SunGard today announced that Huntsman Corporation has selected its AvantGard GETPAID Order-to-Cash solution to help improve efficiency and productivity in support of its Six Sigma initiatives.
Huntsman, a global manufacturer of commodity chemicals, is integrating AvantGard GETPAID with its SAP enterprise system to help improve cash flow and reduce operating expenses. AvantGard GETPAID helps customers to improve control of financial performance and operational efficiency contributing to working capital optimization.
"We selected AvantGard GETPAID to help us manage corporate growth while minimizing our operational costs," said Gord Zivanovic, corporate Six Sigma at Huntsman. "AvantGard GETPAID will also help us to improve invoicing transparency and control, and provide analysis for ongoing process improvements."
The Order-To-Cash process links key activities in the financial value chain, including credit analysis and approval, cash collections, dispute resolution, cash application, and financial analysis and reporting. Historically, these operations have been highly inefficient due to the lack of automated and integrated systems for Order-to-Cash management. Effective management of accounts receivable is a critical area to target for process improvements as it is a key driver of cash, cost containment and customer relationships.
"A well-orchestrated strategy of cost management, working capital management and technology-driven productivity can have a significant impact on cash flow and margins," said C.J. Wimley, chief operating officer, SunGard's AvantGard GETPAID business unit. "Many organizations have identified the finance and credit operation as a key area for efficiency improvement. Compounding this trend is the mandate for regulatory compliance. AvantGard GETPAID is helping companies address these challenges through the use of Order-to-Cash automation and collaboration technology."
Business process optimization through quality initiatives such as Six Sigma can help revitalize companies and produce bottom-line results. Fine-tuning processes around the treatment of trade receivables helps yield ROI improvements as evidenced through lower DSO, reduced bad debt expense, interest expense savings and increased productivity.