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Automotive Industry

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Revenue: $500 M +

Company Size: 2,500 +

Locations: 160+ locations worldwide

Challenge: A public company in need of reducing costs, the business had no visibility into what was being bought or the expenses employees were accruing. Processes were entirely manual. For example, as purchase orders were generated, staff would look up items in huge catalogs and handwrite the items they needed on individual pages for each vendor. POs were manually approved and then hand faxed or mailed to place an order.

What’s more, they had no control over what was being spent and by whom. Not everyone followed the process to submit POs and often invoices appeared without approvals. The company was (and still is) making excellent profits but executive management wanted a way for managers to be responsible and control their cost centers. Though profitable, they could be more profitable. Managers spent a lot of time verifying that spending was within budget and employee productivity was impacted due to lengthy approval cycles to correct errors, resolve conflicts or recreate lost documents.

Technical Needs: Because this is a public company, specific processes had to be put in place that demonstrated internal controls. They needed visibility, from the president down, as to what was being spent and what spending had been committed but not yet invoiced or paid. They needed employee productivity to improve and to decrease approval cycles.

ExpenseWatch Solution: ExpenseWatch modules for Purchasing, Expense Reports and Payable Invoices were implemented across all company locations. Key benefits include reduced purchasing costs, increased employee productivity, reduced processing costs and decreased payment and approval cycles.

Examples include:

  • Online purchasing process – with access to online catalogs, employees can create one purchase requisition with multiple vendors and automatically route the requisition for approval. Once approved, purchase orders are generated and can be automatically delivered to the various vendors. Costs are reduced because approvals are all online and happen much more quickly without the need to go back and forth to resolve questions or conflicts.
  • Managers can see how spending requests impact budgets and can make intelligent approvals with full visibility into departmental spending.
  • Payable Invoices – as vendors send in invoices, staff can easily scan and match them with approved POs, significantly reducing the time it takes to approve and pay invoices.
  • Expense Reports – employees create and route expense reports online or using the mobile app, eliminating the need to transport paper receipts and reports for approvals. Everything is electronic, eliminating the paper. Plus, everyone, from submitter, approver, accounting team and execs, can easily see if spending is in policy.

ExpenseWatch has been instrumental in helping this company manage spending as it has rapidly expanded to international markets, adding locations and employees.

 

 

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