Dear all,
It is a great pleasure to present the Grundfos success story, then in this post, you will understand the steps that led Grundfos to choose SAP Document Compliance as their strategic solution for e-invoicing and why it is necessary to have a partner to keep your system compliant with the tax authorities. I guarantee it will help you to make the right decision for your company.
After reading I also encourage you to give your comments and doubts related to this success story. Maybe your opinion will also help other companies to choose the right strategy for an e-invoicing solution.
So let's go!
Grundfos is a Danish company founded in 1945. With an annual production of more than 16 million pumps, Grundfos is the largest pump manufacturer in the world.
The Grundfos Group is represented by more than 80 companies, employing over 19,000 people worldwide and generating annual sales of 3,036 billion euros (2018).
Grundfos had initially been using different local solutions for their e-invoicing requirements. Looking to the near future and the past, the company was not satisfied with the different IT solutions they were using in European countries. To solve new requirements, they began to look at the global picture and started looking for a strategy for digital compliance.
Grundfos was looking for a trusted and experienced SAP consulting firm that could meet their digital compliance needs to manage country-specific regulatory requirements for the global exchange of electronic documents.
Grundfos operates globally and needs to have a defined and proactive strategy to keep all existing and upcoming legal requirements under control.
With Phoron, Grundfos has found a partner that supports them in all upcoming legal requirements. In this way, Grundfos can focus on its core business without having to worry about the supporting processes. Overall, this leads to a reduction in costs by avoiding fines, but also due to improved processes.
Another reason for implementing SAP Document Compliance is the integration of all country-specific legal requirements in one solution. SAP Document Compliance was selected as the solution because of its holistic, secure, and integrated approach to SAP ECC and SAP S/4HANA.
From the timeline below, which shows Grundfos' and Phoron's connected projects, it is clear that Grundfos recognized the need to stay ahead of the ever-changing compliance landscape in the countries where they do business.
The first step was to identify the target countries to be prioritized, depending on the laws passed and the deadlines set by the government. For 2020, the most important countries with mandatory legislative changes for Grundfos were: Turkey, Italy, Hungary, and Sweden.
After selecting the focus country, Phoron analyzed the customer's system and implemented the SAP Document Compliance Framework.
The framework is the basis for all subsequent country solutions and should therefore be carefully implemented and constantly updated to ensure that the system works properly.
The implementation of the country solutions was done in close cooperation with Grundfos.
The SAP Document Compliance solution has been implemented for Turkey, Italy, Hungary and Sweden. For eDocument monitoring and management, Grundfos has an overview cockpit that shows the status and feedback from local tax authorities in different countries. For a global company like Grundfos, being able to monitor all regulatory requirements for multiple countries in one cockpit is a major advantage.
Another goal was to reduce the number of third-party vendors in non-mandatory countries. The costs for a third-party provider as well as the number of partners and local IT tools could be reduced significantly.
What defines global compliance processes is their dynamic nature. Operating in multiple countries, Grundfos understands the business future and the importance of transactional SAP Document Compliance. Using SAP Document Compliance instead of paper saves money and facilitates cross-border trade.
In order to keep up with all the changes and not lose sight of other business aspects, a flexible, supportive and long-term cooperation with Phoron is very important for the company.
The next step for Grundfos in 2021 is the migration from SAP Document Compliance to S/4HANA. This will be a simple process, as country-specific solutions will be developed for both systems.
If you are interested in getting all SAP Document Compliance updates, feel free to click on the link below, which will take you to the SAP Community with all SAP Document Compliance updates.
SAP Document Compliance
Phoron Consulting
Remember, that your comments, doubts, and questions are more than welcome!
Best regards,
Felipe
It is a great pleasure to present the Grundfos success story, then in this post, you will understand the steps that led Grundfos to choose SAP Document Compliance as their strategic solution for e-invoicing and why it is necessary to have a partner to keep your system compliant with the tax authorities. I guarantee it will help you to make the right decision for your company.
