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Glen Raven Logistics

TriumphPay

March 18, 2024

At a Glance

Company Name:
Glen Raven Logistics

Location:
Altamahaw, NC

Website:
glenravenlogistics.com 

Based in central North Carolina, Glen Raven Logistics’ unique position allows them to offer full truckload (FTL) and less than truckload (LTL) service through their vast network of third-party providers. They take pride in their ability to provide timely and reliable service, with their promise of satisfaction delivered with each shipment they move.  

Their dedicated staff works closely with their customers to maintain the highest levels of communication and support. Glen Raven Logistics offers unmatched service to lanes across the continental United States, Mexico, and Canada at competitive rates.  

The Challenge: 

Glen Raven Logistics (GRL) is on a mission to provide the best experience for its partner carriers. To accomplish this, they needed foundational enhancements to their payment experience.

Like many brokers, GRL had challenges with paperwork overload, spending hours per day manually scanning and indexing documents.  
 
Next, GRL wanted enhanced visibility and control over its payments process. To do that, they needed to close the gap between their Accounts Payable (AP) and Accounts Receivable (AR) efforts.   Ultimately, they needed a technology partner that offered internal payment processing automation and a powerful experience for their partner carriers. 

Paperwork Overload

The GRL AP team spent hours per day manually scanning, indexing, and processing documents, which slowed down carrier payment and customer billing.

Visibility & Control

Carriers didn’t have visibility into or control over their payments, so this caused a lot of manual work for the GRL AP team to answer phone calls and emails regarding questions about payment status.

Working Capital

Glen Raven Logistics needed a solution that allowed them to simultaneously provide on-time carrier payment, speed up customer billing, reduce DSO, and maintain working capital to invest in the future.

“Make the investment in TriumphPay. The ability to enhance and augment your staff will allow for growth without additional human capital costs. The visibility you create for your internal efforts and your carriers will drastically reduce phone calls and emails within the first 30 days.” 

Stephen Losiewicz
VP, Operations, Glen Raven Logistics

The Actions: 

Paperwork Overload

  • Began receiving invoicing data directly from factors via API, thus reducing manual document processing
  • Utilize artificial intelligence technology to handle document processing for carriers and factors not yet on the network  
  • Added a carrier portal to provide carriers with payment and paperwork status updates, drastically reducing calls and emails 
  • Established automated workflows to provide carriers and factors with remittance information that allows them to apply cash and thus reduce their own invoice and payment processing burden

Visibility & Control

  • The TriumphPay network included real-time carrier load data so factors can verify loads, reduce their fraud exposure, and reduce calls to GRL to verify loads
  • Built API data integration to report on days-to-pay and days-to-receipt KPI tracking to improve visibility into working capital 
  • Established reporting controls to manage total payables, provide visibility to expected payment dates, and improve carrier payment speed (QuickPay)

Working Capital

  • Sustained working capital by improving efficiency, reducing operating costs, and closing the gap between Days to Pay (DTP) and Days to Receipt (DTR)
  • Implemented QuickPay to improve carrier access to cash  
  • Implemented real-time data access to carriers and factors to reduce misdirected payments and improve bank account verification workflows
  • Integrated TriumphPay’s industry-leading fraud team into their workflows

The Results: 

Paperwork Overload
The TriumphPay Network provides automation of the presentment, verification and payment of invoices that resulted in a 75% reduction in man-hours per week

Visibility & Control
Optimizing carrier setups has resulted in a 50% reduction in man-hours per week

Working Capital
GRL has experienced a 45% improvement in our days payable cycle

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