As part of an effort to further drive efficiency and automation across their organization, Coca-Cola Bottling Co. Consolidated (NASDAQ: COKE) has selected Taulia Inc’s Dynamic Payment Platform to automate their invoice processing, improve supplier relationships, and reduce supply chain costs through dynamic discounting.
Organizations continue to look for additional ways to lower operating costs. As part of this mission, CFOs and Finance Executives look to consolidate and standardize financial processes while controlling and managing corporate spending.“In 2010 we set very ambitious goals for upgrading our accounts payable and procurement processes - A lean, centralized processing of invoices, reduction of paper invoices by more than 50%, highest level of automation, and on top of that, ways to provide our purchasing department with the best possible leverage when negotiating discounts.” said Marcia Golden, Director AP at Coca-Cola Bottling Co. Consolidated. “After conducting an in-depth research and comprehensive evaluation of technologies and solutions available to help us achieve these goals, Taulia’s complete end-to-end solution quickly emerged as our solution of choice. Among the deciding factors were Taulia’s extensive SAP background and expertise for optimizing accounts payable and procurement processes, a best-in-class software as a service (SaaS) based solution that seamlessly integrates with our existing business software, and has minimal internal IT requirements. The solution is SAP certified and includes a highly automated dynamic discounting optimizer and a comprehensive vendor portal.”
Shortening the payment cycle and enabling dynamic discounting creates a win-win situation. While achieving greater early payment discounts on one side, on the other, suppliers benefit from the immediate payment and need to rely less on banks for their short-term financing needs, lowering receivables costs and days sales outstanding (DSO).
“Organizations can further optimize their working capital and achieve double-digit returns by working with their suppliers and utilizing dynamic discounting instead of taking a hit-or-miss approach for discounts and early payment terms.” said Bertram Meyer, Taulia’s CEO. “We continue to see tremendous opportunities for organizations to improve their accounts payable process and leverage speedier processes to achieve greater discounts much beyond traditional rates.”
ABOUT COCA-COLA BOTTLING CO. CONSOLIDATED
Coca-Cola Bottling Co. Consolidated is the largest independent Coca-Cola Bottler in the United States. The Company is a leader in the manufacturing, marketing and distribution of soft drinks.
See the official press release.