The Finance & Accounting team of a global freight forwarding leader headquartered in the US was facing a tough time with their Accounts Payable (AP) system.
Ensuring timely and accurate payments to suppliers across their global locations was becoming increasingly challenging for their AP team, inundated with invoices from multiple vendors. Each invoice had to be unbundled, prioritized and validated before exceptions could be managed and payments authorized. This often resulted in errors, and the first indications of issues came from frustrated stakeholders or honest vendors alerting them to delayed or duplicated payments.
Complex invoice permutations and manual processes created inefficiencies, leading to cash flow challenges and monetary leakages, ultimately impacting profitability and vendor relationships.
With increasing competition in the logistics industry, the client wanted to gain real-time visibility into the AP function with a 360-degree view of operations. They were also looking for the right technology solution that could boost the efficiency of their cash management processes.
