Woolworths Group steps up for small business
With thousands of suppliers to pay every month, Woolworths group set out to enable faster payment of suppliers but also found significant efficiencies for its own operations and teams.
With 13 million transactions passing through accounts payable every year, Woolworths wanted to increase its level of on-time payment – to support its broad range of SME suppliers to further support its long-term business relationships. With sensitive pricing information contained within those invoices, information security and privacy were also a key concern.
By removing manual paper based invoicing processes in the end-to-end process for our Supply Partners and avoiding the natural challenges presented with manual processes, eInvoicing provided operational efficiencies for our suppliers and to Woolworths. It reduced supplier queries by 70%, speeding up response times from 14 days to less than 24 hours, and allowing for material benefits in the management effort for Suppliers and Woolworths.
With Woolworths helping many of their SME suppliers get set up to send eInvoices themselves – and share the benefits – the transition was far simpler than most suppliers expected. In most cases it was cost free.
Watch: eInvoicing interview with Rob Fellows from Woolworths
“The benefits are significant, both for your suppliers, the relationship with suppliers, and your internal efficiency. We would just encourage you to speak to your software provider. I think you'll be surprised how easy the transition can be.”
Rob Fellowes, Transactions Controller, Woolworths Group
Watch: eInvoicing interview with Neil Padley from Woolworths
“I think eInvoicing will become an inevitability for all businesses. It’s simple, it’s easy to use, it’s straightforward. Our suppliers love it in that they’re paid on time, their queries are resolved quickly and from their point of view, eInvoicing has been a huge boost for them.”
Neil Padley, Head of Finance Shared Services, Woolworths Group