Client details: HSBC
Style: Vector Art
Duration: 120 Sec
Arnold needs some widgets, so he searches on the internet and calls up several suppliers.
He agrees a price with a Supplier who sends Arnold an invoice with 30 day payment terms.
Meanwhile, Lucille orders her widgets through HSBC’s procurement system. Depending on region, this may be Fusion or BuySmart.
Then Lucille raises a Purchase Order.
This is the easiest, most efficient way for invoices to be paid and ensures suppliers are paid on time.
Arnold receives his Supplier’s invoice and sends it to Accounts Payable.
But then the trouble starts.
Accounts Payable reject the invoice because the Supplier isn’t set up on HSBC’s procurement system
An unhappy Supplier calls Arnold to complain.
So Arnold contacts Accounts Payable.
He’s told the supplier needs setting up on the system.
But that takes time…
AND it’s complicated…
Arnold must ask the supplier for validated financial information.
He’ll have to contact Legal to see if a contract is needed.
And he must check if Supplier Qualification is required and if so, whether the supplier meets HSBC’s standards.
All this could take several weeks.
It’s HSBC’s corporate responsibility to ensure that Suppliers are paid on time.
But by now the payment is overdue.
The Supplier must re-submit the invoice –
This time direct to Accounts Payable.
They will then send it over to Arnold for coding.
Finally, Arnold must get the invoice approved by his manager.
Only now can the Supplier get paid and Arnold feel better again.
Until he talks to Lucille, that is.
Thanks to HSBC’s pre-existing agreements with her supplier, Lucille got a great price.
Compared to her’s, Arnold’s price is exorbitant, and HSBC has been commercially disadvantaged.
Meanwhile, Lucille receipts her goods in Fusion, her supplier gets paid on time, and everyone is happy.
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