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Customer Success Story: Integrated Receivables with Ferrero
Technology Category
- Functional Applications - Enterprise Asset Management Systems (EAM)
- Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries
- Food & Beverage
Applicable Functions
- Business Operation
- Sales & Marketing
Services
- Cloud Planning, Design & Implementation Services
- System Integration
The Challenge
Ferrero faced three significant challenges due to their decentralized system: lack of executive visibility, inability to take real-time action, and poor customer risk management. Finance executives had limited visibility across business units, making it difficult to monitor important accounts or have a holistic view of customer data for smarter decision-making. The A/R team struggled to take real-time actions due to siloed systems, leading to a lack of information flow between systems and departments. Additionally, the lack of inter-team visibility hindered better decision-making and enforcement of customer rules for various risk segments.
About The Customer
Ferrero is an Italian manufacturer of chocolate and confectionery products, founded in 1946. It is the second-largest chocolate producer and confectionery company globally. With a massive volume of customers and operations spread across several business units, Ferrero needed a robust system to manage its order-to-cash processes efficiently. The company sought to improve its overall A/R efficiency, lower DSO, ensure smooth cash flow, and enhance customer experience. Ferrero's commitment to quality and innovation has made it a leader in the confectionery industry, with a strong global presence and a diverse product portfolio.
The Solution
Ferrero leveraged the HighRadius integrated receivables solution to address its challenges. The centralized system provided better visibility for senior management, enabling them to share working capital reports and major account overviews with executives. Real-time visibility into working capital reports and a summary of important accounts allowed for faster decision-making, helping the company navigate economic downturns. The reporting focused on high-value and high-risk accounts, with intelligent risk forecasting to reduce bad debt and enable strategic decisions. The integrated system also facilitated remote workforce enablement and management by providing visibility into factors affecting KPIs. Aggregated information from multiple sources allowed for informed decision-making, helping Ferrero maintain KPIs better than industry averages. Additionally, the system balanced customer expectations and business objectives by automatically identifying customers with genuine cash flow constraints and creating targeted collection strategies for at-risk accounts.
Operational Impact
Quantitative Benefit
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