Specsavers, a leading optical and healthcare retailer, transformed their statement matching operations by implementing Basware’s Statement Matching solution to complement thier Basware AP Automation solution. Statement Matching reduced manual errors, improved visibility, and allowed their team to handle higher statement volumes more efficiently.
A Vision for Efficiency
Specsavers, a family-run business since 1984, operates in over 11 countries and manages a complex AP environment. Processing 90,000 invoices monthly for 1,500 stores and dealing with 80,000 suppliers, they faced significant challenges in efficiency and control. Basware’s solution was pivotal in addressing these issues.
Tackling Statement Manual Processing
Before implementing Basware, Specsavers lacked a centralized system for receiving invoices and statements, leading to 70% of enquiry calls being related to overdue invoices. This lack of visibility resulted in long cycle times and high levels of manual processing. Their AP team was bogged down with errors and inefficiencies, using manual processes like VLOOKUP in Excel for reconciliation.
Seamless Transition to Automation
Specsavers implemented Basware’s cloud-based Statement Matching solution, automating statement reconciliation and exception management. This required no installation and offered swift implementation with access via a browser. Daily ERP data feeds enabled efficient reconciliation, drastically reducing manual tasks.
Significant Improvements and Results
The impact of Basware’s solution was immediate and impressive. Reconciliation time dropped to six minutes per statement, freeing the AP team to focus on strategic tasks. This automation enhanced overall efficiency and control, allowing the team to manage higher volumes effectively. The improved efficiency and accuracy positively affected supplier relationships. Suppliers appreciated the automated updates and increased visibility into invoice statuses, with feedback highlighting their satisfaction with the new process.
Reducing Enquiry Call Volumes
One of the most notable improvements was the reduction in enquiry calls related to overdue invoices. Specsavers saw a significant decrease in these calls, which had previously constituted 70% of their enquiry volume. This allowed their team to focus on more value-added activities, improving operational efficiency.
A Bright Future Ahead
Specsavers’ successful implementation of Basware’s Statement Matching solution streamlined their statement reconciliation processes and set a strong foundation for future growth. The transformation reduced manual errors, improved supplier relationships, ensured timely payments, and enhanced service quality.
For further details on Specsavers' AP transformation journey, read the full case study here.
