The client is a reputed multinational NBFC with approximately 1000 branches & a large Retail Asset loan book. However the entire procurement to payment operations (both Opex & Capex) of this large enterprise was being managed thru small computing applications which were LAN based supported by spreadsheets.
- Lack of single window for processing resulting in data discrepancies between branches & HO
- Operational inconvenience upon receiving & paying Invoices/claims
- Time lag on receipt of Invoices & subsequent payment
- Lack of awareness on expense policies
- Approvers not being available for Physical Signoffs
- Inconvenience and time spent on getting to know Invoice/claim status
- Integrity Issues with the legacy accounting system
- Vendor management policy/procurement policy tool not in place.
- High reject % of Invoices
- Invoices lost in transit/back office premises.
- Lack of holistic approach & comprehensive connect between applications from procurement to payment (Applications developed on piecemeal basis)
We developed & deployed "on premises" a next generation procure to pay (PtP) solution which had -
- An Automated Supplier Management System
- An e procurement system
- An Expense Manager for employee claims & reimbursements.
- An Accounts Payable system
- An Asset Management system
- Easy to use GUIs
We kept in mind ease of Integration with client’s GL module & several of their third party products as a key consideration during our product development phase. Our suite integrated seamlessly with their ERP & provided a cohesive platform for all PtP operations within their enterprise.
- System ensured automatic & seamless dataflow between branches, various stakeholders like procurement, financial control & accounts.
- Operational convenience was achieved thru electronic approvals for expenses
- Overall reduction in TAT (Crunching time lag between submission of Invoice/claim & Payment of the same)
- Help on expense policies & auto validations while raising Invoices/claims
- Audit trails at each stage
- Status on Invoices/claims made available on intranet.
- Reduction in rejects % of Invoices/claims