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In order to increase process efficiencies and to ensure a procurement process that conforms with auditing and compliance requirements, a German financial service provider replaced its previously used instrument for reporting requirements. In addition to that, an electronic and holistic workflow-based procurement solution was introduced. Connecting an already existing solution for Invoice Management with the new solution, an integrated P2P-process was created which includes process optimization in purchasing and financial accounting.

Previously, a German financial service provider used a contract management tool as a less intuitive electronic contract archive. In order to be able to actively manage contracts with their periods of agreement and terms of notice, a new, user-friendly system was implemented and the existing contracts were migrated from the former system. The new tool has also been connected to the existing order platform.

Based on an electronic procurement system which has already been implemented, an electronic and workflow-based system for competent invoice verification and approval was introduced. The goal was to ensure a consistent and networked purchase-to-pay process. The result is a more efficient, more revision conform, more compliance conform, more transparent and more consistent P2P-process which includes interfaces for data exchange within the systems.

The full responsibilty for the vendor master administration (VMA) was transferred to the Accounts Payable team of a global player for petrochemicals. Due to the fact, that there were different parties create multiple vendors for the same supplier, they had to stardardize the VMA and improve the data quality. In cooperation with our partner Transparent, STÖHR FAKTOR completed incomplete data records and identified and blocked inactive as well as duplicate vendors. To ensure the highest data quality and to standardize the VMA, a governance was created.

This financial services provider needed to strategically develop and optimise its existing specialist functions. The areas affected were purchasing, cost management and accounting.