How successful Digital Transformation can reduce your cost

Project Details

Client
SNCTECH
Date
2022
Solution
Improve current supplier invoice payment system
Key Services
Consolidation, automation, standardization and streamlining
Overview

Over 150,000 supplier invoices enter the organization through various means and locations. The current enterprise system made it difficult for SNCTECH to effectively manage payment of invoices to their suppliers, which resulted in unpaid, lost and late payment of invoices. In addition, the current system did not effectively match the incoming invoices to contracting information resulting in incorrect coding of transactions. Implementation of the Invoice Digitization project required that all invoices be received through one location for the entire organization.

“A satisfied customer is the best strategy of all.”

—Michael LeBoeuf
Solution

To improve SNCTECH’s current supplier invoice payment system. The Aspen–Sterling team introduced several key Service Innovation enablers, consolidation, automation, standardization and streamlining into SNCTECH’s revised business processes. Our proposed solution re-engineered the current supplier invoice Accounts Payable system. The strategy included:

  • Standardizing the supplier invoice process through the creation of an Invoice Reception Centre (IRC) as a single point of entry for all supplier invoices within the organization. The IRC will be responsible for
    • the receipt, verification and scanning of all received supplier invoices
    • the creation of associated electronic control files to aid with automated workflow management
  • Automating and standardizing the invoice payment process through the creation of an Invoice Payment Centre (IPC). A single point of entry for all signed supplier invoices.  The IPC will be responsible for
    • receipt and scanning of signed invoices in preparation for payment
    • release of payment to suppliers
    • coordination of storage and disposition of these scanned invoices

SNCTECH achieved visible and sustainable change quickly while also strengthening and positioning their organizations to win in the years ahead.

The expected business outcomes at the completion of this project significantly reduced processing time and costs, dramatically reduced late payment charges, increased opportunities for early payment discounts, and efficiencies in payment audits. Our business transformation consultants have supported hundreds of large-scale business transformation programs for clients in a diverse array of industries. Let us help you cultivate the cost management discipline you need in order to execute your digital strategy.

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