1. Accounts Payable + The Decision Making Process

2. Background-LexisNexis® Global Brand LexisNexis® is a leading global provider of business information solutions to business professionals in law firms, corporations, governments, law enforcement bodies, tax, accounting and academic institutions. A member of Reed Elsevier, LexisNexis has 13,000 employees across six continents and in more than 100 countries.

3. Background-UK LexisNexis UK has a 200 year heritage through its Butterworth’s and Tolley brands of providing authoritative information to knowledge driven professionals. In combination with subsidiary companies we provide the UK’s leading professional, business and online information service. All our products are designed to deliver information solutions that enable businesses to drive productive, efficient and reliable decisions.

4. Background – Accounts Payable 15,000 approx vendors £6M monthly outgoing payments Weekly pay runs 95% vendors paid by BACS Up to 70,000 documents processed per year Most vendors are also customers–but no consistency between relationships.

5. The Problem Old Finance Culture Keep things steady, don’t rock the boat Processes manual, lacking visibility Little enthusiasm and little investment in staff No consistent standard process Volumes high, controls weak Result An area that did a lot of churning, but produced little butter

6. Identifying Change.. Fundamental review of staff & processes undertaken. The following decisions taken & implemented for Accounts Payable Manual processes re-engineered -scanning and workflow benefits identified Purchase order processing implemented –identify costs and authorisation before spend committed Full functional review of ERP AP system / training undertaken Desired Outcome Align people & process to share accountability for company success

7. Invoice Scanning & Workflow.. Core requirements of solution –European –One provider, one simple solution –Automate not replicate –Provide a non financial view of financial data Ideal supplier profile –Good listener –Shared objectives –Flexible, as priorities changed –Global reach, local approach –Patience

8. Invoice Scanning & Workflow.. Online tender issued to four prospective suppliers Site visits arranged to preferred suppliers Areas involved in vendor meetings invited to state preference defending choice using data provided in tender responses. Changing priorities emerged in assessing suitability of suppliers based on tenders & visits : –Understanding of LexisNexis business culture –Scanning vs. workflow technology –Finance technology vs. Internal data provider to the Firm

9. Invoice Scanning & Workflow.. Surprising discoveries from priorities meetings: –Simple workflow only, please –Empowering the non finance manager welcomed by business departments –People want to see, not read –The suppliers that do not read information that is supplied to assist them in their proposals

10. Invoice Scanning & Workflow.. Final Supplier Decisions Pricings requested from two vendors Focus on –Scanning software functionality –Culture of solution implementer –Relationship between the two

11. Invoice Scanning & Workflow.. UK MD & European CFO decision based on: Business case proving that over a 5 year period the project provides an overall saving vs. project cost outlay IRR = 15%+