Telecommunications company using cost saving technology
Advances in technology and innovation continually shape the telecommunications industry. To remain ahead of the curve, successful businesses evolve their business models frequently. They are also focused on driving operational efficiency to sustain their advantage in the value chain and keep costs low.
Strategic cash management is crucial in maintaining viable cash flow and low borrowing costs. To facilitate accurate cash management, telecommunication businesses require actionable financial data. Improving data accuracy contributes to more efficient Finance and Accounting (F&A) processes and financial savings for the business.
The challenge for the telecommunications provider was…
Improve the accuracy of its Accounts Payable (AP) cash forecast. Optimise cash management by improving business insights. Increase productivity by eliminating non-value-adding manual activities and reducing the manual effort for locating and reviewing exceptions.
Here’s what we co-created as a solution…
WNS supported the client with a solution to improve the AP, Treasury and Management Information and Business Intelligence (MIBI) processes.
The solution entailed:
Data mapping – identifying availability and mapping to the respective metric
Standardising the template – 100 percent of the forecast input
Root cause and mitigation – implementing the recommendation for 55 percent of the forecast contribution to improve performance
Exception management – identifying the deviation through exception and spending more time forecasting on speculative items
Governance for tracking and reporting – implementing change control for a quick, effective turnaround
The outcomes from the co-creation process are…
The accuracy of the client’s AP forecast improved by 26 percent, saving the company approximately ZAR 432 Million in borrowing costs.
Co-creation also resulted in improved business insight and greater efficiency in the client’s AP process.