Streamlining Supplier Payment Failures to Enhance Resolution Timelines

The customer’s payment failure rate was high, and their existing processes were too slow to resolve these issues. This was mainly due to the many dependencies between different applications, treasury, and helpdesks. As a result, the customer’s Paid on Time (POT) percentage decreased, which led to additional costs in discounts and interest
fees.
The client was looking to improve the quality of operations with their payment issue resolution processes throughout the organization.

SLK conducted a thorough failure mode and effects analysis (FMEA) of the payment failures and resolution processes. The team identified over 120 failure types and created a quick reference guide for resolving them. SLK also developed a bank matrix with region-specific and bank-specific exceptions.
By segregating payment failures into specific categories and streamlining the overall resolution process, SLK’s approach helped the client save money on project capital expenses.