The implementation of the SAP integrated credit and risk management solution FS² Credit was picked as one of the best projects we conducted in 2020.
Ibrahim Armouti
Group Treasurer, Hikma
Group Treasurer, Hikma
Hikma: Centralizing credit management across 4 different global entities
Industry
Pharmaceuticals
Revenue
$777m
Employees
8800
Headquarters
London, United Kingdom
Hikma is a multinational pharmaceutical company listed in London. With a presence across North America, MENA, and Europe, they provide a broad range of generic, specialty, and branded pharmaceutical products.
Hikma’s credit management challenges
Hikma’s receivables teams faced some familiar credit management challenges – including a complex and nonstandard process across both their SAP environment and other systems. Characterized by:
- A high volume of manual tasks for credit controllers.
- A lack of visibility across systems and customer lifecycle stages.
- Reduced productivity and delays in customer order taking.
A series of issues including offline approvals, unsatisfactory controls, difficulties in analysis of credit behaviours, and a lack of standardized reporting methods contributed to a need for comprehensive overhaul of the company’s credit management practices.
Key facts:
- 4 global entities
- 1576 transactions a year from 694 direct customer
Hikma chose Serrala as their partner to transform, centralize, and streamline their credit management processes with FS² Credit by bringing the entire workflow within their SAP system.
They chose this approach for its potential to let them create a scalable central hub for credit that they can easily integrate with relevant 3rd party data sources like Dun and Bradstreet. Establishing automated rules for credit approvals, saving time for the entire organization and its customers, and providing visibility of every action taken in the credit management process and workflow – all within a single familiar SAP interface.
The company now leverages a fully centralized credit management system that allows:
- Systematized and standardized credit approvals with automated notifications for approvers.
- A central hub for credit scoring and applications.
- Automated notifications for credit reviews.
- A simple, standardized process for blocked order release.
- Standardized credit reports and communications – all within SAP.
- Central storage for all communications, documents, and approvals.
- Systematized collateral management
Business Need
Hikma is a multinational pharmaceutical company listed in London. With a presence across North America, MENA, and Europe, they provide a broad range of generic, specialty, and branded pharmaceutical products.
Hikma’s credit management challenges
Hikma’s receivables teams faced some familiar credit management challenges – including a complex and nonstandard process across both their SAP environment and other systems. Characterized by:
- A high volume of manual tasks for credit controllers.
- A lack of visibility across systems and customer lifecycle stages.
- Reduced productivity and delays in customer order taking.
A series of issues including offline approvals, unsatisfactory controls, difficulties in analysis of credit behaviours, and a lack of standardized reporting methods contributed to a need for comprehensive overhaul of the company’s credit management practices.
Key facts:
- 4 global entities
- 1576 transactions a year from 694 direct customer
Solution Implemented
Hikma chose Serrala as their partner to transform, centralize, and streamline their credit management processes with FS² Credit by bringing the entire workflow within their SAP system.
They chose this approach for its potential to let them create a scalable central hub for credit that they can easily integrate with relevant 3rd party data sources like Dun and Bradstreet. Establishing automated rules for credit approvals, saving time for the entire organization and its customers, and providing visibility of every action taken in the credit management process and workflow – all within a single familiar SAP interface.
Results Achieved
The company now leverages a fully centralized credit management system that allows:
- Systematized and standardized credit approvals with automated notifications for approvers.
- A central hub for credit scoring and applications.
- Automated notifications for credit reviews.
- A simple, standardized process for blocked order release.
- Standardized credit reports and communications – all within SAP.
- Central storage for all communications, documents, and approvals.
- Systematized collateral management
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