Enterprise Analytics Process Technology
Single General Ledger and Procurement Application Platform

Company Description:

A highly diversified financial services organization that manages total assets of $800 billion and primarily serves United States. Customer’s Portfolio includes personal, commercial, corporate, and institutional financial services.

As the financial services industry grows increasingly competitive, Customer continues to strive to differentiate itself by introducing new products and services to its broad customer base. Acquisition is also central to Customer’s growth strategy, requiring the agility to incorporate multiple business applications into a single IT environment quickly. At the same time, Customer is focused on identifying cost savings while increasing operational efficiencies. These drivers spurred Customer to consider streamlining It’s IT environment. “There had been a lot of challenges with many different procurement systems across our multiple businesses,” “Our procurement systems were not integrated with the general ledger, payables and fixed assets systems. We required a holistic, enterprise-wide view of how much we spent with each supplier and specifically what had been purchased. We also needed to create a single center of competency to manage operations throughout our organization and sidestep the business integration hurdles traditionally associated with corporate acquisitions and deploying new applications.,” said , chief financial officer, Customer Corporation.

Key Benefits:

      To support its business objectives, Customer selected EAPT Solutions for the flexibility to deploy new applications quickly.
    • Gained an integrated view of critical business information
    • Implemented flexible, reliable infrastructure to support business growth
    • Cut invoice processing costs by 50%
    • Reduced expense report processing from 14 days to less than two days
    • Leveraged company-wide procurement visibility to negotiate supplier discounts
    • Minimized costly and time- consuming maintenance
    • Accelerated deployment of new applications across multiple business units via a single IT platform.
    • Customer deployed PeopleSoft V9.0O Financial applications to gain a single, enterprise-wide view of financial reporting, critical procurement information, reduce invoice-processing costs by $3.6 million annually, while also accelerating operations, including expense report payments.

Increasing Business Flexibility and Responsiveness

To reduce the cost and staff requirements to maintain multiple general ledger, procurement, accounts payable, and fixed asset systems, Customer sought a single vendor to manage an end-to-end, enterprise-wide procurement system. This would mean converting its multi-organization architecture, representing 63 Legal Entities, to a single instance. “We wanted low upfront costs and faster application implementations across our North American organization,” Chief Financial Officer said. “EAPT Solutions reduces our financial and technology risks so that we implement changes faster. By consolidating our IT environment onto a single platform, we eliminated a significant amount of maintenance costs.” The single IT infrastructure is especially integral to Customer’s continued acquisition plans in the United States and Europe. The consolidated approach to skilled resources via EAPT Solutions simplified and accelerated Customer’s ability to extend its PeopleSoft applications to newly acquired companies. Employees access the managed applications via a standard Web browser, which eliminates application integration challenges. EAPT Solutions enables Customer to scale applications quickly to support additional users without adding IT staff.

Reducing Invoice Processing Costs 50%

Customer had more than 70 accounts payable processing centers across its multiple businesses, as well as nearly 25,000 bank branches in the United States and Europe that processed their own invoices. Customer implemented PeopleSoft to cut processing costs in half, saving nearly $11.3 million annually by centralizing invoice processing and automating nearly one-fifth of its annual invoices.

Gaining Single View Across Multiple Businesses

Customer has established Customer Buying Online, a Web-based infrastructure that supports the company’s diverse procurement requirements. Customer uses PeopleSoft financials and supply chain, to track and analyze its use of vendors across all businesses and all procurement categories. “We look at how much we are spending with each vendor,” said, Chief Financial Officer. “The strategic sourcing team uses this information to negotiate larger pricing discounts based on total organizational purchasing with each vendor and control leakage.” Customer uses the consolidated information to send compliance reports to groups that are not following with the Bank's Expense Management Directives. An application written in PeopleTools is used to generate customized reports for things like fixed assets among others.

Customer uses PeopleSoft to automate employee requisitions using the Bank’s Buying Online Application, accessible to employees through a Customer employee Web site and a standard browser. Employees can access approximately 93,000 pre-approved catalog items online. Customer also creates supply catalogs for each business unit to streamline and simplify the process. “The Customer-approved supply catalogs enable us to track employee and group purchases quickly and easily,” Chief Financial Officer said. “We can direct employees to the lowest-priced item or provide additional options.”

Accelerating Expense Payment Processing

Customer has also added online expense claim processing capabilities to automate and accelerate employee reimbursements. In 2007 Customer completely discontinued its acceptance of paper-based expense reports. All employees now use PeopleSoft Expenses to file their claims. Using the application, Customer can automatically post employee corporate credit card charges to an online expense claim form. Employees only need to review, classify, and submit the online forms for immediate processing. The payment is then sent directly to Customer’s Visa Credit Card for immediate credit to the account. “We’ve reduced expense claim form processing from approximately 14 days to within two days after approval, now that we are processing all employee expenses electronically,” Chief Financial Officer said. Customer used PeopleSoft Expenses to process 196,000 expense claims electronically in 2007. Approximately 77,000 employees use Customer’s online expense processing capabilities, receiving reimbursements electronically to pre-selected accounts. “EAPT Solutions reduces our financial and technology risks so that we implement changes faster. By consolidating our IT environment onto a single platform, we eliminate a significant amount of maintenance costs.” Senior Vice President and Information Officer Financial Services, Customer Corporation

Implementation Process

After an RFP process in 2007, a ten-member Customer team worked with a six-member EAPT Solutions team to deploy the PeopleSoft applications. Customer was impressed with EAPT’s technical expertise. “After the initial implementation five EAPT consultants remained and were integral to the project team,” Chief Information Officer, said. “They were extremely good at listening to users’ requests and fulfilling each business’s special requirements that varied significantly across our services, spanning private banking and brokerage firms.” Customer initially deployed its PeopleSoft applications at Customer’s Head Office in 2007. After a pilot phase, Customer then converted Customer Corporations with the assistance of EAPT Solutions in late 2007 early 2008. In mid 2008, Customer expanded the deployments to include its European and Asian operations.