Ritchie Brothers, a leading player in the Construction, Transport & Logistics industry, faced the challenge of consolidating their localized procure-to-pay (P2P) processes while accommodating regional regulatory differences. In their pursuit of a unified solution, Ritchie Brothers turned to Basware, to provide the necessary support for their business on a global scale.
Consolidating Processes for Global Success:
With approximately 60 legal entities and operations in over 20 countries, Ritchie Brothers realized the need to standardize their invoice processing to achieve complete transparency and maintain a single, consistent point of data. Before implementing Basware, each country had its own unique P2P process, relying on paper invoices and manual processing. This decentralized approach posed challenges in terms of efficiency, control, and visibility.
Basware Implementation and Integration:
The implementation of Basware's AP Automation solution at Ritchie Brothers was smooth and seamless, with Basware integrating into the existing ERP and technology environment without issue. Oliver Piccard, VP of Global Financial Operations, collaborated closely with Basware's implementation team to address the highest priority tasks. The company's P2P professionals used these learnings to develop effective new processes, resulting in streamlined operations.
Achieving Remarkable Results:
The successful implementation of Basware AP Automation allowed Ritchie Brothers to achieve a significant milestone - 65% end-to-end 'touchless' automatic matching in North America from Day 1. This remarkable feat not only reduced paper processing but also enhanced internal controls over a large portion of their spend. The Basware Reporting tool provided immediate visibility over vendor spend, empowering the company to make more data-driven decisions.
Standardization and Responsiveness:
Ritchie Brothers experienced minimal business impact during the implementation process, allowing IT to quickly hand over day-to-day responsibilities for the Basware solution to local AP teams. The level of responsiveness exhibited by Basware proved invaluable when the company encountered staffing issues in Australia, as their North American team was able to provide remote support. Oliver Piccard commended Basware's transparency, honesty, and partnership approach, stating that the platform allowed them to regain control over their technology and focus on value-added work.
Conclusion:
Ritchie Brothers' journey towards unifying their localized AP processes with Basware has resulted in significant improvements in efficiency, visibility, and control. The achievement of 65% automatic matching, reduced paper processing, and enhanced internal controls exemplify the positive impact of the implementation. By partnering with Basware, Ritchie Brothers has successfully transformed their AP operations, enabling their employees to refocus their efforts on more strategic initiatives and reinforcing their position as a global leader in the used equipment market.
To learn more about Ritchie Brothers' success story and their collaboration with Basware, you can download the full case study or watch the accompanying video.
