Monitoring & Improvement

Case Study - National Car Rental and Sales Franchise

Benefit Highlights:

  • Provided an average of over $40k per month in prevention and savings in 2011
  • Helped them become the only franchise using web-based technology that connects all branches' purchasing and accounting systems
  • Reduced invoice processing time from one month to one day
  • Provided corporate-wide access to previously unavailable data through an Internet dashboard that provided summary-to-detail information in three mouse clicks or less

ServiceImg The largest national car rental and sales franchise in North America earning $250 million in annual revenues, with 27 branches in the western U.S., engaged i5 Services to review historical transactions and recover assets for their improvement initiatives. They increased cash to their bottom line, reduced invoice processing time and access to accounting data and images.

The initial analysis phase netted thousands of dollars in recoveries. Recoveries led to implementing monitors, which identified issues as they occurred within the daily transaction stream. During this analysis, i5 Services generated information about how the client could improve efficiency and save significant revenue in three key areas: Terms, Purchasing, and Workflow. i5 Services used proprietary technology to improve processes and address each concern.


Company Challenges Identified

  • Losing thousands of dollars annually from missed terms discounts due to lengthy processing times
  • Losing thousands of dollars due to localized purchasing because of inability to leverage size and volume
  • Contracts were difficult to find and were accessible only to a limited corporate staff
  • Daily transactions were not verified against contractual arrangements
  • Access to invoice images were limited to three corporate users
  • Expensive licensing costs prohibited broad access to invoice and check images
  • Lack of visibility and slow reporting made correcting transactional errors in payables and payables processes difficult

Approach

  • Gathered historic and daily data from the accounting system
  • Reviewed and documented existing processes
  • Analyzed data and recovered overpayments
  • Implemented technology to catch errors in the transaction stream
  • Developed customized technology and re-engineered processes to improve procure-to-pay lifecycle
  • Implemented dashboard reporting to provide management visibility into daily issues and errors
  • Analyses and recoveries provided on a contingency basis
  • Implemented monitoring technology for a low monthly fee
  • Recommended process improvement projects based on ROI and multiple pricing options

Results

  • Reduced invoice processing time from weeks to hours
  • Improved ability to take Terms discounts by hundreds of thousands of dollars annually, an improvement of over 3000%
  • Consolidated vendor management and facilitated updates between field and corporate locations
  • Created a database of contract details and verified daily transactions against those contracts to verify accuracy
  • Prevented over $395k of potential duplicate payments in one month
  • Provided secure access to documents to all authorized users within the organization
  • Delivered dashboard reporting and data visualization-to-transaction details and their associated images in 3 mouse clicks or less

For more information on this case study or offerings from i5 Services, please contact Alan Davis contact us or call 800-560-2857.