From the past few years, we have seen the emergence of a new business strategy in global companies and organizations, which is appointing a single-point owner – the Global Process Owner or GPO. This modern approach is about assigning ownership to an individual over an end-to-end process across any geographical and business units. This procedure brings up a new strategic corner related to the domain of finance & accounting, technology, people, business process, and performance.
Having a centralized organizational model, leveraging shared services, improving process standardization, enhancing accountability, and bench-marking performance for company standards are some of the key leads behind the GPO approach.
As the entire Order-to-Cash cycle of a company is split into several stages, it leads to adding up the multiple functional silos and geographical units to it. Hence, it becomes process-intensive and requires a great deal of maintenance with visibility and accountability.
Cargill is a team of 160,000 professionals spread over 70 countries drawing together the worlds of food, agriculture, nutrition, and risk management. With over 153 years of experience, Cargill is building towards a sustainable future with new technologies and insights.
From a global process owner perspective, there are four critical components related to finance, mainly focusing on Credit to Cash-
Cargill revamped the Accounting and Finance scenario into a single frame. Indeed, the Global Process Owner Approach is an integral part of achieving a unique A&F landscape by Cargill. It is all about how Cargill shifted their A&F scenario towards a shared service organization.
The critical components of their finance and accounting landscape are:
By imparting the complete authority to a single individual to navigate swiftly through their business standards, global companies have indeed reported the substantial advantages associated with their overall financial goals.
Cargill stepped above and accepted the comprehensive enhancements of a GPO, dealing with aspects where components related to finance and order-to-cash cycle gave way to rationalizing their processes and enabling standardization. With all considered, Cargill drove an overall finance transformation project and has migrated 3600 employees in 3 years into six global centers without dropping the ball on any of the metrics.
Overcoming the Seven Critical Challenges for A/R…
Insights into how shared services leaders are coping with the turbulent economy and…
What is Days Sales Outstanding(DSO) and How…
CFOs across the business spectrum agree – Cash is king and oxygen for…
Digital Transformation Strategies for Order-To-Cash In A…
If you believe that COVID-19 is likely to have a negative impact on…
HighRadius Integrated Receivables Software Platform is the world’s only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Integrated Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway – covering the entire gamut of credit-to-cash.