Consolidate Documents Electronically
Client Background:
Philips Electronics is one of the World’s biggest and Europe’s largest electronics companies. With 165,300 employees working in over 60 countries Philips earns more than $30B USD/annum in revenue.
Business Challenges:
- Philips Electronics (Ireland) was generating more than 20,000 documents per month from their AR department.
- Account clerks were wasting valuable time filing, sorting and matching accounting documents.
- Documents were received by mail, fax and email including Credit Notes, ERP Output, invoices etc.
- Heavy reliance on paper documentation created a bloated, inefficient department with a long collections cycle.
Business Solution:
- Through the introduction of an Automated Accounts Receivable Solution, Philips gained the ability to consolidate and index all documents matched to a given order number.
- Invoices with customer signatures were now linked to each order.
Business Solution:
- Reduced Collections Cycles.
- Improved Financial Management.
- Labour Savings.
- Improved Customer Relations.
