Accounts Payable Lexis Nexis Decision


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A presentation by our customer, Lexis Nexis, on how they chose a supplier for accounts payable plus, our workflow system for invoice approvals

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Accounts Payable Lexis Nexis Decision

  1. 1. Accounts Payable + The Decision Making Process
  2. 2. Background-LexisNexis® <ul><li>Global Brand </li></ul><ul><li>LexisNexis® is a leading global provider of business information solutions to business professionals in law firms, corporations, governments, law enforcement bodies, tax, accounting and academic institutions. </li></ul><ul><li>A member of Reed Elsevier, LexisNexis has 13,000 employees across six continents and in more than 100 countries. </li></ul>
  3. 3. Background-UK <ul><li>LexisNexis UK has a 200 year heritage through its Butterworth’s and Tolley brands of providing authoritative information to knowledge driven professionals. </li></ul><ul><li>In combination with subsidiary companies we provide the UK’s leading professional, business and online information service. </li></ul><ul><li>All our products are designed to deliver information solutions that enable businesses to drive productive, efficient and reliable decisions. </li></ul>
  4. 4. Background – Accounts Payable <ul><li>15,000 approx vendors </li></ul><ul><li>£6M monthly outgoing payments </li></ul><ul><li>Weekly pay runs </li></ul><ul><li>95% vendors paid by BACS </li></ul><ul><li>Up to 70,000 documents processed per year </li></ul><ul><li>Most vendors are also customers–but no consistency between relationships. </li></ul>
  5. 5. The Problem <ul><li>Old Finance Culture </li></ul><ul><li>Keep things steady, don’t rock the boat </li></ul><ul><li>Processes manual, lacking visibility </li></ul><ul><li>Little enthusiasm and little investment in staff </li></ul><ul><li>No consistent standard process </li></ul><ul><li>Volumes high, controls weak </li></ul>Result An area that did a lot of churning, but produced little butter
  6. 6. Identifying Change.. <ul><li>Fundamental review of staff & processes undertaken. The following decisions taken & implemented for Accounts Payable </li></ul><ul><li>Manual processes re-engineered -scanning and workflow benefits identified </li></ul><ul><li>Purchase order processing implemented –identify costs and authorisation before spend committed </li></ul><ul><li>Full functional review of ERP AP system / training undertaken </li></ul>Desired Outcome Align people & process to share accountability for company success
  7. 7. Invoice Scanning & Workflow.. <ul><li>Core requirements of solution </li></ul><ul><ul><li>European </li></ul></ul><ul><ul><li>One provider, one simple solution </li></ul></ul><ul><ul><li>Automate not replicate </li></ul></ul><ul><ul><li>Provide a non financial view of financial data </li></ul></ul><ul><li>Ideal supplier profile </li></ul><ul><ul><li>Good listener </li></ul></ul><ul><ul><li>Shared objectives </li></ul></ul><ul><ul><li>Flexible, as priorities changed </li></ul></ul><ul><ul><li>Global reach, local approach </li></ul></ul><ul><ul><li>Patience </li></ul></ul>
  8. 8. Invoice Scanning & Workflow.. <ul><li>Online tender issued to four prospective suppliers </li></ul><ul><li>Site visits arranged to preferred suppliers </li></ul><ul><li>Areas involved in vendor meetings invited to state preference defending choice using data provided in tender responses. </li></ul><ul><li>Changing priorities emerged in assessing suitability of suppliers based on tenders & visits : </li></ul><ul><ul><li>Understanding of LexisNexis business culture </li></ul></ul><ul><ul><li>Scanning vs. workflow technology </li></ul></ul><ul><ul><li>Finance technology vs. Internal data provider to the Firm </li></ul></ul>
  9. 9. Invoice Scanning & Workflow.. <ul><li>Surprising discoveries from priorities meetings: </li></ul><ul><ul><li>Simple workflow only, please </li></ul></ul><ul><ul><li>Empowering the non finance manager welcomed by business departments </li></ul></ul><ul><ul><li>People want to see, not read </li></ul></ul><ul><ul><li>The suppliers that do not read information that is supplied to assist them in their proposals </li></ul></ul>
  10. 10. Invoice Scanning & Workflow.. <ul><li>Final Supplier Decisions </li></ul><ul><li>Pricings requested from two vendors </li></ul><ul><li>Focus on </li></ul><ul><ul><li>Scanning software functionality </li></ul></ul><ul><ul><li>Culture of solution implementer </li></ul></ul><ul><ul><li>Relationship between the two </li></ul></ul>
  11. 11. Invoice Scanning & Workflow.. <ul><li>UK MD & European CFO decision based on: </li></ul><ul><li>Business case proving that over a 5 year period the project provides an overall saving vs. project cost outlay </li></ul><ul><li>IRR = 15%+ </li></ul>
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