Thursday, May 19, 2011

Mayo Clinic and PUMA take the lead in innovation

By Diane Sears

What makes a good accounts payable or accounts receivable department stand out among its peers? Innovation. That’s why the 2011 Huntington Bank Innovation Awards, announced last week at Fusion 2011 and presented by Institute of Financial Operations Chairman Douglas Hartsema, were so significant. In case you missed the press release posted on the website of the Institute, our new parent organization, here’s why the recipients were recognized:

Doug Hartsema and Erich Heneke
Accounts Payable Innovation 2011 Recipient:
Mayo Clinic Supply Chain Operations
The Mayo Clinic was recognized for its implementation of an automated system for continuous monitoring of employee travel and procurement card usage. The continuous monitoring process helps detect fraud, deter misuse, ensure compliance, and identify control gaps. Established controls gave the Mayo Clinic leadership confidence to expand the use of credit cards for travel and procurement, allowing supply chain operations to obtain monetary rebates through corporate card contracts, helping the organization achieve the goal of ensuring quality affordable healthcare for its patients.

Doug Hartsema and Brian Good
Accounts Receivable Innovation 2011 Recipient:
PUMA North America
PUMA implemented an automated billing solution that transformed its billing process into a highly efficient, advanced business function, successfully reducing the company’s costs by 30 percent. PUMA is now able to offer customers an online tool to access their own bills 24/7. Improved mail times reduced customer service calls and disputes and allowed the company to reallocate resources toward collections. PUMA North America was nominated by BillTrust, the billing partner that supported the accounts receivable transformation.

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