PayStream Summit 2012: Fast Track to P2P Automation was held in Charlotte, NC, September 17 – 19. Each year during the annual PayStream Summit, PayStream Advisors recognizes individuals and organizations that are leading the way in innovation in their purchase-to-pay processes, and working to drive the industry forward.
PayStream’s P2P and Healthcare Advisory Boards reviewed the Technology Award nominations and helped select this year’s winners.
Categories for the Technology Awards include:
- Excellence in P2P Automation
- Excellence in Electronic Payments
- Excellence in Healthcare Procure to Pay
Corporate Award Winners
The Excellence in P2P Automation award was presented to Graham Packaging Company. Graham implemented an innovative Spend Management program during a time of acquisitions and global expansion that worked to dramatically reduce overall spending. Within three months of implementation, 95 percent of Graham’s spend was channeled through preferred suppliers that resulted in millions in savings. The intuitive, on-boarding process drove adoption with external suppliers to streamline communications and ensured product and pricing consistency. In a matter of months, Graham boasted 100 percent user adoption. Technology drove efficiency savings in workflow automation, catalogue management and invoice processing. Workflow automation led to a 50 percent reduction in cost of requisition-to-PO processing.
The American Red Cross was awarded the Excellence in Electronic Payments award for their Purchasing Card and Early Pay Discounts program. The American Red Cross maximized the full potential of P-Card spend, achieved maximum rebates, and dramatically reduced the overall cost in the P2P cycle. The company dramatically increased their P-card program to successfully increase spend volume to over $200 million from a mere $17.5 million just four years ago. In addition they increased their early pay discounts to $4 million from just $700 previously.
The final corporate award for Excellence in Healthcare Procure to Pay was awarded to Kaleida Health for their Buyer Initiated Payment program. The payment technology implemented re-engineered Kaleida Health’s payment process, which enhanced their operational efficiency. The company can now offer reduced payment terms to vendors, in addition to a vendor portal for suppliers to access detailed payment information 24/7. Kaleida Health has placed over $500 million on the program since inception, growing the program to over $120 million annually. Approximately 400 vendors are enrolled, which has reduced check processing costs, while enhancing vendor visibility to payment information.
Vendor Award Winners
Ariba won the Excellence in P2P Automation award for their leading P2P solution. Ariba is enabling business commerce in the same way that companies like Amazon, Facebook, and eBay have enabled consumer commerce. Leveraging Ariba’s global business commerce network and cloud-based applications, organizations can extend their ERP and back office systems beyond their four walls to automate procure-to-pay operations with their suppliers and improve the way they conduct business with them. The results are faster settlement cycles, lower P2P operating costs, the ability to enforce compliance to procurement policies, contracts and preferred suppliers, and expansion of early payment discounts to better manage their cash.
Clients currently using Ariba’s solution include:
- Dollar Tree
- GlaxoSmithKline
- Flint Hills Resources
The Excellence in P2P Automation award for leading Recovery Audit Solution went to Lavante. Lavante Recovery+ automates a highly manual recovery audit processes, providing a comprehensive, automated, and continuous recovery solution. Their patented technology and private supplier network transforms the recovery process and enables AP to take complete control by using the interactive interface to review, process and analyze all recovery credits and activities. This single platform allows a collaborative workflow, which engages the client and Lavante auditors, speeding credit processing and resolution. Lavante’s unique methodology turns recovery from a manual project into an automated, ongoing process that delivers continuous benefits, including dollars to the bottom line, dynamic reporting, and updated vendor data.
The final vendor award for Excellence in Healthcare Procure to Pay was awarded to SciQuest. Their Spend Director Enterprise solution is a private, one-stop eMarketplace for end users to shop for products from preferred suppliers, enforcing contract compliance at the point of requisitioning. Spend Director allows integration of the customer’s item master content and contract repository into the eMarketplace, with functionality that can link those two data sources, at the product level, with the supplier-provided content to greatly enhance product details. The robust search engine, coupled with SciQuest’s supplier enablement services, create a shopping experience designed for ease of use for the shopper, allowing them to efficiently pursue their organization’s mission.
Clients currently using SciQuest’s solution include:
- ROi (Resource Optimization & Innovation) along with Sisters of Mercy
- MD Anderson
- The Methodist Hospital System
Congratulations to all of the PayStream 2012 Technology Award winners!
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I’ve been in Information Technology industry and I must say that bagging an award is one thing I hope and wish for. To the winner of the above’s event, I congratulate you for a job well done! Keep it up!