Case study: How PG&E reduced annual total spend and streamlined AP with a cloud- based solu=on for SAP
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1 Case study: How PG&E reduced annual total spend and streamlined AP with a cloud- based solu=on for SAP Ma$ Wright, VP of Client Services, Taulia Inc. Ben Shaffer, Manager Accounts Payable, Pacific Gas & Electric Company
2 Official Abstract In this session, you will learn how PG&E, a Fortune 500 company running SAP ERP, utilized dynamic discount terms and on-demand payment acceleration by implementing Taulia s cloud-based dynamic discounting solution and supplier portal. The presenter will explain how cloud technology and a certified SAP Add-On helped PG&E fully leverage their existing procure-to-pay (P2P) process, accomplish rapid deployment, and generate an annual recurring multi-million dollar savings opportunity through dynamic discounting.
3 Official Take-Aways o Know the top three most effective ways to ensure supplier adoption o Understand the best way for accelerating and multiplying the savings achieved through AP automation o Know the best practices for achieving rapid deployment with minimal impact on IT resources
4 What We ll Cover Introduction to Dynamic Discounting How does it work? The Business Case for Dynamic Discounting Best Practices: Why e-invoicing and supplier self-services are so important Pacific Gas & Electric Case Study s History & Previous process s Volumes and Discount Performance s Selection process, solution and experiences Key take-away points Q&A
5 Many Large Corporates Are Hoarding Cash Corporate cash balances have reached $2.12 trillion 1 s An increase of 36% or $510 billion over 2009 s Ratio liquid assets to short-term liabilities highest since 1956 Short-term investments often returning just 1% or less! Billions Cash Positions of U.S. Non- financial corporations $2,200 $2,000 $1,800 $1,600 $1,400 $1,200 $1,000 $1, $2,120 1 Flow of Funds Accounts of the United States, Federal Reserve, June 9,
6 While Their Suppliers Struggle to Stay Afloat 2010 factoring market: ~$2.3 trillion 1 Expensive financing s Factoring: ~12-25% interest s Credit Card: ~18% APR s P-Card/Credit Card: 2.5% fee s Bank debt: Difficult to obtain 1 Source: Factors Chain International 6
7 Numbers to Think About Average time to pay invoices In the 1960s: days Average time to pay invoices Today: days 7
8 Buyer lack incentive to pay earlier..!"##$%&'()'*+,-$%&'.$#-/ 0 ' &'()*+,-$./01($ 2/-$./01($ 88% of invoices sit idle until due date!"#$ Invoice Approval Idle Period Payment (due date) days %%#$ Terms (days): " 120 Anheuser-Busch " 60 Hertz " 56 Industry Average 2 1 Source: PayStream Advisors 2 Source: REL/Hackett Group for companies > $5B
9 Today Banks Benefit Instead of Buyers Large Buyer Invoice approved on day 10 Invoice Net 60 Supplier Invoices buyer Buyer earns less than 1% interest until due date Bank Suppliers factor at 15% APR
10 How Can Dynamic Discounting Improve This Process? Enables large companies ( Buyers ) to save money and improve return on cash by paying suppliers early Enables smaller companies ( Suppliers ) to access less expensive financing alternatives by accepting time-variable Dynamic Discounts
11 (1) Improving Traditional Discounts Sliding scale discount 3.0% 2.5% 2.0% 1.5% The Principle: 2% 10 Net 30 ASAP Hit-or-miss discount $ # INVOICE APPROVALS 1.0% 0.5% $ $ 0% Days
12 (2) Bringing Discounts To NET Invoices 1 Initial Set-up n Set interest rate n Activate suppliers 2 3 Approved invoices are offered n Selects payment date automatically for Early Payment n Accepts discount 4 Payment schedule updated in SAP according to agreed terms Supplier
13 Addressing The Entire Spend At The Core Dynamic Discounts and visibility provided for ALL of invoices, and payments regardless of business process. PDF Paper, Fax SAP-centric solution ERS E-Invoice EDI, XML Portal
14 Benefits: Example of $5B Invoice Spend Accelerated Spend: $0.8B Invoiced spend $5B Offer rate (APR) 15% Non-discount spend: 80% $4B Accelerated spend: 20% $0.8B Adoption Average acceleration 30 days Incremental discount: $10M Short Term Investment: $66.7M
15 Improving The Bottom Line $66.7M in cash: Invested at 0.3% (T-Bonds): $200,000 Accelerates $0.8B in payables by 30 days generating 15% interest: $10.0 Million 50x
16 Supplier Value Is Key For Adoption Suppliers love 24/7 visibility into their A/R and POs Free E-Invoicing options incl. flipping a PO Online invoice status and payment details Dynamic Discounting Multiple up- and download formats (ideally across-buyer standards) Comprehensive support Suppliers hate Paying for these services Lessons learned: Minimize barriers of entry for suppliers
