Brief
- CWT M&E had successfully implemented a centralized SMM program using a lead agency model with integration of internal planning team
- Company policy moving from 45 day payment terms to 60 days with pushback from key suppliers
- Client needed a consolidated payment strategy to optimize cash flow, drive efficiencies and integrate data
Solution
- Collaborated with finance leaders to evaluate payment options with impact on cost, user ease, controls and cash opportunity
- Recognized successful P-card process within other divisions
- Created hybrid P-card solution of physical, virtual and prefunded cards, mainly dependent on meeting type, with procure-to-pay used for ancillary items, such as marketing/promo products
Result
- Achieved cash held days of 69 days on average
- Increased compliance by 28%
- Delivered incremental savings of 4.8% (cash optimization, reduction in resources supporting manual PO and reconciliation process)
- Increased customer satisfaction to a 4.6 rating on a scale of 5