"SoftCoP2P provides Primark with complete visibility, significantly reduced manual workload and a 1 year return on investment”
Maura Mulderry , Director of Financial Planning & Analysis, Primark
Challenge
Primark needed an AP Automation solution that could manage a complex global supply chain, provide real time transport visibility, and support their vendors with early payments to ensure products are on shelves in as little as six weeks from the time of ordering.
Solution
Primark now automatically match 98% of their 350,000 Free on Board (FOB) Incoterm invoices allowing them to pay key vendors to terms, calculate actualised margins and put in place supports such as supply chain finance. The result is a faster release of goods from dock to warehouse, as the invoice is also used for customs clearance, thus reducing demurrage costs.
Results
The implementation of SoftCo's Retail AP Automation solution led to several key benefits:
350,000 invoices now managed by 2 AP staff.
Suppliers paid before goods arrive at the destination depot.
Goods released from dock reducing demurrage charges.
Information
Industry:
Retail
Solution:
P2P
Regions:
Worldwide
Employees:
80,000
Invoices:
350,000 per annum
ERP System:
Oracle
Founded in 1969, Primark is a leading international retailer, with over 450 stores across 17 countries. Employing more than 80,000 people, Primark is renowned for offering high-quality, affordable fashion.
“Primark's growth was dependent upon getting this foundational piece right, and SoftCo helped us achieve that.”
Maura Mulderry , Director of Financial Planning & Analysis
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