17 Leverage Dynamic Discounting Shorter Approval Cycle E-Invoicing Free compliant e-invoicing Multi-format Multi submission method Flip a PO, upload a file, EDI/ API.. Onboarding guarantee for the first 500 suppliers in 6 weeks Higher Discounts Dynamic Discounting Compelling business case for the buyer Pays for free e-invoicing Can be provided as a gain share -> no cost, only upside No manual data entry High quality The solution for anyone who wants to introduce e-invoicing at zero cost 17
18 What We ll Cover Introduction to Dynamic Discounting How does it work? The Business Case for Dynamic Discounting Best Practices: Why e-invoicing and supplier self-services are so important Pacific Gas & Electric Case Study s History & Previous process s Volumes and Discount Performance s Selection process, solution and experiences Key take-away points Q&A
19 About Pacific Gas & Electric Company Incorporated in 1905 Headquartered in San Francisco, CA Provide natural gas and electric service to approximately 14 million customers Service area covers 70,000 square miles in northern and central California from Eureka in the north to Bakersfield in the south Approximately 21,400 employees 2010 revenues of $13.8 Billion
20 History Of AP Automation At PG&E Mid 1980 s Internal Interfaces for Tree Trimming, Telephone Billing, Damage Claims, and Workers Comp Mid 1990 s P-Card and additional interfaces 1996 SAP with integrated Imaging in 1996 o Almost all goods and services converted to PO s o Freight invoice payments outsourced to auditors 2004 Web form buyer side entry for non-po invoices Taulia solution o Eliminating supplier fees o Dynamic discounting for ALL invoices o A single cloud-based supplier portal o OCR o SAP Version ECC s today 1990 EDI for PO invoices and direct interface for Freight invoices Early 1990 s Integrated suppliers with on-line catalogs, EDI, and 2-way match 2002 Internet based E-invoices 2003 o Integrated credit card and faxed receipt imaging for T&E o Dynamic discounts for PO invoices Several new internal and external electronic interfaces
21 Previous Process Invoices post to SAP from various sources s Paper PO invoices s Traditional EDI (ANSI X12 810) for PO invoices s E-file and flipping PO via e-invoicing network s Paper non-po buyer-side entry via e-invoice portal Paper invoices and check requests are imaged and linked to SAP FI document Image created and linked for electronic invoices Home-grown web portal to provide invoice status for all invoices
22 Invoice Volumes PO Invoices 60,000 paper (20%) 80,000 traditional EDI (25%) 172,000 E-invoice network (55%) Non-PO Invoices 6,500 paper (20%) 25,500 Buyer-side E-invoice network (80%) Electronic Interfaces 406,000 (excludes ESP s and CEER)
23 Goals q No fees for suppliers keep it free! q Validate data at point of entry make supplier resolve discrepancies q Dynamic Discounts for all PO invoices - and prior to discount date! q Single multifunctional supplier portal to reduce inquires, provide self service and promote electronic invoice submission q Improve electronic process for error handling and notifications (internal and to supplier) q Eliminate inbound and outbound interfaces and related time delays q OCR for remaining PO paper invoices q Fast Implementation with minimal internal IT resources
24 Discount And Timeliness
25 The Principle: 2% 10 Net 30 ASAP 3.0% 2.5% 2.0% Sliding scale discount Hit-or-miss discount $ # INVOICE APPROVALS 1.5% 1.0% 0.5% $ $ 0% Days
26 Solutions þ Taulia Invoicement Suite with cloud-based supplier portal, SAPcertified add-on, best-in class dynamic discounting solution for SAP þ Readsoft Invoice Cockpit as centralized ledger þ 3 month implementation start to finish 580 suppliers converted in 5 weeks 250 wait-list suppliers converted within 2 months Further roll-out into supplier base next þ 80% electronic today! OCR for remaining paper PO invoices
27 Lessons Learned 1. Partner with Purchasing Contractually require electronic invoices Need Purchasing ownership and support to be successful 2. Involve internal IT resources early Network Server Firewall Architecture Hardware 3. Educate internal clients of vendors on how to operate in a paperless invoice environment 4. Give all suppliers access to portal to take advantage of discounts
28 7 Key Points to Take Home 1. Typically, less than 15%* of your company s invoice spend offers discounts currently 2. Dynamic Discounts can be enabled for 100% of the suppliers and 100% of their invoices 3. Dynamic Discounting generates savings of $1-3 million per $1 billion in spend 4. Dynamic Discounting can be your way to 100% free e-invoicing 5. A SAP-centric approach is key 6. Combining a cloud-based solution with a SAP-certified Add-On ensures rapid deployment and rapid time-to-value 7. Avoid supplier fees to maximize supplier adoption * Source: PayStream Advisors
29 Q&A Ben Shaffer Manager Accounts Payable, PG&E Ma$ Wright VP of Client Services, Taulia Inc.
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