Tips to Increase Revenue in Troubled Economic Times
March 9, 2009 - Over the last few years, much of the consumer goods industry's focus has been placed on the physical supply chain, ensuring that the flow of goods is as efficient as possible. But in this difficult economy, companies cannot afford to ignore the financial supply chain and how they manage the flow of money. During a recent CGT web seminar event, adidas Group told the inside story on how it streamlined processes and increased revenue without increasing headcount. In addition, industry experts from AMR Research and Precision Business Technologies Inc. (PBT Inc.) shared best practices for leveraging business processes and document management solutions to outpace the slowing economy, and keep cash flowing in the supply chain. Here is a brief summary of the event:
> John Hagerty, vice president and research fellow for AMR Research, shared industry challenges as well as strategies to streamline financial processes to thrive through the economic downturn. "Financing is an integral part of the supply chain. In addition to having information flying around the supply chain [between manufacturers, suppliers, contract manufacturers, logistics providers, customers and so on], you also have money greasing the wheels of the supply chain." Given this complex scenario involving many different participants, Hagerty suggests that companies attempt to automate the nuts and bolts of financial processes and tightly align them with other organizational business processes. Business systems can help support the cash-in and cash-out processes; specifically, business process management can help to facilitate the flow of money throughout the organization, Hagerty noted.
> Travis Long, business solutions manager for the adidas Group, shared the company's business process management journey, which started in 1998. Ten years later, the company is still leveraging technology from Global 360 to empower efficiency and effectiveness in the customer-to-cash cycle. "Obviously, we did not think we would still have the same solution ten years later," admits Long. But business results from adidas North America's implementation still include an increase in order volume; faster claim turnaround; a faster credit process and greater productivity. "We took little steps to make sure it [the solution] worked; it was well received by the business; and we continue to use it today. Operations models come and go, so be certain that the solution can cope," closed Long.
> Cassie Dillon, vice president, PBT Inc., a global Global 360 preferred implementation partner, offered additional details of adidas Group's proven implementation and provided a template for consumer goods companies that may want to pursue a similar project. She explains the business case for doing so here: "A successful customer-to-cash cycle depends on quick access to information and interdepartmental cooperation. Consider the impact that having online access to documents relevant to the customer-to-cash cycle (structured components like EDI order as well as web forms and unstructured documents like faxes and paper orders). If all this documentation is organized, indexed and available, think of the efficiencies you could achieve."
For an in-depth blueprint of adidas Group's document management and business processes as well as John Hagerty's tips for surviving the credit crisis, click here and listen to this event in its entirety.
> John Hagerty, vice president and research fellow for AMR Research, shared industry challenges as well as strategies to streamline financial processes to thrive through the economic downturn. "Financing is an integral part of the supply chain. In addition to having information flying around the supply chain [between manufacturers, suppliers, contract manufacturers, logistics providers, customers and so on], you also have money greasing the wheels of the supply chain." Given this complex scenario involving many different participants, Hagerty suggests that companies attempt to automate the nuts and bolts of financial processes and tightly align them with other organizational business processes. Business systems can help support the cash-in and cash-out processes; specifically, business process management can help to facilitate the flow of money throughout the organization, Hagerty noted.
> Travis Long, business solutions manager for the adidas Group, shared the company's business process management journey, which started in 1998. Ten years later, the company is still leveraging technology from Global 360 to empower efficiency and effectiveness in the customer-to-cash cycle. "Obviously, we did not think we would still have the same solution ten years later," admits Long. But business results from adidas North America's implementation still include an increase in order volume; faster claim turnaround; a faster credit process and greater productivity. "We took little steps to make sure it [the solution] worked; it was well received by the business; and we continue to use it today. Operations models come and go, so be certain that the solution can cope," closed Long.
> Cassie Dillon, vice president, PBT Inc., a global Global 360 preferred implementation partner, offered additional details of adidas Group's proven implementation and provided a template for consumer goods companies that may want to pursue a similar project. She explains the business case for doing so here: "A successful customer-to-cash cycle depends on quick access to information and interdepartmental cooperation. Consider the impact that having online access to documents relevant to the customer-to-cash cycle (structured components like EDI order as well as web forms and unstructured documents like faxes and paper orders). If all this documentation is organized, indexed and available, think of the efficiencies you could achieve."
For an in-depth blueprint of adidas Group's document management and business processes as well as John Hagerty's tips for surviving the credit crisis, click here and listen to this event in its entirety.