Dean Foods used Prodagio AP's invoice automation, dynamic discounting, and advanced business rules engine to strategically transform their AP organization into a profit center.
Houston, Tx (PRWEB) May 04, 2012
Dean Foods, the largest dairy farm company, with $12B in revenue, will be recognized during The Institute of Financial Operations (IFO) Huntington Bank Innovation Awards during IFO’s premier event, Fusion 2012, in Nashville, Tennessee. IFO, which serves as a global voice, recognized authority, and principal educator for people in financial operations around the world, is recognizing Dean Foods for their innovative application of technology and exceptional business performance in the area of Accounts Payable Automation. Recipients of the Innovation Award represent the most forward-thinking and dynamic individuals and companies in financial operations. Dean Foods used Prodagio AP’s invoice automation, dynamic discounting, and advanced business rules engine to strategically transform their AP organization into a profit center.
Prior to implementing Prodagio AP, Dean Foods was manually processing about 1M invoices per year across 100 locations and making payments by check to nearly 200,000 vendors. Recognizing the drag these manual processes caused, Dean Foods knew it was time for a change. The leader in invoice technology, Prodagio AP uses patented technology to give clients the ability to automate the processing and approval of any invoice from any source. Prodagio automatically matches PO invoices against any existing PO or ERP system and validates non-PO invoices against a client’s business rules or contract terms to ensure compliance while reducing errors and fraud. Prodagio’s process fault tracking and dashboard analytics provide real-time visibility to enable better management of cash flow and the client’s ability to tap into the value of their AP stream.
Dean Foods approached the challenge by looking at the problem from three critical perspectives (procurement, treasury and AP operations). They were able to link these critical areas together by streamlining and automating invoice processing through Prodagio AP. This advancement resulted in better DPO (9 days), more discounts (over $2M saved), and working capital improvement success. By strategically implementing Prodagio AP as an invoice automation solution, Dean Foods was able to transform their shared services operations for invoice processing into a highly efficient profit center. Prodagio AP is being used in leading Fortune 500 companies around the globe.
For more than 15 years, Prodagio Software products have been used by leading commercial and government organizations to automate and enhance business processes in accounts payable, contract management and case management. Proven in the world’s largest corporations, Prodagio Software integrated best practices and process automation provides end-to-end optimization and visibility that executives need to make dynamic decisions.