Working capital at a chemical company
A chemical company was experiencing a high workload in their financial PTP department, often resulting in overdue vendor payments.
We set up a balanced process to extend the payment periods of suppliers and introduced a more logical creditor process that satisfied the terms of this newly developed methodology. The impact on the DPO and payment accuracy was particularly positive.
In order to increase flexibility for the customer base, strong emphasis was placed on vendor lead-time reduction via local warehousing, consignments and improved planning. Inbound inventory was significantly reduced to more acceptable levels and outsourcing was also carried out at the same time. All these efforts led to cash being more readily available for other purposes.
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