We have seen financial services costs decline by $2.5M while the volume, quality, and productivity increase.
The financial services team at Keurig Dr Pepper relied on 3rd party vendors, outsourcing their Cash Application and other A/R functions to control costs. This led to limitations such as restricted access and control. Moreover, outsourced contracts prevented shifting to other platforms or discontinuation of services before the contract period. They thus decided to reevaluate whether they wanted to continue their contract or move operations in-company to have more power and visibility over their processes.
Keurig Dr Pepper leaped by deciding to move their cash application process in-house, but new challenges appeared. The biggest issue the teams faced was that they were strapped for time to cover all critical accounts.
KDP wanted a solution that could eliminate non-value tasks through automation. They wanted a solution that could help them automate globally, with minimal need for constant revision and to handle upgrades in the future without causing any hassles. They required centralized infrastructure and, most importantly, a way to cut down on draining manual tasks.
Keurig Dr. Pepper is a leading beverage company in North America and the first to bring hot and cold beverages together at scale. Formed in 2018 with Keurig Green Mountain and Dr. Pepper Snapple Group merger, Keurig Dr. Pepper has annual revenue of over $11 billion and nearly 27,000 employees.
Consumer Packaged Goods
Claims and POD Automation
By leveraging technology to automate their processes, KDP achieved operational excellence by improving staff utilization and enhancing productivity.
The cash application team at Keurig Dr Pepper was able to save on time and resources lost in manual remittance aggregation with automatic aggregation of remittance data without having to download them from web portals or emails. Further the Multi-OCR Engine auto-captured accurate remittance data from checks.
The solution enabled the team to automatically match invoices with the payment. All critical payment information such as payer name, bank fees, currency was captured to ensure faster payment remittance linking.
It was once an error-prone and hefty task to deal with the enormous amount of invoices coming in daily; now, even with an increase of 19% in that volume, 56% of the FTEs could be reallocated to other critical tasks.