Industry
Manufacturing
Revenue
$12.2 billion
Employees
50,000+
Headquarters
Stockholm, Sweden
With FS² AutoBank we have been able to save 45% of our processing time in the first phase of the project and with the roll-out to the Nordics we expect to achieve 50% of processing time savings!
Electrolux is a leading manufacturer of household appliances. The group sells more than 60 million products in over 150 markets annually and has over 50,000 employees.
Electrolux’s cash application challenges
Electrolux Poland – the group’s European shared services center – was processing most of its bank statement and remittance advices handling without any automation at all. In many cases, different countries were also relying on nonstandard processes that lead to a lack of group visibility into working capital.
The company knew that it needed to automate and rationalize its existing processes as much as possible to achieve any kind of clarity or efficiency. And to ensure unapplied cash was kept to a minimum across the business.
Key facts:
Electrolux’s transformation approach – automate as much as possible within SAP
The business decided to invest in cash application automation to alleviate their AR headaches while also integrating the process more into their existing SAP ERP investment. This would not only boost efficiency and transparency, but also integrate cash application and AR more fully into the standard operating environment for most of the company’s financial processes.
They chose Serrala FS2 AutoBank for its full SAP integration, capacity to automate large amounts of the bank account and remittance advice matching process quickly and accurately, and for its ability to make reporting on cash application processes, efficiency, and working capital availability within SAP an instant process thanks to centralized data and full visibility.
The result – a highly automated, fully transparent cash application process
From a “standing start” of zero automation for the processing of remittance advices, Electrolux was able to achieve a typical automatic matching rate of 67% across all incoming payments within just 14 months, with 73% automatic matching for bank statements.
User-led rule creation and adjustment has also made it much easier for teams to adapt posting rules to changing situations. Continually enhancing automated matching rates and allowing for better and better results and helping standardize procedures for a truly global AR standard.
Electrolux is a leading manufacturer of household appliances. The group sells more than 60 million products in over 150 markets annually and has over 50,000 employees.
Electrolux’s cash application challenges
Electrolux Poland – the group’s European shared services center – was processing most of its bank statement and remittance advices handling without any automation at all. In many cases, different countries were also relying on nonstandard processes that lead to a lack of group visibility into working capital.
The company knew that it needed to automate and rationalize its existing processes as much as possible to achieve any kind of clarity or efficiency. And to ensure unapplied cash was kept to a minimum across the business.
Key facts:
Electrolux’s transformation approach – automate as much as possible within SAP
The business decided to invest in cash application automation to alleviate their AR headaches while also integrating the process more into their existing SAP ERP investment. This would not only boost efficiency and transparency, but also integrate cash application and AR more fully into the standard operating environment for most of the company’s financial processes.
They chose Serrala FS2 AutoBank for its full SAP integration, capacity to automate large amounts of the bank account and remittance advice matching process quickly and accurately, and for its ability to make reporting on cash application processes, efficiency, and working capital availability within SAP an instant process thanks to centralized data and full visibility.
The result – a highly automated, fully transparent cash application process
From a “standing start” of zero automation for the processing of remittance advices, Electrolux was able to achieve a typical automatic matching rate of 67% across all incoming payments within just 14 months, with 73% automatic matching for bank statements.
User-led rule creation and adjustment has also made it much easier for teams to adapt posting rules to changing situations. Continually enhancing automated matching rates and allowing for better and better results and helping standardize procedures for a truly global AR standard.
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