IBM Inks Five-year Deal To Manage, Run Honda's Finance, Procurement Works In Europe

IBM (IBM) and Honda Motor Europe Ltd on Wednesday announced a five-year deal, in which IBM plans to manage and run Honda's finance and procurement operations across Europe.

As per the agreement, IBM plans to manage the Source-to-Pay, Record-to-Report and Order-to-Cash processes. The standardization and simplification of the processes is designed to enable the application of the latest advances in automation which can provide further cost and quality benefits.

The contract is designed to deliver integrated end-to-end service which can help the UK-based automobile firm to improve efficiency, reduce costs, standardize processes across its European operations and ultimately set it on course to a 'Zero Touch' vision, the American corporation said in a statement.

IBM added that the contract extends an existing ten-year relationship by giving IBM Global Business Services additional responsibility for procurement operations.

The transformation investments required put even greater demands on back-office functions to improve efficiencies and be flexible to support the changing business demands, IBM pointed out.

IBM and Honda Motor Europe signed their Finance and Procurement Service agreement in first quarter of 2021.

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