A Holistic Approach to Source-to-Pay
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1 A Holistic Approach to Source-to-Pay Featuring insights on... Pains of Segmented Source-to-Pay Streamlining the Supply Chain Case Study: Outerwear Company
2 Contents Introduction 3 Unifying Segmented Source-to-Pay 4 A Holistic Approach to the Supply Chain, Procurement, and AP 6 Slow and Steady Wins the Race 8 Case Study: GT Nexus 9 2
3 3 Introduction Numerous software providers offer companies the ability to reduce costs and improve processes from sourcing to payment, strengthening their supply chain and supplier relationships. Employing a broad strategic approach to address these issues can not only solve individual problems, but also deliver overall value, including reduced cost of goods sold, scalability, and collaboration. Tactical point solutions can be transformed into robust drivers of strategic growth. It has become common practice to employ several different point solutions from niche AP and P2P software providers to strengthen and optimize a company s financial supply chain. Yet in doing so, companies risk over-complicating and overwhelming the process they are trying to simplify. Point solutions reside in silos, preventing the flow of data across departments such as Sourcing, Logistics, Treasury, and Finance. Point solutions, in this case, become a barrier. As an alternative, companies can gain the same benefits seen with niche providers, but through a single, consolidated platform that houses multiple solutions. By using a broader platform approach with their supply-chain transformation, companies gain more than just a single point facilitating multiple solutions this platform houses, connects, and shares data across all areas of the business process, including the physical and financial supply chains. This approach allows organizations to facilitate and integrate B2B activity more efficiently and see greater value in their technology investment. They can land a specific solution with opportunities to expand, unifying individual processes and solutions. Using a holistic approach offers a strategic road map to broader supply chain transformation. It allows companies to mitigate supplier-related risk, reduce operating costs, increase sales, and improve supplier collaboration, visibility, and compliance. In addition, it brings ease-ofuse: users only have to navigate one platform instead of several, and they can maintain standardized processes across all their suppliers. When companies start with a point solution and scale to a full endto-end supply chain program, they create more room for expansion and more opportunity to execute strategic initiatives. Strategies such as direct shipments or postponement can be executed from a central control hub. While point solutions may offer standalone functionality around working capital optimization, AP automation, supply chain finance, or other solutions, they rarely bring collaborative performance improvements through multiple departments within an organization.
4 Unifying Segmented Sourceto-Pay When companies look to improve their supply chain processes, the solutions they often turn to are those that provide specific capabilities such as warehouse management, supplier communication and connection, and Supply Chain Financing (SCF). However, point solutions even those considered best-in-breed often lack depth, scope, and a holistic vision. For example, while invoice discounts are useful, suppliers prefer cash when they release their goods, if not earlier. Point P2P solutions may provide discounting incentives, but they often don t inject supply chain financing into their real-time functionality, such as early in the transaction at the PO. Also, standalone P2P solutions focus primarily on indirect spend, leaving direct spend behind. Overseas spend or integration with third-party logistics providers is often beyond the scope of what Procure-to-Pay solutions are capable of handling. Because these sides of spend are often left out, optimal cash flow visibility earlier in the process is often impossible even the expert combination of the leading SCF or P2P point solutions will be disconnected and disjointed in the end. Figure 1 A Collaborative Supplier Network COLLABORATIVE SUPPLIER NETWORK SOURCE CONTRACT ORDER SHIP RECEIVE PAY SCF LOGISTICS SCF Point solutions lack options and access to financial services. Some suppliers want a guarantee such as a letter of credit or credit insurance. They typically have to go outside of their point system, to a third party, to do this. This approach is not only inconvenient and offline, but it often has an impact on the buyer s credit line. In this case, the point solution is short-sighted, serving only a single need without addressing the bigger picture. A platform approach can address multiple needs relating to automation, collaboration, 4
5 and access to financial services with significantly less pain. It allows historical data to be captured and stored, which proves valuable in the long run. The Power of Performance Data A broad strategic approach can enable programs that offer payment protection and SCF based on the buyer s credit and historical performance. Historical data helps maintain available lines for certain buyers. Suppliers who cannot find credit from insurers for one of their buyers are given a valuable resource here. A bank-neutral platform that offers end-to-end visibility into the P2P process can enable programs to offer payment protection and SCF based on the strength of the buyer s credit, without getting tied into a single finance provider. A ski apparel provider could not find credit insurance on the street. As a result, it could not obtain supplier financing. Historical data provided by a Procure-to-Pay platform was sufficient to enable the company to secure $12 million worth of financing. In this instance, performance data was more impactful than the buyer s credit. To accomplish this, source-to-pay platforms provide a one-stop shop of supplier-to-buyer process improvements, bringing both enhanced functionality and greater visibility. Buyer and supplier collaborate in a shared environment on work-in-process, directto-store shipments, and inventory visibility. 5
