The challenge
A large apparel and fashion conglomerate has distributed operations. It operates multiple brands in different fashion categories like clothing, shoes, accessories, etc. Needless to say, it has significant presence in the fashion industry catering to international markets as well.
The company has many sister organizations making a complex structure for the holding company. It was facing challenges in manually tracking and monitoring payment collection and disbursal across multiple bank accounts. The treasury team was struggling to get visibility into the operations, which were becoming increasingly complex and difficult to manage. Also, splitting individual transactions into different ledger accounts was quite time taking and error prone. Reporting and auditing were also taking too much time, making it difficult for the senior management to get accurate reports at a regular cadence.
The solution
To overcome these challenges, the company deployed the Kosh platform, which automated their finance operations. It improved visibility into their payment operations. The platform was able to ingest bank feeds from 20 bank accounts in the original formats.
The company observed significant improvement in the timeliness and accuracy of their reporting, achieving a 99% reduction in time involved. Furthermore, the platform ensured 100% accuracy in their financial operations, providing senior management with accurate reports in a timely manner. Overall, the Kosh platform has proved to be an effective solution for the company, streamlining their finance operations and improving their productivity while ensuring accuracy in their reporting.
