Carrier Selects I-many to Help Streamline Collections; I-many's Global, Web-Based Collections Software Will Enable Carrier to Improve Revenue Process Management.Business/Technology Editors PORTLAND, Maine--(BUSINESS WIRE)--May 22, 2001 I-many, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : IMNY IMNY Internet Marketers of New York ), the leader in contract and trade relationship management solutions, announced today that Carrier Corporation, a wholly-owned subsidiary of United Technologies Corp. (NYSE NYSE See: New York Stock Exchange : UTX UTX United Technologies Corporation (stock abbreviation, AMEX) UTX Unreal Texture (a texture pack for Unreal-engine games) UTX Unit Training Exercise UTX Under Track Crossing ), and the world's largest manufacturer of heating, air conditioning air conditioning, mechanical process for controlling the humidity, temperature, cleanliness, and circulation of air in buildings and rooms. Indoor air is conditioned and regulated to maintain the temperature-humidity ratio that is most comfortable and healthful. and refrigeration refrigeration, process for drawing heat from substances to lower their temperature, often for purposes of preservation. Refrigeration in its modern, portable form also depends on insulating materials that are thin yet effective. systems and equipment, selected I-many to streamline its accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying collections process. In order to improve the company's cash flow, Carrier created a "revenue process management" (RPM) program. With thousands of customer accounts managed by offices in 171 countries, Carrier needed a Web-based, multi-language, multi-currency program that could accelerate the collection and dispute processes. I-many Sales2Cash software is the first product to meet all those needs. "We view the collections process as an operational concern, not simply a finance issue," said Alan Machuga, director of Carrier Business Enhancement and Shared Business Services group. "I-many's Sales2Cash software gives Carrier the opportunity to easily track invoices from the moment they are created to the time the cash is received. This means we can serve our customers better and enhance our analysis and forecasting capability." Solving Business' Cash Flow Problems "In today's business climate it is essential to strike a balance between keeping the customer satisfied and maintaining a steady revenue stream," said Leigh Powell, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of I-many. "With Sales2Cash, Carrier can quickly identify and rectify discrepancies. This ability to avoid or quickly resolve disputes results in much healthier business relationships and a strong, predictable cash flow." I-many Sales2Cash is a key enabler to the "quote-to-cash" process that allows Carrier to monitor customer payment performance to contract terms. Sales2Cash automates manual time intensive tasks to assure 100 percent of their customer portfolio is efficiently managed by Carrier's collection staff. The benefits are faster dispute resolution and a dramatic reduction in the number of days it takes customers to pay their bills. The most common reasons for payment delays are disputes over pricing and goods received. With I-many's Sales2Cash software, a company can easily flag the reason for a disagreement and have it directly routed to the people who can resolve the issue. This enables the company to quickly identify why a customer is not paying their complete bill and take steps to address the root cause of the issue. "Through an automated dispute management process Carrier can quickly identify the root causes of disputes in the `quote-to-cash' process," said James Stafford, Carrier Business Enhancement global program manager. "Quantified dispute statistics can then be used to focus the right resources to eradicate the root causes of disputes from the process permanently." While the terms for payments and collections vary in each specific case, Sales2Cash has shown a proven return on investment. By reducing days sales outstanding In accountancy, Days Sales Outstanding is a company's average collection period. A low figure indicates that the company collects its outstanding receivables quickly. Typically it is looked at either quarterly or yearly (90 or 365 days). (DSO See CSO. ), I-many Sales2Cash has a direct impact on a company's bottom line financial performance. About Carrier Carrier Corporation is the world's largest manufacturer of heating, air conditioning and refrigeration systems and equipment. It is a subsidiary of United Technologies Corporation (NYSE:UTX), provider of a broad range of high-technology products and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to the aerospace and building systems industries. About I-many I-many (NASDAQ: IMNY) is the leader in providing software and Internet-based contract management solutions and related professional services which enable businesses to manage complex trade relationships and facilitate business-to-business e-commerce. The company's software is used by 8 of the largest 10 healthcare manufacturers in the world and leading consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and companies. The company estimates that its solutions help manage more than $45 billion in contracted commerce per year. For more information, visit the company Web site at http://www.imany.com. This press release may contain forward-looking statements relating to the future performance of I-many, Inc. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from expectations. These risks and uncertainties include the uncertainty associated with the adoption by small and medium-sized manufacturers of I-many's ASP service model, the adoption by companies outside the healthcare field of I-many's solutions generally, and competition for market share among the companies providing technologies and services similar to those provided by the Company. 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