“Invoices now are going through at 80% touchless processing. Prior to SoftCo, it was between 5-10% maximum”
Martin Ray, Accounts Payable Manager, Superdry
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.
Information
Industry:
Retail Fashion
Solution:
Accounts Payable Automation
Regions:
Worldwide
Employees:
3,500+
Invoices:
30,000 per annum
ERP System:
Coda Financials
Founded by James Holder and Julian Dunkerton in 2003, Superdry operates through 740 Superdry branded stores in more than 60 countries, employing almost 4,000 people and recorded revenues of more than $700m in 2021.
“I would recommend SoftCo purely by the way that they have delivered on everything that they’ve promised. We’ve been able to also hit our targets with the automation solution that they’ve delivered for us”
Martin Ray, Accounts Payable Manager
Hear what our customers say
SoftCo has created a frictionless process, saving considerable time and effort.
By using our website, you consent to the use of cookies in accordance with the SoftCo cookie policyOK
Manage consent
Privacy Overview
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.