In 2019, $30 BN medical devices giant Medtronic embarked on a global finance optimization program. The aim? To have a best-in-class finance team.
For Accounts Receivable this meant a complete transformation of its cash application process across 250 entities in four regions.
In scope were over 3 million bank transactions a year. The aim was to fully automate cash app so the team could focus on credit and collections.
The results have been outstanding:
- In EMEA, 90% of cash transactions are now auto-allocated to a balance sheet or P&L account
- In the US, KPIs for cash accounting stand at 96% and automation rates for I2C are 84%
To discover how they decided on a solution, the impact of the COVID-19 lockdown on implementation, and some more impressive KPIs, download the success story now.
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