Industry
Animal Health
Revenue
$8.1 Billion
Employees
13,800
Headquarters
Parsippany, New Jersey, USA
Balancing our immediate needs with our long-term vision was a critical aspect of this project, and Serrala’s expertise and guidance were invaluable in helping us achieve that balance
Zoetis is a global animal health company that delivers innovative, high-quality solutions to advance animal care.
Zoetis’s AR challenges
Zoetis faced a common predicament when it comes to O2C: inefficient, time-consuming, and error-prone operations rooted in outdated legacy systems and largely manual processes. This architecture risked becoming a barrier to continued growth by depriving the company of the flexibility and capabilities necessary to make critical investments and effectively manage incoming cash.
The business sought to automate matching of electronics payment to remittance advices, improve credit approvals, and enhance collections to align with an evolving business model. The right solution would have to be rolled out on a global scale and meet the needs of multiple business units and stakeholders with different and often competing needs.
Key facts:
Zoetis’s transformation approach
Zoetis’s AR optimization goals focused on cash application for all markets, credit application and risk for all markets excluding the US, and collections activities in six target markets (the US, Australia, Germany, UK, South Africa, and Brazil). The company made these strategic choices based on market complexity, volume, and claims and deductions.
After an RFP process involving five vendors, Zoetis partnered with Serrala thanks to our O2C solutions’ seamless integration with SAP systems (and readiness for a future S/4HANA migration), extensive capabilities, and our consulting teams’ ability to comprehensively analyze their existing systems and processes for inefficiencies, bottlenecks, and areas ripe for automation and optimization.
The results – 0 to 60 in just three months
Our solution went live in October 2022, and quickly realized a 30% return on investment. Zoetis were able to see visibility improvements immediately on implementation, with stakeholders empowered both to lead the process and increase transaction volumes with their own strategic rule building.
By building AR process rules that matched the way customers wanted to pay in various markets, Zoetis were able to go from 0% to 60% cash application automation within just three months of go-live. Since then, the company has been continually improving their processes, automation of workflows across everything from cash application to credit and collections, driving up automation rates, efficiency, and overall business performance.
Zoetis is a global animal health company that delivers innovative, high-quality solutions to advance animal care.
Zoetis’s AR challenges
Zoetis faced a common predicament when it comes to O2C: inefficient, time-consuming, and error-prone operations rooted in outdated legacy systems and largely manual processes. This architecture risked becoming a barrier to continued growth by depriving the company of the flexibility and capabilities necessary to make critical investments and effectively manage incoming cash.
The business sought to automate matching of electronics payment to remittance advices, improve credit approvals, and enhance collections to align with an evolving business model. The right solution would have to be rolled out on a global scale and meet the needs of multiple business units and stakeholders with different and often competing needs.
Key facts:
Zoetis’s transformation approach
Zoetis’s AR optimization goals focused on cash application for all markets, credit application and risk for all markets excluding the US, and collections activities in six target markets (the US, Australia, Germany, UK, South Africa, and Brazil). The company made these strategic choices based on market complexity, volume, and claims and deductions.
After an RFP process involving five vendors, Zoetis partnered with Serrala thanks to our O2C solutions’ seamless integration with SAP systems (and readiness for a future S/4HANA migration), extensive capabilities, and our consulting teams’ ability to comprehensively analyze their existing systems and processes for inefficiencies, bottlenecks, and areas ripe for automation and optimization.
The results – 0 to 60 in just three months
Our solution went live in October 2022, and quickly realized a 30% return on investment. Zoetis were able to see visibility improvements immediately on implementation, with stakeholders empowered both to lead the process and increase transaction volumes with their own strategic rule building.
By building AR process rules that matched the way customers wanted to pay in various markets, Zoetis were able to go from 0% to 60% cash application automation within just three months of go-live. Since then, the company has been continually improving their processes, automation of workflows across everything from cash application to credit and collections, driving up automation rates, efficiency, and overall business performance.
Siemens, a global powerhouse in electrical engineering and electronics, optimizes their Cash Application with FS² AutoBank. With the Serrala solution, the processing steps for bank statements, remittance advices and lockbox data is largely automated leading to significantly improved reconciliation rates.
Find out how AWWG's insights and achievements can pave the path for your journey towards excellence and efficiency in Accounts Receivable.
Implementing a value-based IT infrastructure for better payments, cash application, cash management and treasury.
