Leading Wearables Tech

Company Overview
  • Wearables Tech from India serving the fitness industry with their offline and online business units. 
  • HQ: India
  • Founded: 2014
  • Industry: Ecommerce, Wearables Tech
  • Use Cases: Procure to Pay Engine

The Challenge

Working with a lot of vendors made the payables process extremely manual and hectic. With a lot of hands working on the payables unit managing vendors for their production and other requirements, the Head of Finance badly wanted to bring some visibility into the payables process and its performance.

  • Late and double payments, sometimes
  • Manual workload, the team were doing 14 hours shifts
  • Suppliers were dissatisfied with the poor operational efficiency, esp. from an ecommerce giant

This eventually ended up causing a huge cash flow problem for the business forcing an immediate intervention.

“We were simply struggling to identify where to solve the problem first, where the root problem was.”

Head of Accounting

The Solution

The Head of Finance decided to address the root problem ie.. data concerns. The team decided to consolidate all their payables data across their tech stack to continuously monitor the team’s performance and address any risks before becoming big

  • A central nervous system of finance data was built enabling the analysis team to consolidate data from multiple sources across Accounting, Billing, Payments and CRM all at one place for faster and automated reconciliation.
  • A comprehensive payables dashboard was configured for better visibility across the leadership and the whole finance team to identify areas to improve in the AP process. 
  • The necessary alerts and reminders were configured regarding payments, late fees thus enabling the team to be on top of invoices faster than earlier.

The Outcome

  • 80% reduction in late fees 
  • Payment errors brought down to 0%
  • DPO brought down by 45% to 28 days
  • 25% increase in invoice processing speed
  • 75 hours saved every month

The Conclusion

With multiple vendors across R&D, S&M and G&A, the finance team really wanted better clarity in their payables process. With bluecopa, the team were able to get both birds eye view and in-depth clarity to improve AP efficiency and vendor relationships.

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