AmSpec, an oil, gas, chemical, and agricultural testing company, initially relied on a homegrown system combining Excel and Sage X3 for managing AR, but it was inefficient and had significant contact management issues. After implementing Lockstep Receivables, AmSpec improved its AR process by increasing the accuracy of AP contacts from 20% to 75%, automating statement delivery, and boosting efficiency. This resulted in a 12.5% reduction in days sales outstanding (DSO), adding $10.1 million to working capital. Lockstep also saved 10,600 manual hours annually and tripled collector productivity while reducing staff turnover.

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