Use cases in Finance
Order-to-cash
THE CHALLENGE
A large healthcare company wanted to minimize the number of payments occurring in its Order to cash process and streamline changes in sales orders. Not only were these transactions vulnerable to loss and lost revenue, cash flow control was at risk (for example, due to bank account changes).
THE SOLUTION
By analyzing the Order to Cash process in just 4 weeks, Livejourney identified multiple sets of reworks that were hidden in the process. Complex loops and huge amounts of wasted time were rapidly identified, as well as some suppliers that required careful attention.
THE OUTCOME
Livejourney saved transactional costs, lowered risk for management, and reduced the number of multiple payments, resulting in a total saving of more than 400% of the cost of Livejourney.
1
O2C process
1
month
+ €150K
saved in 4 months
Procure-to-pay
THE CHALLENGE
A manufacturer wanted to accelerate deliveries in its processes by identifying and understanding payment bottlenecks: which steps were slowing it down and when? Process tracking was also necessary for regulatory compliance.
THE SOLUTION
Livejourney displayed the entire process and immediately analyzed the lead times between each step. Bottlenecks turned out to be seasonal, and Livejourney identified specific processes that could be automated to gain even more time.
THE OUTCOME
A revised payment process yielded faster payments, and Livejourney continues to analyze all late payment deviations for real-time improvement. Regulatory compliance was also shortened by weeks, resulting in better supplier relationships.
1
P2P
1
year
- 20%
late payments in 6 months
Set up a new supplier
THE CHALLENGE
The process of entering new suppliers into an existing procurement system can be very complex, due to long approval processes that can take weeks or months. Hesitation to add new suppliers can lead to innovation delays and market share risk.
THE SOLUTION
By analyzing 3 years of historical data, Livejourney was able to identify multiple issues in the supplier validation process, including difficulties for suppliers that were unable to complete all forms at once (causing loops and unusually long lead times), and large reworks with complex variables.
THE OUTCOME
The digital method of analyzing this complex process saved hours of meetings and analysis. Livejourney made it possible to reshape important steps and simplify the entire process.
1
process
3
months
50%
of time saving