Panasonic deploys Ready4 factoring Management and helps improve working capital

Following a recommendation from the IT department who had previous experience of working with SOA People in Germany, the finance team selected Ready4 Factoring Management, a credit management software solution that seamlessly integrates with SAP.

About

Panasonic’s European operations started in 1962 and it now operates in more than 35 countries across Europe and the CIS region, with headquarters in Amsterdam, The Netherlands.

It employs more than 11,000 people in sales, marketing, manufacturing, design and lifestyle research as well as R&D centres and support companies. Its business operations include AV and home appliances, industrial solutions and other consumer electronic products.

Challenges

Factoring is an increasingly important component of corporate financing, used to boost results, generate liquidity and improve working capital. As such a factoring programme had been introduced at Panasonic as a corporate strategy to be rolled out across its main European business units.

The finance department had been running its factoring on a case-by-case basis, manually producing files for the bank. But it was looking to reduce the amount of administration by using software that would integrate with the firm’s existing SAP ERP. With tens of thousands of invoices handled each month, it really needed a system that would cope with such large volumes of transactions, without the need for extra headcount.

Benefits

Panasonic generates liquidity and improves working capital by administering its factoring management in an automated, efficient way with no requirement for extra headcount

The firm’s exact cash position is instantly available at any one time and enables the finance department to report accurately and quickly to head office

The finance department has complete confidence in the information that it provides and has clarity and visibility on more complex cash situations.

“With Ready4 Factoring Management Panasonic has ensured governance and control of our factoring processes and have accurate reporting on our cash position at any one time.”

Ken Littleboy – Order to Cash European Process Owner, Panasonic

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