In the highly competitive global fashion industry, optimizing operational processes is key for businesses to maintain their leading position. Karl Lagerfeld, a famous luxury fashion brand, has successfully automated its financial processes, increasing productivity, minimizing risks, and creating a solid foundation for sustainable growth. This transformation journey not only improved internal efficiency but also opened up opportunities for the brand to continue expanding its scale in the international market.
1. Introduction to Karl Lagerfeld
Karl Lagerfeld is a luxury fashion brand with a classic Parisian feel and a modern twist. Founded by the legendary designer of the same name, the brand offers a wide range of products from men’s, women’s and children’s fashion to accessories, eyewear, fragrances and footwear. With over 200 stores worldwide and a strong digital presence in Europe, the Middle East and Asia, Karl Lagerfeld has become a global icon in the fashion industry.
2. Challenges in financial management
By 2020, the luxury fashion brand was facing major challenges in its financial management process as it processed over $100 million in invoices each year from thousands of suppliers. The manual process posed several limitations:
- Manual entry and approval: Invoices go through multiple levels of approval, which is time-consuming and error-prone.
- Lack of tracking capabilities: Invoices are prone to loss, slow processing, or errors.
- Increased complexity when expanding: Expanding operations across Europe increases pressure to comply with financial and tax regulations.
According to Ms. Eva Miguel Banos, CFO, traditional management systems cannot meet the growing growth rate and scale of businesses, leading to many serious risks.
3. Financial process automation solution
To address these challenges, Karl Lagerfeld implemented a modern financial automation solution that seamlessly integrated with the company’s Infor M3 ERP system. In just seven weeks of implementation, the new process has brought about many positive changes:
- Automatic invoice matching: Three-way check function compares invoices, purchase orders and delivery notes, reducing errors and increasing accuracy.
- Digital storage: Invoices are stored in the cloud, easy to access and check.
- Multi-currency handling: Support complex international transaction requirements, suitable for global brand operations.
4. Results achieved
Automating financial processes has brought significant benefits to Karl Lagerfeld:
- Increase work efficiency: Employees save time by quickly searching and tracking invoices.
- Reduce the risk of fraud: The system automatically detects abnormalities such as changes to supplier bank account information.
- Enhance compliance: Automation helps departments comply with internal regulations, ensuring transparency and consistency.
- Simple integration: The deployment process does not require much intervention from the IT team, saving costs and time.
5. Cost management lessons for Vietnamese businesses
Automated finance systems are key to Karl Lagerfeld’s ability to manage operations effectively on a global scale, from Europe to Asia. This not only enhances transparency and ensures regulatory compliance, but also lays the foundation for sustainable growth in the fiercely competitive fashion market. This is a testament to the role of technology in supporting businesses to achieve superior performance and create long-term competitive advantages.
Managing e-invoices has never been easier with Bizzi Bot – a smart digital assistant, applying advanced RPA and AI technology. With the ability to process invoices in a snap, Bizzi Bot not only increases efficiency but also minimizes errors and optimizes costs, becoming an indispensable solution for more than 1,000 businesses in Vietnam.
Bizzi Bot is integrated with RPA (Robotic Process Automation) combined with artificial intelligence AI, providing:
- Accuracy up to 99%, eliminating errors due to manual input.
- Operates 24/7, ensuring no invoices are missed at any time.
- Save up to 2,000 hours per year, allowing businesses to focus on higher value activities.
Just 3 simple steps
- Create a free email to receive electronic invoices: Bizzi sets up a private email address for your business to receive invoices from suppliers.
- Automatically download and check invoices: Bizzi Bot automatically downloads, checks validity, and reconciles invoice information.
- Browse and export data: You just need to browse invoices and export data as needed to synchronize with the accounting system.
Benefits of Bizzi invoice processing:
Increasing productivity
Invoice processing time is significantly shortened, only 30 seconds/invoice.
Spend more time on strategic tasks instead of manual processing.
Reduce errors and lost invoices
Completely eliminate the worry of incorrect data entry or lost invoices.
Bizzi centrally and scientifically manages all invoices, from paper to electronic, in one place.
Cost savings
Services are customized to the size of your business, to suit every need.
Each bill costs only as much as a glass of iced tea, but offers outstanding value.
GS25, PNJ, Grab, and Phu My Hung are pioneering businesses applying Bizzi Bot to improve financial management efficiency. From minimizing errors to optimizing processes, Bizzi has become a trusted assistant in the digital transformation journey of businesses.
Discover Bizzi invoice processing today to automate your invoice management process and increase efficiency for your business!
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6. Conclusion
“Financial automation is a step that completely changes the way we manage and operate,” said Eva Miguel Banos.
Karl Lagerfeld’s story is a clear testament to the power of technology to increase efficiency, reduce risk and drive sustainable business growth in an increasingly competitive business environment. Automation solutions are no longer just operational support but have become a strategic foundation for global expansion.
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