Companies are redoubling their efforts to give customers what they want when they want it in this highly competitive industry.
A fast-growing multinational food and beverage company wanted to become the global leader in the snack food market, but its fragmented finance and procurement processes meant it couldn’t keep up with changing customer demands or the company’s rapid growth. Employees worked in silos and the company’s operating margins were lower than its peers. Procurement, which was spending more than US $18 billion with suppliers annually, didn’t have visibility into spending and payments were often delayed and duplicative, posing an unnecessary risk.
To grow and meet customer demand, the company leaders knew they had to transform the core order to cash (OTC) and source-to-pay (STP) processes. The business saw shared services as an integral way of attaining greater efficiency, market responsiveness, improve productivity, grow the bottom line and meet customer demands.