Automated monitoring and approvals
K2 significantly improved visibility into expenditures, materials, and assets throughout the company, enabling Bidvest SACD to improve its financial management. For example, the company has halved the amount of capital locked up in inventory by using K2 to monitor store inventory more accurately. Unnecessary stock holdings have been reduced and replacement materials are only ordered when actually needed.
The company has also made substantial cost savings by using K2 to better manage its expenditure. Using K2 processes, the company ensures all expenditures are authorized in terms of the company purchasing authority matrix and everyone follows the same standardized processes. The K2 platform also collates data on expenditure across the whole company, enabling it to negotiate better pricing from its suppliers.