ABB’s Award-winning Cash Application Project
One of the leading international technology companies, ABB centralized and harmonized their cash application processing using Serrala's FS² AutoBank solution for their company-wide "Cash Applied Before Breakfast" project.
Key drivers for the project were to increase transparency of the company-wide cash and to reduce local costs with a solution that was fully embedded within the SAP landscape.
Some of the key improvements ABB achieved:
- Increased automation rates, in some countries from 40% to 90%
- No more maintenance of Excel spreadsheets for follow up of open items
- No more printing of bank statements, receipts, postings
- Reporting by push of a button instead of manual maintaining of Excel spreadsheets
- Enhanced post-processing
With this successful project, ABB has won a highly commended Corporate Recognition Award for Working Capital Management of the TMI Award 2018 for Innovation & Excellence using the Serrala solution FS² AutoBank.
"Our ultimate target is to apply cash before breakfast. This presents benefits to customers as well as giving us more transparency that, in turn, enables our collection teams to be more effective", says Neil Murray, Group Accounts Receivable (AR) Manager, ABB.
Read the full story about the project goals, project management, outcomes and lessons learned.