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Accounts Payable Lexis Nexis Decision
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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

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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Transcript

  • 1. Accounts Payable + The Decision Making Process
  • 2. 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.
  • 3. 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.
  • 4. 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.
  • 5. 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
  • 6. 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
  • 7. 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
  • 8. Invoice Scanning & Workflow..
    • 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
  • 9. Invoice Scanning & Workflow..
    • 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
  • 10. Invoice Scanning & Workflow..
    • Final Supplier Decisions
    • Pricings requested from two vendors
    • Focus on
      • Scanning software functionality
      • Culture of solution implementer
      • Relationship between the two
  • 11. Invoice Scanning & Workflow..
    • 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%+