Industry:
Healthcare, Retail
Regions:
Global
Solutions:
AP Automation, Statement Matching
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With the help of Basware's Statement Matching solution, Specsavers were able to transform their AP Operations.
Specsavers, a British multinational optical and healthcare retail chain, has been a family-run business since 1984. With operations in over 11 countries, Specsavers manages a complex and extensive accounts payable (AP) environment. Their finance department consists of 150 professionals, with 45 dedicated to the AP team. The company processes 90,000 invoices monthly across 1,500 stores, dealing with 80,000 live suppliers, with 86% of transactions happening through EDI. Faced with various challenges, Specsavers sought to overhaul their AP statement reconciliation processes to enhance efficiency and control.
Optimizing the process
70%
of calls were related to overdue invoices
80,000
live suppliers
90,000
invoices processed per month
Specsavers's Challenges
Specsavers encountered several significant challenges in their AP processes. They lacked a centralized system for receiving invoices and statements, resulting in 70% of their call volumes being connected to overdue invoices. Costs were unknown at the time of purchase for their 1,500 stores, leading to late receipt of invoices and creating a short window for processing and payment. This lack of visibility into invoices contributed to long cycle times, with suppliers directly contacting stores.
All invoices were processed manually, leading to errors and inefficiencies. When reconciling statements, the team had to export data from the ERP system and manually work through VLOOKUP in Excel spreadsheets, which was prone to human error. The result was a messy AP ledger, high levels of manual processing, a lack of external access for audit controls, and slow progress on AP KPIs.
Aiming for a Seamless, Efficient Future
The primary aim of the project was to automate AP processes and improve supplier relationships. The project had five specific objectives. First, to gain control by centralizing the receipt of statements, allowing the AP team to promptly reconcile and settle invoices. Second, to provide value by establishing a robust support team to ensure reliable assistance for partners. Third, to enhance efficiency by equipping the team with tools to process requests promptly, eliminating manual tasks. Fourth, to boost team morale by fostering a sense of achievement through managing higher volumes efficiently and learning new skills. Finally, to improve supplier relationships by reducing finance-related queries directed to stores, allowing more time for meaningful interactions.
How Specsavers transformed their operations with Basware
Specsavers implemented the Basware Statement Matching solution, a cloud-based platform that automates statement reconciliation and manages exceptions. The solution required no installation, with access available via a browser. Implementation was swift, taking only a few days once ERP data was provided. Regular support and training facilitated a seamless transition.
A daily data feed from the ERP system into the Statement Matching solution enabled efficient reconciliation. Statements could be received in any format and forwarded to a dedicated email address. The solution automated the reconciliation process, providing line-item details back to suppliers. Feedback from suppliers was overwhelmingly positive, with comments such as: "Thank you for the file, it's nice to see what stage the invoices are at.", "Love the new format", "The report is great!".
Previously, reconciling statements involved a time-consuming, manual process with was prone to human errors. Which was time-consuming and error-prone. Now, it only takes six minutes to reconcile each statement, significantly improving efficiency and accuracy.
The Basware Statement Matching solution has not only streamlined our processes but also provided tremendous value.
Nish Makwana, Finance Manager of Specsavers
Results
Reaping the Rewards of Automation
The implementation of the Basware Statement Matching solution yielded impressive results. Specsavers now reconciles the largest suppliers monthly. This efficiency allows the AP team to focus on medium and smaller suppliers. Additionally, the Basware P2P central system has been rolled out to all stores and suppliers, vastly improving payment practices and supplier relationships by providing visibility into invoice statuses.
One of the key tracking improvements was a reduction in call volume related to overdue invoices. With 70% of call volumes previously being AP-related, the introduction of automated reconciliations has already started to reduce this figure.
We’ve already seen a reduction in inquiry call volumes over the last few months, even though we’re only reconciling a low number of our suppliers.Nish Makwana, Finance Manager of Specsavers
A Bright Future Ahead
The Basware Statement Matching solution has transformed Specsavers’ accounts payable processes, delivering significant improvements in efficiency, control, and supplier relationships. The automation of statement reconciliation has reduced manual errors, provided greater visibility, and allowed the AP team to manage higher volumes effectively.
Nish Makwana noted, “The Basware Statement Matching solution has not only streamlined our processes but also provided tremendous value by significantly reducing manual errors and freeing up our team’s time to focus on more strategic tasks. Our supplier relationships have improved as a result, and we can now ensure timely payments and better service quality.”
Specsavers continues to benefit from the streamlined processes and enhanced supplier interactions, setting a strong foundation for future growth and operational excellence.