The Institute of Financial Operations Announces Huntington Bank Innovation Award Winners and Finalists at Fusion 2013

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Prestigious recognition showcases most creative processes and technologies in financial operations professions.

These winners and finalists exemplify the best-practice creativity that comes from some of the most forward-thinking teams in the financial operations profession.

Each year, The Institute of Financial Operations honors its members’ best, brightest, and most creative ideas with the Huntington Bank Innovation Award. This award was presented to the winning organizations at The Institute’s Fusion 2013 conference at Disney's Coronado Springs Resort in Orlando, Florida on May 20, 2013.

The award recognizes ingenuity in accounts payable and accounts receivable, in the categories of business process redesign, application of technology, development of a new technology, and/or exceptional business performance.

“We are proud to present this year’s Huntington Bank Innovation Awards,” said Jo E. LaBorde, executive director of The Institute. “These winners and finalists exemplify the best-practice creativity that comes from some of the most forward-thinking teams in the financial operations profession.”

Tied for the AP award are:

Anixter International — Accounts Payable Award

Anixter sees annual revenues exceeding $6 billion, and yet the vast majority of its 1.8 million annual invoices can now be paid without human labor. Working in partnership with Perceptive Software, the company saw a 100 percent ROI on initial costs associated with the intelligent capture solution during the first year. Today, all paper, email and faxed invoices are converted into one unified, image-based stream of information.

Weyerhaeuser Company — Accounts Payable Award

Before integrating AP automation solutions from ReadSoft, Weyerhaeuser’s team was manually processing 600,000 invoices per year across a number of individual systems. The company has since automated 50 percent of its invoice processing and reduced their cost per invoice by 47 percent.

Dot Foods — Accounts Receivable Award

Dot Foods’ position as a redistributor requires a complex business model in which customer short-pays can span multiple products for multiple reasons from multiple manufacturers. This created several inputs across different tools on Dot’s side, as well as on the supplier side. ICG Consulting was brought in to develop a customized 24/7 supplier portal that would phase in key features. Growing from a baseline of zero, Dot now averages 720 supplier users per month and has increased productivity by 107 percent over the past three years.

The Institute also honored seven finalists for their achievements in AP and AR innovation. Finalists include American Electric Power, ChildNet, Data2, Intrawest, Nooter Eriksen, Scott & White Healthcare, and Sonepar.

About The Institute of Financial Operations

The Institute of Financial Operations is a membership-based professional association serving the entire financial operations ecosystem, with a particular focus on the accounts payable and accounts receivable disciplines and the related fields of information management and data capture. The Institute grew out of the merger of four associations: International Accounts Payable Professionals (IAPP), International Accounts Receivable Professionals (IARP), the National Association of Purchasing and Payables (NAPP), and The Association for Work Process Improvement (TAWPI).

Based in Orlando, Florida, with affiliates in the U.S., Canada, and the UK, The Institute serves as a global voice, chief advocate, recognized authority, acknowledged leader, and principal educator for people in financial operations. The Institute has a community of nearly 70,000, which includes 9,000 members and customers, and an additional 61,000 financial operations professionals.

The Institute’s members have access to benefits and leading-edge resources such as the award-winning Financial Ops magazine, a dynamic, content-rich website, educational and networking events, online educational offerings, certification and certificate programs, career resources, and volunteer opportunities.

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