Global Leader in Next-Generation Networks
Optimizing Vendor Payment Process
Challenge
Intense competition and highly empowered customers required this global telecom to drive extraordinary value out of every dollar invested in new technology, process re-engineering, upgraded sales channels and other change initiatives. The company struggled with a highly manual and error-ridden process for validating invoices and tracking payments to nearly 1,000 vendors. It was slow – requiring two weeks to validate payments – and inaccurate; only one in three transactions were validated accurately, which led to a high number of overpayments.
Solution
The company turned to Infinitive for strategic and technical help. Our Change Engineers redesigned the entire system and process. A simple extract from a legacy system into an accessible online database replaced the process of self-reporting and 50+ spreadsheets that were necessary to support the full range of vendors.
Results
After deploying the improved payment tracking and validation tool, the company now enjoys a streamlined process. The validation of vendor payments has seen major gains in accuracy and speed, with the end result of millions of dollars of savings and a huge reduction in misallocated payments.
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