Case Study
$2M annual savings by transforming procurement operations with a more efficient Procure-to-Pay process for a Fortune Global 500
- Industry: Chemicals
This global company is one of the largest in the plastics, chemicals, and refining industries. It is publicly traded and features on the Fortune Global 500 list. The company has a presence in over 100 countries and multiple manufacturing sites across continents.
Challenge
- High manual intervention in procurement processes
- Delays in Purchase Order (PO) execution
- Excessive rework causing inefficiencies
Solution
- RTP metrics: Consolidated strategic and tactical metrics for better visibility and decision-making
- Process mining: Automated execution workflows to identify and eliminate bottlenecks
- PO automation: Conducted root cause analysis to improve the Auto POs ratio and implemented process improvements
- Invoice resolution: Utilized machine learning for Intelligent Character Recognition to improve invoice accuracy
Capabilities leveraged
Data & Analytics
Process Transformation
Outcome
12%
Increased buyer efficiency
$2M
Annual cost savings
Improved invoice accuracy and reduced delays
Enhanced real-time decision-making capabilities