As the new year begins, it’s time to look back and see what we were able to accomplish in 2020 and set some goals for the future.
We were extremely fortunate to have several of our customers join us at our virtual events in 2020 to share information about how they were able to meet the unprecedented challenges they faced. Click on the links below to discover what they had to say. We hope that their stories will help you uncover new strategies to improve the speed and resilience of your finance and treasury processes in the year to come.
Order to Cash Stories
- Enrico Dispenza of LyondellBasell discussed how their intelligently automated cash application solution, FS² AutoBank helped the company triple their matching hit rate. Another important benefit: it improved coordination between departments (AR, AP, Cash Accounting, Credit) so they could handle exceptions quickly, which was a significant advantage during this unprecedented year.
- Erin Carter of Sun Chemical was able to seamlessly transition her team to work from home in March with help of FS² AutoBank. The automated inbound cash solution made it easy for the team to maintain cash flows, and having a digitized process with real-time made it much easier to do cash flow forecasting in 2020.
- Neil Murdy of ABB mentioned that the company first implemented FS² AutoBank to apply cash “before breakfast” and increase the effectiveness of their collections process. However, they have since discovered other benefits including a reduction in unapplied cash and improvements in bank statement-related cost items such as interest charges, bank fees.
- Geraldine Paruda and Anne Mexique of Hager Group discussed how easy it was for the finance team to implement their cash application solution globally: “it was above our expectations”: The finance team has able to set up cash application rules without IT assistance and was able to move quickly on from the initial implementation to expand the solution across other countries and company codes quicker than expected.
- Ella Verman and Eti Amar of ICL used FS² Credit to transform the company’s complex, manual process and automate credit management. With the solution the company has been able to integrate credit rating information and automatically monitor global common buyers. They have also been able to streamline reporting across multiple ERP systems.
Procure to Pay Stories
- Andreas Hehle of Hilti had an eye on the future when his company chose to use Serrala Alveate AP. With the cloud-solution the company’s shared service center was able to manage global invoice processing across an SAP S/4HANA and other ERP system. It intelligently captured invoices using Serrala SmartEye and streamlined its invoice approval, exception handling and posting process. With more efficient, digitized processes the finance team has had more time to improve its supplier partnerships and can dedicate more time to meeting its performance targets.
- Torey Schuldt of Irvine Company shared details on the company’s recent upgrade to FS² AccountsPayable. According to Tracey, the modern user interface was “millenial friendly”, which made it easier for users to approve invoices and keep payments flowing to suppliers. The ability to “approve invoices on the go”, was extremely important during the pandemic, as the majority of the company was working remotely.
- Jim Schurlock of Microsoft outlined the benefits of establishing an in-house bank within SAP. The company has been able to quickly bring new affiliates into its global in-house bank and cash pooling structures. The single global solution provides the company with an extremely streamlined and effective model that can scale to meet its global cash management needs.
- Bart Taeymans of Estée Lauder also related the benefits of the company’s in-house banking solution. Within its SAP systems the company has been able to expand its cash management capabilities adding Payments on Behalf of (POBO) and it is performing global, multi-currency cash pooling, intercompany loans, and multi-currency/multi-lateral intercompany netting.
Data and Document Management Stories
- John Fede of United Technologies Corporation participated in ASUG Forward this spring and described how the company was able to use Serrala Corestone solutions and our Treasury and Finance consulting services to support its separation into three distinct entities. In less than a year, the company was able to successfully clone and cleanse its massive SAP systems, ensure the sensitive data in those systems was protected and secure, and separate its global treasury operations, tailoring its automated processes for each new entity.
Would you like to learn more about how to implement new process improvements and technologies quickly to prepare your finance organization for even greater success in 2021? Talk to a Serrala expert today for more Information.