Optimizing Working Capital, An Order to Cash transformation for a leading Life Sciences major
About Client
Client is a leader in Environmental and Life Sciences testing with lab operations across US.
Case Context/Overview
- Develop a readiness strategy to evolve client’s Order to Cash business processes and systems to help the company meet its 2023-25 business goals.
- At the core of this endeavor was a crucial objective: bolstering our client's working capital by reducing Days Outstanding and streamlining Finance operating expenses.
- Through meticulous analysis, unbiased evaluation, and expert advisory, we delved deep into their processes, identifying gaps and opportunities for improvement.
- By enhancing critical business processes and modernizing associated technologies and data systems, we paved the way for remarkable operational efficiency. This successful project not only optimized their present performance but also laid a strong foundation for their digital transformation journey, empowering them to thrive in an ever-evolving business landscape.
Key Solution Elements
- Partnered with CFO’s office to complete an Order to Cash assessment across the value chain with a goal to Enhance order-to-cash processes (Customer Data, Billing/Invoicing, Cash App & Collection).
- Leveraged six-sigma principles to baseline processes and prepare process maturity based on industry leading practices.
- Completed identification of pain points and associated root cause analysis leverage 6 whys and fish-bone techniques.
- Conducted a thorough vendor selection process to choose a modern and right fit platform to run next-gen Order to Cash processes.
Scope of services
- eVision & Strategy: Establish a Collaborative vision for transformation. Ensure alignment with the overall strategy, objectives, and goals.
- Current State Assessmnt: Document Findings, hypothesis, and associated opportunities.
- Transformation Roadmap: Long-term plan with milestones. Identify and prioritize initiatives based on their strategic impact and associated cost / effort. Logically phase initiatives with clear milestones and deliverables.
- Establish a realistic timeline for each phase and initiative.
Benefits and Value Delivered
- Enhanced Efficiency: Implement leading practices.
- Strategic Alignment: Roadmap aligns with enterprise strategy.
- Quick Wins: Immediate pain point solutions.
- Future Readiness: Prepared for challenges.
- Vendor Selection: Clear evaluation process and associated score cards.
