Challenge

Superdry’s AP process was heavily manual, leading to inefficiencies in invoice processing and matching, with limited use of purchase orders. This created a lack of spending visibility and placed considerable strain on the Accounts Payable team. Delayed invoice payments and the inability to provide effective reporting further complicated the perception and performance of the AP team.

Solution

SoftCo have revolutionized Superdry’s AP process. By automating their invoice process, SoftCoAP has enabled Superdry to reduce the manual effort previously required in invoice processing, improved the creation and use of purchase orders for better spend visibility and enhanced the communication methods with suppliers, allowing for a smoother transaction process.

Results

The implementation of SoftCo’s solution led to several key benefits:

• Reduced Staffing Costs: Superdry was able to streamline its AP function, redeploying three team members into more strategic roles within management accounts.
• Increased Processing Efficiency: The company saw an increase in touchless invoice processing from 5-10% to 80%, with a goal to reach 100% in the subsequent 12 months.
• Higher PO Compliance: Purchase order compliance soared from a mere 10-15% to over 71%.
• Consistency and Efficiency: Post-SoftCo implementation, the consistent approach allowed for invoices to be processed efficiently, irrespective of the jurisdiction.
• Enhanced Team Perception: The AP team’s reputation improved significantly, with high-value work recognized by the audit committee and non-executive directors, largely attributed to SoftCo’s effective implementation.