Institute of Financial Operations Announces 2011 Winners of The Huntington Award for Innovation

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Annual awards recognize creative use of advanced technologies, tools, processes in accounts payable automation and accounts receivable automation. This year's AP recipient is the Mayo Clinic and AR recipient is PUMA North America.

Members of IAPP, IARP, NAPP, and TAWPI represent the most forward-thinking and dynamic individuals and companies in accounts payable, accounts receivable, document and payments capture, and automation.

The Institute of Financial Operations (IFO) this week recognized two outstanding examples of the creative use of advanced technologies, tools, and processes in accounts payable automation and accounts receivable automation.

“Members of IAPP, IARP, NAPP, and TAWPI represent the most forward-thinking and dynamic individuals and companies in accounts payable, accounts receivable, document and payments capture, and automation,” said IFO CEO Thomas Bohn. “We are excited to have the opportunity to recognize their professional accomplishments through these awards.”

The entries demonstrated a creative business process redesign, innovative technology, or application of technologies, along with exceptional business performance and value to the enterprise. The 2011 Huntington Bank Innovation Awards recognize organizations in each of the two categories:

Accounts Payable Innovation 2011 Winner:
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 health care for its patients.

Accounts Receivable Innovation 2011 Winner:
PUMA North America
PUMA implemented an automated billing solution that transformed PUMA’S 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 PUMA to reallocate resources toward collections. PUMA North America was nominated by Billtrust, the billing partner that supported the accounts receivable transformation.

The awards are sponsored by The Huntington National Bank and were presented at a luncheon at Fusion 2011, the annual conference of The Institute of Financial Operations.

About The Institute of Financial Operations

The Institute of Financial Operations is a membership association comprising four affiliates: International Accounts Payable Professionals (IAPP), International Accounts Receivable Professionals (IARP), the National Association of Purchasing & Payables (NAPP), and The Association for Work Process Improvement (TAWPI).

Based in Orlando, Fla., with offices in Boston, New York, and London, the Institute serves as a global voice, chief advocate, recognized authority, acknowledged leader, and principal educator for people in financial operations, with a particular focus on accounts payable, accounts receivable and payments, automation, data capture and document management, and procure-to-pay. Combined, the affiliates have more than 6,000 members.

Under the Institute, the affiliates share one board of directors, one staff, and a single portfolio of member benefits available to all, including Financial Operations Matters magazine and a new website scheduled to launch in late 2011. Each affiliate maintains its own brand, events, career resources, volunteer opportunities, online tools and other leading-edge resources, and educational offerings including e-learning and certification.

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Jean Creech Avent
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