Client: A multinational corporation based in US
Products or Services: Manufacturing, refining, and distribution of petroleum and chemicals
Areas of Operations: Worldwide
Number of employees: Over 80,000
The customer’s operating model was based on long-term relationships with their business partners, and processes were managed using traditional methods including fragmented legacy systems. This led to inefficiencies in the Accounts Receivable process that were hard to manage with existing flows.
Several resources were utilized, resulting in the need to run specialty programs to improve efficiency and effectiveness in the existing process. Besides, costs were overrun too.
The teams still functioned in silos, and the S4 HANA implementation was underway when this project was undertaken.
COVID-19 had struck, and collections were at an all-time low, resulting in high days sales outstanding (DSO), impacting cash flow directly.
With COVID-19, Wipro had to refocus on several financial variables, including credit models, and collection approaches. Wipro’s approach to collections was as follows:
Wipro identified the top reasons for unapplied cash and provided solutions:
Wipro team identified the following factors contributing to past dues over 60 days, and provided solutions:
Wipro's solutions helped the company achieve many benefits, including reduced borrowing costs and releasing cash, as well as shortening their cash collection cycle dramatically.
If you are interested in learning more about how Wipro is helping clients enable greater efficiencies with Collections-as-a-Service, connect with us.