Scottsdale, AZ (PRWEB) June 09, 2013
ICG Consulting, a business process solutions leader in streamlining vendor and customer transactions and interactions through the development of full featured and highly configurable business process automation tools, is pleased to announce its back-office processes work with client Dot Foods has resulted in Dot Foods winning the prestigious Huntington Bank Innovation Award for 2013.
One of just three winners, and for accounts receivable, ICG developed and implemented a customized 24/7 supplier portal that has contributed to increasing productivity in Dot Foods’ AR department by 107% over the past three years.
“We're extremely honored to have been able to work with Dot Foods to provide such an innovative solution,” said Jim O'Rourke, Director of Business Development for ICG Consulting. “This brings Dot well deserved recognition as a leader and an innovator. They stayed focused on improving both the processes and systems in order to achieve maximum efficiency and profitability, and it's an honor to be associated with such a forward-thinking business.”
Lynn Larry, ICG’s Director of Business Operations, and the Executive Sponsor for this project added, “Working with the team at Dot Foods was a pleasure and very rewarding. They always stayed laser focused on the goal and made ICG’s job a lot easier bcause we had such great support from the AR folks, IT and Executive Management at Dot”.
Dot Foods, the world’s largest food re-distributor, and based in Mt. Sterling, Ill., with distributions centers nationwide, came to ICG with a unique business model that had some inherent inefficiencies. Buying large quantities of product from manufacturers, then selling smaller quantities to distributors presents some twists in the financial back-office dispute process, as customer short pays can span multiple products for multiple reasons from multiple manufacturers, all of which must be sorted through, organized, tracked and processed to make sure the parties in this 3-way relationship are made whole through the millions of transactions that traverse the channel.
In some instances, the customer incorrectly short pays the invoice, which results in a customer bill-back. In most instances, the customer short pay will result in a supplier deduction, or deductions from multiple suppliers. Once deducted, suppliers need ample backup for their own internal processes. The volume of paperwork involved and the shuffling of that paperwork to make sure the right person has the right backup was a big challenge for Dot Foods.
The goal of the project for ICG was to not only streamline the process, but also to provide a vehicle to suppliers where they could actively participate and collaborate in the process. Further, it was to make sure Dot had the information available to prioritize work, and to make sure deductions and disputes were handled in a timely and accurate fashion.
The results have been dramatic, as witnessed by the productivity increase.
Presented by The Institute of Financial Operations (IFO) at their annual Fusion Conference held in late May in Orlando, this prestigious Huntington Bank Innovation Award recognizes the creative use of advanced technologies, tools, and processes in accounts payable and accounts receivable. Members of The Institute represent some of the most forward-thinking and dynamic individuals and companies in financial operations.
About ICG Consulting
ICG Consulting, headquartered in Scottsdale, Ariz., and serving all of North America, is a business process solutions provider that assists companies with a myriad of services, chief of which is streamlining vendor and customer transactions and interactions through the development of full featured and highly configurable business process automation tools. ICG's primary function is to save companies millions of dollars by automating and simplifying vendor and/or customer communications, transactions and information flow through a variety of tools. The goal? Making business easier, while at the same time, showing clients a significant, measurable ROI. For more information, visit http://www.ICGConsulting.com, call (480) 607-4040, or e-mail info(at)icgconsulting(dot)com.