Helped enterprises on the whole process of payment and finance

The Client

As one of the major telecommunication operators, the client has been actively innovating and implementing digital transformation. Over the years, new services, new business forms, and new business models have been created, and traditional models of resources acquisition changed. The client carried out transformation of e-commerce and finance across its headquarters, 31 provincial branches, and over 20 subsidiaries. The massive orders from fragmented transactions needed to be concentrated and shared. Financial professionals needed to be liberated from basic and trivial work. The enterprise needs to create synergy across organizational boundaries.
 

The Objectives

The client hoped to transform traditional reimbursement methods and become the first state-owned enterprise to have an end-to-end online transaction processing and operating platform which integrates all links of transaction settlements: connecting with the business and transaction system on the front end to obtain basic data and transaction data of contracts, projects, procurement orders, etc., going through transaction processes such as settlement, invoicing, payment, and accounting, and connecting with tax, capital, and financial accounting systems in the back end, dealing with invoice check, payment, recording, etc., and achieving digital transformation of the transaction operating system.
 

The Solution

Leading settlement mode:

• Support sharing of procurement and financial services to liberate the productivity of first-line employees.
• Get through the whole process and data from transaction settlement to payment accounting.
• Through the open transaction processing to promote supplier collaboration.
• Record complete transaction information to build creditworthiness.
   

The Achievements

• The whole process of online circulation greatly reduced paper information transmission and improved the group's ability to control and prevent risks. 
• Reduced the number of payment orders by 80% through combination of multiple branch orders into one package
• Manual work load decreased by 75%, with more than 600 financial job positions liberated.
• Timeliness rate of payment increased by 20%.

Reconstruct the process of business and finance integration as well as payment management towards digital transformation

Please contact:

Cheng Zhong
Deloitte Consulting Intelligent Enterprise Operation Offering Lead Partner
zhongcheng@deloitte.com.cn