AWWG transforms accounts receivable in retail
- Industry: Retail Apparel and Fashion
- Employees: 4200
- Headquarters: Madrid, Spain
Business need
Business need
AWWG Is a global fashion group incorporating multiple household names like Pepe Jeans London, Hackett, and Faconnable, with over 500 stores across 54 countries, 4000 wholesale points, and 4200 global employees.
AWWG’s cash application challenges
Grappling with a complex and manually intensive process for identifying customers, generating invoices, and clarifying deductions, AWWG faced severe barriers to efficiency and working capital allocation. In particular, large numbers of remittance advices hitting finance teams at the end of each month was creating unsustainable peaks in workloads and causing significant delays to cash allocation.
In turn, this meant delays to revenue recognition, inconsistencies in cash flow and profitability, and overall negatively impacted financial performance. Beyond this, complexity in managing key accounts also contributed to workload peaks, further inefficiencies, and made maintaining high levels of accuracy impossible.
Solution implemented
Solution implemented
AWWG’s transformation approach
The company knew it needed to increase automation rates to reduce the strain on its finance teams and create a more efficient operating environment in order to improve overall financial health.
AWWG chose to partner with us because of our FS² AutoBank solution’s unique features – particularly its fully SAP-embedded architecture, the ability for key users to set and update their own posting rules without additional support, and the ability to create custom maps for complex remittance advices, secure processes, and cloud-based connectivity.
Results achieved
Results achieved
The results – seamlessly managing 15,000 payments annually
AWWG has been able to achieve automation rates of over 90% across its cash application processes thanks to our solution, eliminating almost all manual work from their processes, reducing DSO, optimizing the company’s financial health, and allowing teams to spend less time handling huge volumes of manually-delivered remittance advices and more focused on value-added tasks.
The ability to create flexible rules and standardize processes worldwide also creates the bedrock for continuous improvements and boosts to flexibility and agility, with teams able to fine-tune their processes quickly and painlessly without the need for specialist IT support.
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