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P&O Ferrymasters improves cash flow and reduces invoice processing costs by over 35%

Executive overview

Profile

Operations
20 locations across Europe

Customer since
2006

No. of employees
1,000+

No. invoices processed
192,000 p.a

Vertical sector
Transport & Logistics

Objectives

  • Reduce operational costs and remove any barriers to payment, thereby improving cash flow.
  • Streamline and automate invoice processes across multiple sites, with specific benefits to Accounts Payable (AP) and Accounts Receivable.
  • Evidence Proof of Delivery (POD) documents, to ensure potential barriers to payment are removed.

How Proactis helped

  • Supported the centralisation of the AP function and optimised invoice process efficiency.
  • Established automated AP best practices and controls.
  • Provided a single solution for paper, PDF, fax, email and XML documents that integrates seamlessly to Unit4 Financials.

Benefits to P&O Ferrymasters

  • 35% decrease in processing costs while increasing control and visibility.
  • Improved transparency and streamlined processes.
  • Achieved process transformation while cutting costs and complexity.
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The ReThink Value Scans are conducted by our most senior management and solutions consultants, who have succcessfully implemented spend management solutions for numerous companies.

Outcomes and deliverables:

  • In-depth analysis of your company's performance in one or more targeted areas.
  • A recommended strategy for turning goals and objectives into prioritised and achievable implementation initiatives.
  • A roadmap summarising and prioritising process improvements that are recommended to drive project success.
  • Identification of specific and achievable process improvements - linking key performance indicators (KPIs), industry best practices, business processes and software applications.
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 Solutions

Profile

P&O Ferrymasters was formed in 1953 and is now one of the leading European providers of tailor-made transportation and logistics services, specialising in the design and delivery of innovative and flexible supply chain solutions.

Providing services of the highest quality at the lowest operational cost is pivotal in a competitive logistics environment, so the company looked to transform and automate the Finance department.

Objectives

P&O Ferrymasters recognised that they were receiving an ever-increasing number of purchase invoices across multiple sites; with process inefficiencies and labour costs continuously increasing due to the need to have more people processing the invoices.

At the same time, the need to evidence signed Proof of Delivery (POD) was pivotal to avoid unnecessary delays in receiving payment, thereby improving cash flow.

How Proactis helped

Proactis supported the centralisation of the AP function and optimisation of the invoice process by establishing automated AP best practices and controls.

The single solution for handling paper, PDF, fax, email and XML documents now streamlines the receipt of information into the business. The scanning solution included advanced “intelligent” invoice data capture technologies that allows the solution to automatically extract invoice information at the point of scanning. In addition it included seamless integration with their Unit4 Financials solution.

POD documents are also being processed more quickly and efficiently using these technologies, to provide instant visibility of documents throughout the business

Benefits to P&O Ferrymasters

All invoices are now processed at a centrally located AP function, substantially increasing efficiencies, productivity and timeliness. 192,000 per annum are being processed electronically.

Since implementing Proactis, the organisation has consistently increased invoice processing efficiency, resulting in associated costs decreasing by 35%.

Greater internal controls have been achieved through the centralisation of processes and automation. And the organisation has established a sustainable and repeatable approach to managing spend and processing of invoices.