Uncovering Efficiencies, Big and Small
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1 May 7-9, 2017 Disney s Yacht & Beach Club Resorts, Florida Uncovering Efficiencies, Big and Small Rowena Froegel Discover Financial May 9, 2017 ** 8:15 9:15
2 About Us May 7-9, 2017 Disney s Yacht & Beach Club Resorts, Florida
3 3 Profile Senior Manager at Discover for the last 3 years Over 15 years of Accounts Payable experience Midsize and Large Corporations Comprehensive Accounts Payable Management Travel and Entertainment Operations Management Corporate Travel Management Development and Implementation of Invoice Workflows Offshore Implementation and Management Accounts Payable Manager (APM) certification since 2007
4 4 About Discover Discover Financial Services (NYSE: DFS) is a direct banking and payment services company one of the most recognized brands in U.S. financial services. one of the largest card issuers in the United States. issues the Discover card, America's cash rewards pioneer offers private student loans, personal loans, home equity loans, checking and savings accounts, certificates of deposit and money market accounts through its direct banking business. It operates the Discover Network PULSE Diners Club International
5 About Accounts Payable Systems Ariba Invoice Ariba Network Concur Expense Great Plains (replacing with Infor at the end of 2017) Processes Invoice Exception Processing Expense Report Exception Processing Payment Disbursement Vendor Management Reporting Audit Requests Ariba Supplier Enablement Corporate Expense Policy Enforcement Policies Corporate Expense Policy 5
6 6 About Accounts Payable Invoices ~ 102,602 = $2.16B annually Reports ~ 55,413= $37MM annually
7 Creating Efficiencies
8 8
9 9 Definition of Insanity.
10 10 Leveraging Existing Technology & Applications Get Rid of Paper Between 70-80% of an organization s processes are still being managed on paper. 1 Benefits : Not only will the switch to a paperless office increase workplace productivity, but it will also: Reduce costs of paper related actions including copying, printing, and storing Allow for less time spent searching for paper documentation. Increase response time to clients and customers. Refocus staff onto other critical administrative tasks. Use Existing Applications Document Management Systems Adobe Professional NitroPro Workflow Systems Ariba ImaeNow Use Secured Folders 1 Source:
11 11 Paper Consumption In the Office Average worker = 10,000 sheets / year Drawer Space Employees spend 30 40% time searching Paper consumption grows by 22% yearly 45% end up in the trash 1 Source:
12 12 Real Life Work Examples Example #1 Problem Statement: Currently receiving paper check requests and entering information manually in Ariba Issues: Wasteful printing Redundant steps Inefficient use of staff time Resolution: Allow business unit to enter information in system rather than an electronic document that needs to be reentered Example #2 Problem Statement: Currently printing documents to create a vendor package for approval Issues: Wasteful printing Inefficient use of staff time (printing / filing) Time wasted to retrieve documents No way to approve if out of the office Resolution: Utilize secured folders and system for approving documents using secured signatures Example #3 Problem Statement: Manual process for receipt and approval of wire requests Issues: Wasteful printing Inefficient use of staff time (printing / filing) Time wasted to retrieve documents No audit trail Too many steps in the process Resolution: Utilize and configuring existing system to eliminate manual processes and provide audit trail. Easy retrieval of documents.
13 13 Example #1 Old Process Request was created and printed by the Business Unit Approved manually by an authorized signer Dropped off, interofficed, or ed to A/P A/P receives request and enters into Ariba Request is processed Process Revision Request was created and printed by the Business Unit Approved manually by an authorized signer Dropped off, interofficed, or ed to A/P A/P receives request and enters into Ariba Request is processed New Process Request was created by the Business Unit in Ariba Approved systematically by an authorized signer Request is processed
14 14 Real Life Work Examples Example #1 Problem Statement: Currently receiving paper check requests and entering information manually in Ariba Issues: Wasteful printing Redundant steps Inefficient use of staff time Resolution: Allow business unit to enter information in system rather than an electronic document that needs to be reentered Example #2 Problem Statement: Currently printing documents to create a vendor package for approval Issues: Wasteful printing Inefficient use of staff time (printing / filing) Time wasted to retrieve documents No way to approve if out of the office Resolution: Utilize secured folders and system for approving documents using secured signatures Example #3 Problem Statement: Manual process for receipt and approval of wire requests Issues: Wasteful printing Inefficient use of staff time (printing / filing) Time wasted to retrieve documents No audit trail Too many steps in the process Resolution: Utilize and configuring existing system to eliminate manual processes and provide audit trail. Easy retrieval of documents.
15 15 Example #2 Old Process Vendor packet created by printing documents Manually approved by an A/P manager A/P Analyst enters information in A/P system A/P Analyst Files Doucmentation Revising Process Vendor packet created by printing documents Manually approved by an A/P manager A/P Analyst enters information in A/P system A/P Analyst Files Documentation New Process Vendor packet created in secured folder ( Needs Approval folder) Approved electronically by an A/P manager A/P Analyst enters information in A/P system A/P analyst moves vendor packet to Completed folder
16 16 Real Life Work Examples Example #1 Problem Statement: Currently receiving paper check requests and entering information manually in Ariba Issues: Wasteful printing Redundant steps Inefficient use of staff time Resolution: Allow business unit to enter information in system rather than an electronic document that needs to be reentered Example #2 Problem Statement: Currently printing documents to create a vendor package for approval Issues: Wasteful printing Inefficient use of staff time (printing / filing) Time wasted to retrieve documents No way to approve if out of the office Resolution: Utilize secured folders and system for approving documents using secured signatures Example #3 Problem Statement: Manual process for receipt and approval of wire requests Issues: Wasteful printing Inefficient use of staff time (printing / filing) Time wasted to retrieve documents No audit trail Too many steps in the process Resolution: Utilize and configuring existing system to eliminate manual processes and provide audit trail. Easy retrieval of documents.
17 17 Example #3 Old Process Receive Paper Wire Request Manually validate invoice Initiate and Approve Wire in Treasury Tool Create manual entries to load into A/P system Create manual intercompany entries Scan Invoices to Secured Drive Revising Process Receive Paper Wire Request Manually validate invoice Initiate and Approve Wire in Treasury Tool Create manual entries to load into A/P system Create manual intercompany entries Scan Invoices to Secured Drive New Process Receive wire request via Ariba Initiate and Approve Wire in Treasury Tool Submit systematically to A/P system Convert entry to USD and post to GL
18 18 Leverage Existing Reports Make sure you have measureable statistics Number of invoices processed Number of invoices being scanned Number of invoices going to exception Number of payment made Set goals against these statistics
19 19 Example #1 Problem Statement: Decrease the number of invoices going to ScanOne for indexing. Issues: Costs SLA (2 days to get into Ariba P2P) Invoices do not match properly to Purchase Orders (PO) causing delays in payment Analysis: Review the list of PO vendors and determine which ones are not submitting invoices over the Ariba Network but receiving POs. Resolution: Enforce usage of the Ariba Network to submit invoices for P.O. related invoices. Systematically reject invoices that do not follow this process.
20 20 Example #2 Problem Statement: Decrease the number of invoices going to exception queue. Issues: Delays in the processing of invoices Extra time spent on managing exception for staff Analysis: Review of invoices going to exception and place them in similar buckets (e.g. Missing PO numbers, incorrect address, etc.) Resolution: Address each specific issue either through manual intervention (e.g. speak with supplier) or systematically.
21 21
22 Thank you for your time. Contact Information: Discover Financial Rowena Froegel
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