In the realm of beverages, there is a name that resonates with billions of people across the globe, a name that has become synonymous with refreshment, joy, and unrelenting innovation. Brace yourself for the story of Coca-Cola, a company whose rise to prominence is as captivating as the effervescent bubbles that dance within its iconic red cans.
Picture the year 1886 in Atlanta, Georgia, a time when the world was yearning for a new kind of drink, a tonic that would transcend mere quenching of thirst. It was during this era that John Pemberton, a pharmacist with an audacious vision, concocted a recipe destined to change the course of history. With a secret formula, Pemberton crafted a syrupy elixir infused with a unique blend of ingredients, including the magical essence of the coca leaf and the invigorating kick of the kola nut.
Thus, the birth of Coca-Cola was marked by Pemberton’s tenacity and a belief that a single sip had the power to ignite a sensation like no other. The dark liquid was christened with the name “Coca-Cola,” derived from its two key ingredients, and introduced to the world as a tonic promising vitality and pleasure.
Little did Pemberton know that he had sparked a cultural revolution, igniting a thirst that would transcend borders and generations. As the decades unfolded, Coca-Cola became more than just a beverage; it became a symbol of camaraderie, a timeless companion in moments of celebration, and a comforting presence during life’s everyday struggles.
As the world witnessed pivotal moments in history, Coca-Cola stood as a steadfast companion, transcending cultural barriers and uniting people from diverse backgrounds. From being enjoyed by soldiers during World War II to becoming a symbol of unity during the Olympic Games, Coca-Cola’s influence on society grew exponentially.
With each passing year, Coca-Cola continued to evolve, adapting to changing consumer preferences and embracing new technologies. The brand’s unwavering commitment to refreshing the world extended beyond the beverage itself, as it spearheaded environmental initiatives, championed social causes, and inspired a global movement for positive change.
In the spirit of keeping up its tradition of innovation and championing social causes, Coca Cola welcomed the rise of AP automation and implemented it to incredible results. Marcia Golden, director A/P at Coca-Cola says that,
“We set very ambitious goals for upgrading our accounts payable [A/P] and procurement processes – a lean, centralized processing of invoices, reduction of paper invoices by more than 50%, highest level of automation and, on top of that, ways to provide our purchasing department with the best possible leverage when negotiating discounts,”
By optimizing their A/P and procurement processes, that require minimal internal IT requirements and human involvement, Coca Cola dramatically improved their invoice processing and payment workflows. They were able to reduce manual errors, enhance data accuracy, and achieve faster invoice approval and payment cycles.
This automation helped Coca-Cola streamline their operations and achieve significant cost savings at a time when the economy is in global turmoil and production costs are sky-high.
As part of an effort to drive efficiency and automation, Coca-Cola Bottling Co Consolidated automated its invoice processing, improved supplier relationships, and reduced supply chain costs using dynamic discounting – all through the might of AP automation.
Shortening the payment cycle and enabling dynamic discounting created a win-win situation for both buyer and supplier. While achieving greater early payment discounts, Coca Cola’s suppliers benefited from the immediate payment and needed to rely less on banks for their short-term financing needs, lowering receivables costs and days sales outstanding (DSO).
Thus, this move to AP automation not only had a massively positive impact on the company itself, but its stakeholders as well.
So, raise your glass, whether it’s filled with the original Coca-Cola Classic or one of its countless delightful variations, and toast to the extraordinary journey of a company that has quenched the world’s thirst for over a century.
The story of Coca-Cola is a testament to the indomitable spirit of human ingenuity and the enduring legacy of a simple, fizzy concoction that has forever captured our hearts and taste buds.