Successfully and Intelligently Automating 1.75 million paper invoices
The Co-operative Group is the UK’s largest mutual business, owned by nearly eight million members and employing 90,000 people. It is the UK’s fifth biggest food retailer with almost 2,800 stores, and is also one of Britain’s leading farming operations. The Co-operative Group’s wholly-owned businesses are the UK’s number one funeral services provider, the third largest pharmacy chain, a growing legal services operation and a major general insurer.
The Co-operative Group handles about 8 million invoices annually. Fortunately, 6.25 million of these are EDI. But the rest are paper. It’s these 1.75 million paper invoices which they have addressed by implementing Shared Services.
This webinar examines the journey that Adam Williams, Head of Financial Shared Services, and the team are on. They are:
- Reducing 9 entities to 1 (they are migrating their final 2)
- Consolidating their 12 systems to 3 (including Cedar and Oracle)
- Moving from an environment where control processes were not reliable, to one where approval processes of invoices are robust, trustworthy and trusted
- Progressing from a place where unreliable data provided ‘patchy’ forecasting, to a place where accurate financial forecasting is a given
Watch this webinar to hear Adam’s story, especially about the critical success factors he deployed to:
- Change the culture in the business regarding the new approval process
- Work on and implement the organizational re-design
- Move the focus of the accounts payable team to information management
- Impact the SSO’s KPIs of: 66,666 invoices per FTE per annum at 40 pence per invoice