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TEAMAWARD20|OperationsPresident’sandTeamAwardsDaysPaymentOutstandingIn2020AbbVierankedinthebottomthirdofourpeergroupinDaysPayableOutstandingorDPOwhichisafinancialratiothathelpsmeasureacompany’smanagementofcashoutflowsThisteamledaninitiativetoimproveAbbVie’sDPOto38daysbytheendof2021Theirkeystepsincludednegotiatingwithsuppliersforextendedterms;settingupanofficialapprovalprocesstorouteexceptionsthroughcontrollers;aligningcontracttermswith vendormasterandinvoiceterms;andestablishingappropriatereportingmechanismstoprovideinsighttoexecutiveleadershipInadditiontheteamdesignedandcollaboratedwithBTStoimplementaudittoolstoexposeanybackendprocessbreakdownswhichalonecontributedtoabouttwodaysofimprovementThroughhardworkanddeterminationtheymettheirambitiousgoalbenefittingourcompany’scashoutflowpositionThisnewprocessisnowpartofongoingnegotiationsandreviewpractices
