The digital acceleration is in full swing at Finance & Legal
As the number of digital transactions continues to grow with the rapid development of new distribution channels, the Group is accelerating digitalisation of Finance to remain at the cutting edge of innovation.
New technologies lie at the heart of Finance & Legal
Finance teams manage a multitude of transactions. With the rise of digital distribution channels and L’Oréal’s dynamic growth, managing these transactions has become increasingly complex. Given this situation, new technologies are a major asset: they make artificial intelligence and data mining an integral part of our financial tools to boost efficiency and precision in data processing. All of which allows teams to focus their expertise on strategic analysis.
Fintech: an asset for supplier teams
Cash flow in the era of fintech
The Group is present worldwide and is structured into geographic Zones as well as by Division and Function. With the boom in e-commerce and omnichannel distribution, payment chains have become extremely complex: there are more and more payment partners, with over 20 suppliers on 200 websites. To keep pace with this shift, L’Oréal has rolled out a single data processing and cash flow management system to all its payment suppliers. It relies on data mining to automate information collection, harmonise the cash flow process and ensure information is presented consistently throughout the entire Group. The data harvested allows us to monitor all online retail sales across the globe in real time via a user-friendly visual interface. We can rapidly alert Cash Flow and IT teams to any technical problems that arise and ensure they are handled quickly to guarantee the best possible customer experience.