6 A Holistic Approach to the Supply Chain, Procurement, and AP Source-to-pay platforms are enablers of business progress they bring an approach that facilitates scale and strategy. Ultimately, companies gain working capital optimization that makes supply chain finance not just about extending terms or paying suppliers earlier, but about a bigger picture: they are reducing costs and risk in their entire supply chain. With these platforms, buyers are able to manage end-to-end transactions with greater control and transparency, and they are given the opportunity to provide access to cash more easily and quickly. What s more, the platform s functionality offers mutually beneficial capabilities. By leveraging transaction information and buyer s credit profile results with more financing (and payment protection) at lower rates, organizations are also lowering the cost of capital to suppliers. With fewer costs and risks, suppliers have the cash they need to procure materials, make payroll, etc., and thereby shorten the supply cycle. In doing so, buyers are able to receive goods earlier and expedite their revenue cycle. Compliance A collaborative platform provides suppliers with tools to ensure compliance. Packing, scanning, and shipping are streamlined, chargebacks and penalties are eliminated, and compliant fulfillment data mitigates risk. Mitigated risk, visibility into transaction data, and historical performance is prompting finance providers to offer unique and creative finance solutions. Working Capital A platform approach takes the possibilities of working capital to an advanced level, and it enables financing options that adapt to special circumstances and suppliers. Companies seeking to maximize invoice discount opportunities require more when dealing with suppliers overseas, and with a supply chain platform, they gain days in saved time. Transaction information is shared easily through the platform, 6
7 as all parties have transparent and quality information, and better assessment of credit risk. In all, this makes lenders more willing to finance and make quicker decisions, and nothing is left offline. They are also more likely to fund more at lower rates. In addition, financial service providers can fund earlier and suppliers can increase working capital. An established supply chain platform offers more than working capital benefits it becomes a supplier collaboration tool. Suppliers have earlier payment visibility and they can confirm and collaborate on orders, provide work-in-progress visibility, and automate factory packing and shipping processes. For example, a supply chain platform turns integration with global third-party logistics into a shortened payment cycle. In this scenario, a global shipper would confirm a receipt at the point of origin, allowing a 3-way match process to be shortened by 20 days or more (assuming freight shipment of 20 days). For companies already using DDM, they can maximize these benefits by 20 more days. The complete and connected nature of the platform makes it a supplier portal, and once suppliers are on board, communication channels and business possibilities are opened. Figure 2 Disjointed Supply Chain Collaborative Source-to-Pay Platform The Working Capital Benefits of a Unified Source-to-Pay Platform PO Sent Day 1 PO Sent Goods Confirmed ** 3 Way Match Goods Confirmed ** Payment Issued 3 Way Match Early Payment Discount Payment Issued Day 30 No Discount Received ** Validation of quality, quantity, and compliance 7
8 Slow and Steady Wins the Race Despite all the possibilities available with supply chain platforms, their greatest achievements lie in their adaptability. In a safe and strategic land and expand approach, companies can structure their supply chain operations to be as narrow or broad as they want, from partial AP automation to full end-to-end supply chain visibility. Some companies may choose to start small with a simple SCF or invoice discounting capability. Over time, they can grow into P2P, WIP, factory management, and more. This eliminates the need to connect other partners by providing a single place to collaborate and a single data source for a single transaction. In all, taking advantage of the benefits of a supply chain platform can be achieved in conjunction with a company s specific business schedule and goals. No matter how quickly organizations implement the platform, however, the results of security, collaboration, and business possibilities stay the same. 8
9 Case Study: A global outerwear manufacturer engages in the design, sourcing, marketing, and distribution of active outdoor apparel, footwear, accessories, and equipment. The company s brands are distributed through a mix of wholesale distribution channels, own direct-to-consumer channels, independent distributors, and licensees. The company sells its products directly to consumers through its own network of branded and outlet retail stores and online in each of its geographic segments. Client: Leading Outerwear Company Industry: Retail Manufacturing Revenue: $1.5B+ Establishing Credit on a Global Scale Like many manufacturers with expanding global operations, the apparel provider encountered problems dealing with manual, paper-based letters of credit when sourcing overseas. The process was slow, costly, and inefficient. The process of securing credit was a challenge. Discovering a Solution The company was initially looking for a letter of credit replacement to solve this problem, and its first move was to investigate various point solutions. However, it quickly realized that a supply chain platform brought more in terms of automation, connection, security, and opportunity. The platform was also a place for the company to share orders and get invoices, and it could use this platform for open account suppliers. 9
10 Case Study: The Bottom Line The outerwear company found a solution to its needs in GT Nexus. GT Nexus is one of the world s largest cloud-based business network and execution platforms. With GT Nexus, the company was able to eliminate the need for LCs, as well as add a buyer-initiated early payment program and enable the ability to pay at the point of order for some suppliers. From that point, the company dove even deeper into process visibility at the factory level with WIP visibility. It also increased vendor compliance through more automated packaging, labeling, ASN, and direct shipment programs. Customer Benefits Increased vendor compliance and collaboration Expedited and streamlined sourcing operations Increased early-payment discounting opportunities Reduced costs associated with cost of goods Used electronic compliance and automated the payment process. The company was able to triple its PO volume without adding head count. It still uses one person to manage all vendor payables, as it did before implementation. The company didn t just solve its LC difficulties, it eliminated LCs entirely. Increased customs compliance through invoice standardization, which uses multi-component HTS codes to optimize duty savings. Recognized as a best practice leader by customs. 10
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