When you are a world-leading money manager, it doesn’t look great if you can’t keep track of basic business functions like supplier invoices.
Yet, this used to happen at Aegon, one of the world's leading providers of life insurance, pensions and asset management.
Some 2,000 paper invoices moved at a snail’s pace through Aegon Hungary every month. As each invoice required up to five people’s signatures, approval could take weeks and payment deadlines were often missed.
Some invoices were overlooked or lost completely as they moved from desk to desk.
Aegon now completes invoice approvals 50% quicker than before. Other benefits are much-improved relationships with its suppliers, now that they get paid on time.
What’s the key to Aegon’s transformation?
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