Credit Where Credit Is Due
How Takeda Pharmaceuticals Recovered Working Capital and Maintained Positive Supplier Relationships During Mergers and Acquisitions
October 27, 2020
• Sonya Winters, Associate Director, P2P at Takeda Pharmaceuticals
• Geoff May, Director of Audit Operations, Commercial, EMEA/APAC at apexanalytix
• Phil Beane, Senior Vice President, Global Field Operations at apexanalytix
Why would you add one more project to a list of major operational and system changes? Sonya Winters, Associate Director, P2P of Takeda Pharmaceuticals, knew why. Recover working capital with minimal resources required.
In this presentation, Sonya and apexanalytix audit director Geoff May discuss how a recovery audit, performed in a way that minimizes disruption to the procure-to-pay organization, can add value in recovering cash and identifying ways to close those control gaps.
With two audit cycles complete, and a new global audit for Takeda beginning, the company is making sure that overpayments are recovered in a timely manner. Both Takeda and their suppliers benefit from prompt correction of overpayments, reducing the need to go back to past financial periods that have been closed, or risking that money on a supplier’s books is uncollectable due to bankruptcy, discontinuance of the relationship, or arbitrary application of credits to unapproved invoices.
Highlights of the session include:
• Why do an audit during massive change?
• System migrations mean data must be consolidated properly
• Native language communications with suppliers – why they matter
• The apexanalytix formula for busy AP and P2P teams: Work independently, update regularly
• 99.9% processing accuracy can still mean millions in recoveries
• Unrecoverable claims, COVID-19 and business insolvencies
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