Accounts Payable transformation helps leading pharma firm save 1.6 million USD

Customer

The client is a leading multinational pharmaceutical company that manufactures a wide range of affordable and high-quality generic medicines. It has operations in 43 countries with 21 manufacturing facilities across 8 countries and serves customers across more than 150 countries.

SSC Business Challenges

• Elongated vendor payments
• Manual handling of documents, invoice processing, manual data entries across myriad business systems such as ERPs, e-approval systems,s and other employee portals leading to duplication, erroneous inputs, and elongated processing times
• Increased vendor queries and follow-ups for payments with no way to track the invoices processing status
• No status for internal stakeholders on claims travel allowance approvals, etc
• Lack of an effective tracking, monitoring, and reporting system for KPI management and performance-based incentive handling
• Need to reduce the cost incurred per invoice
• Need to reduce the cost incurred per employee
• Streamlining audit cycles for faster and compliant audits

Business impact the value realized

• USD 1.6 million in cost savings
• 30% reduction in cycle times
• 35% improvement in FTE productivity
• > 95% on-time payments
• 21% reduction in cost per invoice