Accounts Payable Lexis Nexis Decision

Accounts Payable + The Decision Making Process

Background-LexisNexis®
Global Brand
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.
A member of Reed Elsevier, LexisNexis has 13,000 employees across six continents and in more than 100 countries.

Background-UK
LexisNexis UK has a 200 year heritage through its Butterworth’s and Tolley brands of providing authoritative information to knowledge driven professionals.
In combination with subsidiary companies we provide the UK’s leading professional, business and online information service.
All our products are designed to deliver information solutions that enable businesses to drive productive, efficient and reliable decisions.

Background – Accounts Payable
15,000 approx vendors
£6M monthly outgoing payments
Weekly pay runs
95% vendors paid by BACS
Up to 70,000 documents processed per year
Most vendors are also customers–but no consistency between relationships.

The Problem
Old Finance Culture
Keep things steady, don’t rock the boat
Processes manual, lacking visibility
Little enthusiasm and little investment in staff
No consistent standard process
Volumes high, controls weak
Result An area that did a lot of churning, but produced little butter

Identifying Change..
Fundamental review of staff & processes undertaken. The following decisions taken & implemented for Accounts Payable
Manual processes re-engineered -scanning and workflow benefits identified
Purchase order processing implemented –identify costs and authorisation before spend committed
Full functional review of ERP AP system / training undertaken
Desired Outcome Align people & process to share accountability for company success

Invoice Scanning & Workflow..
Core requirements of solution
European
One provider, one simple solution
Automate not replicate
Provide a non financial view of financial data
Ideal supplier profile
Good listener
Shared objectives
Flexible, as priorities changed
Global reach, local approach
Patience

Online tender issued to four prospective suppliers
Site visits arranged to preferred suppliers
Areas involved in vendor meetings invited to state preference defending choice using data provided in tender responses.
Changing priorities emerged in assessing suitability of suppliers based on tenders & visits :
Understanding of LexisNexis business culture
Scanning vs. workflow technology
Finance technology vs. Internal data provider to the Firm

Surprising discoveries from priorities meetings:
Simple workflow only, please
Empowering the non finance manager welcomed by business departments
People want to see, not read
The suppliers that do not read information that is supplied to assist them in their proposals

Final Supplier Decisions
Pricings requested from two vendors
Focus on
Scanning software functionality
Culture of solution implementer
Relationship between the two

UK MD & European CFO decision based on:
Business case proving that over a 5 year period the project provides an overall saving vs. project cost outlay
IRR = 15%+

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Accounts Payable Lexis Nexis Decision

by Avanquest Solutions UK on Sep 15, 2009

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Accounts Payable Lexis Nexis Decision — Presentation Transcript