P2P Breakthrough. Bridgestone Americas Path to Best in Class Scott Perkins & Niren Naidu
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1 P2P Breakthrough Bridgestone Americas Path to Best in Class Scott Perkins & Niren Naidu
2 Introductions Scott Perkins: Director PTP, Bridgestone N.A Degrees/Certifications Bachelors in Accounting, Trevecca Nazarene University MBA, concentration in Finance, Auburn University IOFM AP Managers Certification IOFM P2P Managers Certification Past Experience 19 yrs of Shared Services & 7 yrs of FP&A Niren Naidu: Solutions Manager PTP, Bridgestone N.A Degrees/Certifications Bachelors in Accounting MBA, Finance and Marketing, Cleveland State University, Ohio Lean Six Sigma Black Belt Certified Kaizen Facilitator IOFM AP Managers Certification IOFM P2P Managers Certification Past Experience 14 Years in IT Consulting 5 Years Supply Chain and Finance Operations
3 Agenda Background on Bridgestone Why Accounts Payable Matters Our P2P Opportunities Strategic Vision - Breakthrough Transforming the Payables Process Progress Made The Path Ahead
4 About The Bridgestone Group
5 Business Portfolio
6 History
7 About Bridgestone Americas
8 Bridgestone Americas - A Diverse Portfolio
9 Bridgestone Guiding Principles Serving Society with Superior Quality We aspire to offer the best for our customers and to society, not only in terms of our products, services and technology, but in all of our corporate activities. Seijitsu-Kyocho [Integrity and Teamwork] Seijitsu-Kyocho is about adhering to principles of good faith as you carry out your work, in the way you treat others, and as you participate in and engage with society. Shinshu-Dokuso [Creative Pioneering] Shinshu-Dokuso is about envisioning the future and proactively challenging ourselves to identify and develop innovations that will further benefit society and respond to customer needs Genbutsu-Genba [Decision-Making Based on Verified, On-Site Observations] Genbutsu-Genba is about taking the time to go on-site and personally verify the facts, then using those observations to make informed decisions.. Jukuryo-Danko [Decisive Action after Thorough Planning] Jukuryo-Danko is about identifying what is necessary and deciding on a vision. And once a decision and course of action is determined, it is about moving forward with a sense of urgency.
10 Our P2P Challenges Multiple ERP systems Siloed growth that was largely BU specific Inconsistent PO policy across all business units Lack of technology driven solutions Shared Business Services (SBS) is young in maturation Throughput and Quality challenges
11 Why Payables Matter to Bridgestone Competitive placement in industry (tire/rubber) Generate free cash flow Working Capital Strategic Investments Internal efficiencies Cost savings Early pay discounts Card rebates Supplier relationships Late Payments Customer Service Governance and Control
12 Strategic Vision Breakthrough Areas of focus for P2P Leadership support Renewed Procurement and AP collaboration Unified charter to address breakdowns Many sub-projects under Breakthrough EIPP ramp-up Increase ACH P-Card Adoption Policy Updates EDI/ERS PO & Invoice Quality MDG Supplier & Terms Rationalization
13 Invoice Type % Transforming the Payables Process Main objective has been to on-time payments by paper invoices Paper invoices lead to exceptions & late payments No One silver bullet to automation Drive P-Card adoption for infrequent low dollar invoices (i.e. invoice tail) Target non-po invoices (Utilities, Telecommunications, Taxes, Customs, etc.) for quick upload Migrate large dollar & count PO invoices to EIPP platform BATO Manually Keyentered Invioces vs. Automated Invoices 80% 70% 60% 50% 40% 30% 20% 10% 0% Q Q Q Q Q Q Manually Keyentered Invoices 74% 72% 73% 67% 64% 57% 49% Automated Invoices 26% 28% 27% 33% 36% 43% 51% Q (Aug)
14 Count %s Transforming the Payables Process Secondary objective has been to decrease paper check payments High correlation between paper check payments & vendor inquiries Inquiries have dropped from 200 per day down to 40 per day Reduced ancillary work associated with stop payments & voids EFT/ACH payments growing; targeting 90% by year-end All hands on deck for conversion including AP & Procurement personnel Decreased check runs, went from 2 to 1 in August 2016 BATO EFT/ACH vs. Check Payment by Qtr 90% 80% 70% 60% 50% 40% 30% 20% 10% Q Q Q Q Q Q Q Q Q (Aug) EFT/ACH Count % 45% 52% 56% 59% 62% 65% 66% 74% 80% PaperCheck Count % 55% 48% 44% 41% 38% 35% 34% 26% 20%
15 EIPP Business Case & Performance Business Case Objectives Create New Early Pay Discounts ~$1.6M annually Reduce Manual Processing Costs ~120K electronic invoices ~$420K annually Decrease Interest Spend ~$170K annually EIPP Actual Performance H Throughput Metrics Off Network On Network Average Days to Post Bridgestone EIPP Progress To Date (through 9/30) 470 vendors configured for PO & Invoice Automation (700 more suppliers to go) 104K + projected electronic invoices $1.1M +in new early payment discounts DPO extended
16 Bridgestone Network Comparison Bridgestone vs. Network Average 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% Discount Adoption (Vendor) Discount Adoption (Spend) Spend Extended (Vendor) Spend Extended (Spend) BSA Actual Network Average Category BSA Actual Network Average Discount Adoption (Vendor) 30.36% 11% Discount Adoption (Spend) 12.32% 6.08% Spend Extended (Vendor) 29.01% 25.25% Spend Extended (Spend) 16.18% 20.12% *Through August 31, 2016
17 Other Key P2P Achievements Vendor Master rationalization Payment Term rationalization MDG for vendor domain 50% increase in YOY P-Card rebates Improved DTPs Transitioned new business unit work More efficient work streams
18 The Road Ahead for P2P ERP Rationalization/standardization of processes Capability -- consistent repeatable optimized processes Automation, Automation, Automation Optimize EIPP Investment by On-Boarding PO Spend Migrate Invoice Tail Spend to P-Card or Upload Continue EFT/ACH Conversion Leverage P2P processes to generate savings Support change with Policy
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