Honda Logistics turns AP into a profit center
Description text: Founded in 2013, Honda Logistics North America, Inc. provides special warehousing, storage services, freight, sub-assembly, transportation, logistics and parts for Honda in North America. One big logistical challenge they wanted to overcome was automating their invoicing process.
By combing Tungsten Network Workflow with machine learning technology that scans invoice documents, Honda was able to significantly reduce both invoice failure rates and the time it takes to pay suppliers.
“The platform gave us a clear picture of our cash flow so we could make better decisions. We now have increased flexibility with vendor payments. Additionally, with visibility into our cash flow, we can work with vendors on deep discounts.” – Brad Gerritsen, Accounts Payable Coordinator, Honda Logistics.