One of the profitable and leading asset management companies in the country which has countrywide network of branches along with diversified distribution networks.
Our client wanted to improve operational processes and governance in its Accounts Payable (AP) process. The company was looking at enhancing its capability to accurately handle high volumes of invoice processing while reducing operational costs. They wanted an agile system that would ensure a seamless and efficient transition within a short duration.
Key Challenge: High turnaround time and inefficiencies in processing vendor payments.
SBS was selected to provide AP services comprising vendor invoice booking, employee reimbursement, purchase order and petty cash. SBS leveraged over 13 years of domain experience along with its in-house workflow solution and six sigma practices to implement a robust solution. The highlights of the solution include:
- Defined end-to-end AP operations for high quality, uninterrupted service
- Dedicated project managers in charge of both onsite and offsite processes to ensure seamless communication, transition and delivery
- Cross-training of team members in all AP activities, to prevent downtime in transaction processing
- Timely updates and reports to clients
- Reduced TAT to two days on processing of invoices
- Increased cost savings by over 30% and enhanced scalability y
- Enhanced operational efficiency and improved consistency
- Insightful MIS and reporting for enhanced compliance and decision making
- Efficient handling of a higher volume of transactions
- Enhanced vendor and employee satisfaction
- Access to skilled resources and the ability to scale up or down