A Finance Transformation Senior Director of a listed $2.7 billion biotechnology company was in the process of planning an Ariba implementation and wanted to:
1
Understand its Procure To Pay Process (specifically around invoice receipt and processing
2
Identify improvements that would support the Ariba implementation
3
Design and implement a more streamlined process leveraging existing technology while addressing any weaknesses discovered
4
Design and implement metric reporting to monitor invoice backlog, aging and work in process
5
Complete the effort within a 4-month window
Approach
Monomoy deployed resources from its operations excellence practice to:
- Develop an agile plan that focused on short-duration deliverables with the client
- Leveraged experiences, tools and templates to develop process improvements
- Worked collaboratively across functions and the globe to design, implement and stabilize the improvements.
Results
The client gained
- A clear understanding of their PTP processes (Process Mapping) and areas of weakness
- An improved “receipt and posting of invoices” process through a formalized new receipt and posting process including the introduction of invoice hold functionality within the ERP
- Full visibility of its backlog for the first time through performance metrics and could implement an improvement program to reduce the backlog prior to the Ariba implementation
- The new process identified a number of further process improvement opportunities that could pursued outside the project time window and before the Ariba implementation.