How Automotive Parts Supplier Faurecia Automated 80% of Key Finance Processes
How did leading global automotive parts supplier Faurecia – which has its equipment in 1 in 3 cars worldwide – automate 80% of its finance processes, with approval workflow the only remaining manual task?
Watch the video to hear Christophe MacGarry, global finance transformation director at Faurecia, explain how the company worked with Redwood to implement a global platform for finance automation. Faurecia is using that platform to support the transformation of its global business shared services (GBS) and improve SAP utilization across all of the countries in which it operates.
The overall goal was to implement end-to-end process automation to boost efficiency, drive down costs, and strengthen internal controls and compliance. “Process optimization is really in the DNA of Faurecia,” says MacGarry.
According to MacGarry, the key is to focus on end-to-end process automation and standardization, not task automation.
“We really think that process standardization is a cornerstone of efficiency and quality,” he explains in the video. “We have many other processes to come, so for us it is really the beginning of a journey.”
He adds that Redwood has been integral to achieving this because its single, central platform is the “best friend of the ERP”. As well as improving the efficiency of Faurecia’s ERP, the finance automation platform also eliminates non-value-added tasks and creates a clear audit trail for compliance.
Watch the video to find out how Faurecia automated 80% of key finance processes.
About The Author
Shak Akhtar is the Senior Vice President of Finance Automation for Redwood Software. Cutting his teeth as an accountant at IBM before working for leading IT companies such as SAP®, BEA and iTwo, Shak Akhtar combines his abundance of financial and IT experience to fulfill his global responsibilities at Redwood Software. That includes spearheading the adoption of robotic process solutions by enterprises across their back office operations and chairing client led financial transformation workshops.