RXO (NYSE: RXO) is a leading provider of asset-light transportation solutions. RXO offers tech-enabled truck brokerage services together with complementary solutions including managed transportation, freight forwarding and last mile delivery.
The company combines massive capacity and cutting-edge technology to move freight efficiently through supply chains across North America. The company is headquartered in Charlotte, N.C. Visit RXO.com for more information and connect with RXO on Facebook, Twitter, LinkedIn, Instagram and YouTube.
The Challenge
As a top 10 broker, RXO has outpaced the market with a multi-year growth trajectory, even reporting substantial share gains in a down transportation market.
This growth has created unique challenges for the freight broker, emphasizing the need for agile technology solutions to enable scalability, automation, and strategic working capital solutions while maintaining strong relationships with their shipper and carrier partners.
To achieve their goals, they needed an Audit solution that could provide them with low-touch processing, AI & machine-learning automation, connectivity to their proprietary TMS, scalability, and reduced manual intervention.
The Solution
RXO adopted TriumphPay Audit to support their substantial growth, improve the shipper and carrier experience, increase their team’s productivity, bill more efficiently and accurately, and improve working capital.
“RXO’s partnership with TriumphPay has allowed us to improve both the billing experience for our carriers and our working capital performance. TriumphPay has been a fantastic strategic partner to us during our implementation.”
Thomas Reid, VP, Finance, RXO
The Outcome
The implementation of TriumphPay audit brought significant benefits to the RXO organization. To measure success with TriumphPay audit, RXO set strategic benchmarks to track P&L, SG&A, DSO, and other strategic working capital metrics.
Data points provided by RXO
Billing Efficiency
TriumphPay Audit integrated directly with RXO’s proprietary TMS, enabling faster processing of carrier invoices. By connecting these two systems, introducing AI, machine learning, improved indexing, and reducing manual touchpoints, RXO was able to reduce its days to bill by 25%.
Billing Accuracy
RXO emphasized improved billing accuracy to provide their shipper and carrier partners with the smoothest possible process. TriumphPay Audit allows RXO to set up specific billing requirements by client, always providing carriers with the specific steps to collect.
Scalability
Even with RXO’s growth trajectory, the TriumphPay Audit solution has handled the necessary volume influx. TriumphPay is helping RXO to simultaneously grow their business and drive efficiency by reducing manual intervention in their processes.
Working Capital
Minimizing DSO is paramount to maintaining consistent cash flow. Using TriumphPay Audit, RXO has experienced significant reductions in Total Unbilled, Total Unsettled, Days-to-Bill, and a 2-day pickup in DSO. The faster RXO can bill, the faster they can collect. TriumphPay Audit has helped them achieve their working capital goals.
