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Sanofi’s Transformation Journey: Global Cash Application roll out in 28 countries
Technology Category
- Analytics & Modeling - Machine Learning
- Functional Applications - Enterprise Resource Planning Systems (ERP)
Applicable Industries
- Pharmaceuticals
Applicable Functions
- Business Operation
Use Cases
- Automated Disease Diagnosis
- Predictive Maintenance
Services
- Software Design & Engineering Services
- System Integration
The Challenge
The existing cash application process at Sanofi was plagued by extreme differences in the process flow and structure all around the company; low uniformity led to disorganized work and confusion. With a presence across the globe, even though some of the branches they had did use automation, others were completely manual and did not have any form of automated solution in place for pulling remittances or invoice data from emails and portals. A lack of clarity among teams into their goal setting and visibility into end to end processes also led to dumbing down of the workflow. They also wanted to reduce their A/R overdue workload as it clogged up the entire cycle and also led to delays.
About The Customer
Sanofi is a French multinational pharmaceutical company headquartered in Paris, France. Originally, the company was formed in 1973 and the current incarnation was formed as Sanofi-Aventis in 2004, by the merger of Aventis and Sanofi-Synthélabo, which were each the product of several previous mergers. Sanofi engages in the research and development, manufacturing and marketing of pharmaceutical drugs principally in the prescription market, but the firm also develops over-the-counter medication. With over 70 manufacturing sites around the world, Sanofi provides healthcare to more than 170 countries worldwide. Sanofi Business Services (SBS) was created in 2016 to support 2020 strategic vision by enabling technology across different support functionalities. They have over 100,000+ employees, and with such a workforce, they were all about having an efficient, effective, user-centric or customer-centric organization. This included having both global as well as regional teams in locations around the world.
The Solution
By incorporating the HighRadius Cash Application Cloud Solution, Sanofi got the following functionality, which helped them: Auto-aggregate remittance from various sources. Remittances could be auto-extracted across various sources and formats such as check stubs, emails, EDIs, web portals without any manual intervention. The cash app team could then view these remittances in a consolidated format in the solution. Automate cash reconciliation and deduction coding. The solution leveraged AI capabilities to accurately auto-link payments with the open invoices and ensure automated deduction coding. Thus cash application analysts could spend more time on other high-value tasks. Reduce lockbox keying-in fees. It leveraged multiple OCR engines to eliminate lockbox fees by auto-capturing payment and remittance data in an accurate manner. Easily deploy, ERP-agnostic solution. The Cash Application Cloud could seamlessly integrate with the existing ERP/s across the globe without any major business disruption.
Operational Impact
Quantitative Benefit
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