments. For more information, see www.storagetek.com, or call 1.800.877.9220 or 303.673.5151.

About Aceva

Aceva Technologies is a leading provider of enterprise application software solutions for revenue and receivables management. Aceva's solutions for credit management, order quality, dispute prevention, inventory transaction reconciliation, deductions management, EIPP, collections management, and cash forecasting directly address quote-to-cash process breakdowns, quality issues, and automation requirements. Aceva's products deliver end-to-end revenue and receivables visibility, continuous business policy monitoring, collections process automation and workflow, as well as comprehensive reporting and analytics. As a result, customers are able to optimize financial performance and working capital, improve operational excellence and customer satisfaction, and comply with internal controls and regulatory requirements.

Headquartered in San Mateo, California, Aceva's customers include Applied Materials, Honeywell, Network Appliance, Sherwin Williams and Sun Microsystems. For more details, visit www.aceva.com, send email to info@aceva.com or telephone 1-650-227-5500.

Aceva is a trademark of Aceva Technologies, Inc. All other trademarks and company names mentioned are the property of their respective owners.

Contact Information