Client: World’s leading steel producer
Industry type: Manufacturing
Products or services or core business: Finished, semi-finished steel products
Geography or areas of operation: Global
Total annual revenue : Over £75 Bn
The client had non-standardized and several manual processes across the globe. The technology was not utilized to the full capacity and no process-centric and business-centric metrics were monitored to provide business insights. The client also experienced high DSO (Days Sales Outstanding) due to inconsistent debt collection attempts and there were multiple instances of duplicate payments. Additionally, there was a high volume of vendor queries, led by high query resolution cycle time.
The solution implemented by Wipro to effectively address the challenges included a combination of tools, process re-engineering and process optimization. We deployed RPA (Robotic Process Automation) to automate manual process of billing and invoice payments. Other deployments include OCR (Optical Character Recognition) optimization, using digital process maps with Wipro BasedTM Harmony, Power BI enabled dashboards for real time reporting on business metrics, and duplicate payments check tool.
Wipro leveraged domain expertise for a strategic approach for higher long term benefits. This includes the following:
- Shared service Center re-designing
- Process reengineering to reduce - transport inventory backlog, DSO, vendor queries; and auto VAT determination
- Language neutralization cheat sheets for better TAT (Turn Around Time)
The solution and initiatives enabled real time reporting of business metrics with following benefits
- 60% process standardization across the board
- $12.4 million duplicate payments identified
- 82% reduction in transport inventory backlog
- 40% productivity benefits to client
- 36% increase in end customer satisfaction
- 98% automation of billing process
- Real time reporting on business metrics
- Business value delivered till date is $14.8 Million
“We delivered the client a measured business value of $14.8 Mn throughout the engagement. The Company achieved 98% automation of billing and 82% reduction in transport inventory backlog”.
-Gurpreet Bajwa Practice Head – Collections, Finance & Accounting, Wipro