Known as top global fashion company with hundreds of shops around 80 countries, Marc Jacobs were forced to deliver its best avant-garde design to its rack in a fast-pace speed. The problem is, they have to managed hundreds of stores located in different countries and complexity of supply chain.
The fact is, they need to create new products for more than 100 stores, online orders, and wholesale network. The company also needs to generate 54.000 invoices in a year. The combination of high volume of transaction and decentralized system push the company to find the solution. How, Marc Jacobs overcome this problem?
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How Marc Jacobs facing and overcoming the problem
The challenges arise from the way company operate. CIO Marc Jacobs, Regis Litre explained that they try to deliver new design every for months. Besides, they don’t have notions of central purchasing since, they work with new vendors for new collection.
Besides, they also face many incoming bills due to tight administrative workflow. It may lead to indirect spend and dangerous spot for financial department. They need a centralized system to ensure the budget is still under control.
Marc Jacobs decided to digitize their back office with cloud and AP automation platform. This solution is believed to solve decentralized workflow with long-time invoice processing and approval. Are they successful in overcoming the problem?
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Become the Best at the Class with AP Automation
Marc Jacobs successfully overcome the problem by applying AP automation on their back office workflow. Today, 93% of invoices routed efficiently. When it’s arrived, the invoice is coded and sent to authorized approver.
The employee will receive email notification, process and approve the invoice. AP automation helps them to do the job anywhere and anytime since, it can be accessed through their mobile-phone or web. They successfully cut the invoice processing time from 45 days to 11 days.
AP workflow is centralized and invoice processing and approval time decreased greatly, thanks to AP automation. The focus is, increase designer and operational productivity to deliver new product for every for months.
It also eliminates worry for losing of invoice, late payment, and expense tracking problem. Account payable gets higher control and visibility on the process. In one year after deployment, the company have made $150.000 gain.
In the end, Marc Jacobs is able to compete with its competitors. Their productivity and creativity increased due to centralized workflow and effective invoice processing from suppliers.