Process redesign is at the core of solving many problems Purely Financial is asked to fix. This can range from a need to achieve a specific outcome such as invoicing customers or paying suppliers within agreed timescales through to supporting cost reduction initiatives where processes are redesigned to achieve the same outcome but with less effort.
A number of examples illustrate this.
This particular customers' business is highly seasonal so raising invoices at the earliest opportunity is vital to cash flow and reducing the level of working capital required to support the business. Purely Financial redesigned the whole invoicing process which resulted in invoices being produced six weeks earlier than previously without any change to agreed terms with customers.
This Building & Maintenance company was entering the Insurance Repair & Emergency Response market. Purely Financial supported this successful launch by developing pricing models to support bids; drawing up a full set of commercial terms and negotiating their agreement with customers and designing and implementing the full set of business processes for this new venture.
This company spent a lot of time manually checking and reconciling information. Purely Financial automated the reconciliation processes and reduced back office headcount by 25%. Purely Financial also redesigned the production of monthly management accounts with the outcome being that the monthly Board meetings were brought forward by one week.
This Construction company was not meeting its agreed targets for paying subcontractors and had over £800k of subcontract invoices that were overdue by more than 90 days. Purely Financial redesigned the subcontract purchase to pay process freeing up these invoices whilst at the same time introduced new controls for procuring agency staff.
