So, what does this look like in practice?
At a major media company, accounts payable (AP) sent out 4,000 invoices every month – and 3,600 of those were one-off invoices. Vendors had to submit and manually process every single invoice on an outdated system. Using cloud technologies as part of its digital modernization strategy, Genpact recommended a standardized self-service portal for one-off vendors to create profiles and submit invoices. With this portal, vendors can get paid more quickly, and AP can focus on more strategic work.
Another example comes from a drugstore chain that lacked a single system of engagement for trade promotions. As a result, unofficial negotiations happened between suppliers and districts – leading to discrepancies downstream and revenue leakage. So, the company set out to speed up the trade promotions reconciliation process and tackle underlying upstream inefficiencies. Today, the retailer uses a portal to document and standardize promotions using cloud technologies to protect profits and empower employees.
As these stories show, when you modernize operations in the right way, everyone wins. So, while the digital modernization journey may seem complex, there's never been a better time to start.