After reading I also encourage you to give your comments and doubts related to this success story. Maybe your opinion will also help other companies to choose the right strategy for an e-invoicing solution.
So let's go!
About Grundfos
Grundfos is a Danish company founded in 1945. With an annual production of more than 16 million pumps, Grundfos is the largest pump manufacturer in the world.
The Grundfos Group is represented by more than 80 companies, employing over 19,000 people worldwide and generating annual sales of 3,036 billion euros (2018).
Compliance Challenge
Grundfos had initially been using different local solutions for their e-invoicing requirements. Looking to the near future and the past, the company was not satisfied with the different IT solutions they were using in European countries. To solve new requirements, they began to look at the global picture and started looking for a strategy for digital compliance.
Grundfos was looking for a trusted and experienced SAP consulting firm that could meet their digital compliance needs to manage country-specific regulatory requirements for the global exchange of electronic documents.
Partner
Grundfos operates globally and needs to have a defined and proactive strategy to keep all existing and upcoming legal requirements under control.
With Phoron, Grundfos has found a partner that supports them in all upcoming legal requirements. In this way, Grundfos can focus on its core business without having to worry about the supporting processes. Overall, this leads to a reduction in costs by avoiding fines, but also due to improved processes.
Another reason for implementing SAP Document Compliance is the integration of all country-specific legal requirements in one solution. SAP Document Compliance was selected as the solution because of its holistic, secure, and integrated approach to SAP ECC and SAP S/4HANA.
From the timeline below, which shows Grundfos' and Phoron's connected projects, it is clear that Grundfos recognized the need to stay ahead of the ever-changing compliance landscape in the countries where they do business.
Grundfos eInvoice Strategy with SAP Document Compliance - Timeline
*Source: Phoron Consulting
Implementation of SAP Document Compliance for Turkey, Hungary, Italy, and Sweden
The first step was to identify the target countries to be prioritized, depending on the laws passed and the deadlines set by the government. For 2020, the most important countries with mandatory legislative changes for Grundfos were: Turkey, Italy, Hungary, and Sweden.
After selecting the focus country, Phoron analyzed the customer's system and implemented the SAP Document Compliance Framework.
The framework is the basis for all subsequent country solutions and should therefore be carefully implemented and constantly updated to ensure that the system works properly.
The implementation of the country solutions was done in close cooperation with Grundfos.
The SAP Document Compliance solution has been implemented for Turkey, Italy, Hungary and Sweden. For eDocument monitoring and management, Grundfos has an overview cockpit that shows the status and feedback from local tax authorities in different countries. For a global company like Grundfos, being able to monitor all regulatory requirements for multiple countries in one cockpit is a major advantage.
Another goal was to reduce the number of third-party vendors in non-mandatory countries. The costs for a third-party provider as well as the number of partners and local IT tools could be reduced significantly.
Vision for the future
What defines global compliance processes is their dynamic nature. Operating in multiple countries, Grundfos understands the business future and the importance of transactional SAP Document Compliance. Using SAP Document Compliance instead of paper saves money and facilitates cross-border trade.
In order to keep up with all the changes and not lose sight of other business aspects, a flexible, supportive and long-term cooperation with Phoron is very important for the company.
The next step for Grundfos in 2021 is the migration from SAP Document Compliance to S/4HANA. This will be a simple process, as country-specific solutions will be developed for both systems.
"More and more countries are changing their laws to file documents electronically with tax authorities. We want to implement SAP Document Compliance in more countries around the world where we have legal obligations.
We want to be prepared for the future."
Guido Cerri, Systems Consultant IS Financial Services Solutions, Grundfos
SAP Document Compliance & SAP Community
If you are interested in getting all SAP Document Compliance updates, feel free to click on the link below, which will take you to the SAP Community with all SAP Document Compliance updates.
SAP Document Compliance
Phoron Consulting
Remember, that your comments, doubts, and questions are more than welcome!
Best regards,
Felipe
- SAP Managed Tags:
1 Comment
