Pharmaceutical company set to use Xign's on demand service to drive electronic invoicing and payment initiative
Stamford, CT — December 7, 2004 — Pharmaceuticals company Purdue Pharma L.P. has tapped solution Xign to automate its order-to-pay process and help eliminate paper and lower the costs of accounts payable (A/P) processing as part of an electronic invoicing and payment initiative.
Privately held Purdue Pharma L.P., headquartered in Stamford, Conn., produces both prescription and over-the-counter medicines and hospital products. The company has signed up to use the Xign Order to Pay service with an eye toward achieving a key financial objective of moving to an 80 percent paperless A/P operation within one year.
Purdue examined many different approaches to improving its financial operations and selected Xign based upon the solution provider's set of features, track record and ability to deploy quickly as an "on-demand" service. Additionally, a business case analysis conducted by Purdue revealed that the Xign service — with integrated order delivery, electronic invoice processing, electronic payment and discount management — would significantly reduce Purdue's payables processing costs.
Xign said that the Order to Pay service streamlines payables processing and monetizes early payment discounts across corporate spend. The solution is designed to help organizations reduce operational costs and cycle times, optimize working capital, strengthen supplier relationships and realize a payback in less than one year, according to the solution provider.
"By transforming the company's payables processing through Xign Order to Pay, Purdue has the opportunity to eliminate paper and significantly reduce its cost per transaction, while leveraging faster settlement to capture all available early payment discounts," said Jon Lowne, Purdue executive director for financial planning and operations. "The return on investment from capturing discounts is significant."
"Purdue's business case analysis supports Xign's position that an on demand service is the best approach to streamlining financial operations," said Tom Glassanos, Xign president and CEO.
Studies of more than 35 Fortune 1000 companies show that order-to-pay automation can deliver millions of dollars in annual savings for every $1 billion in spend, Xign said.
Stamford, CT — December 7, 2004 — Pharmaceuticals company Purdue Pharma L.P. has tapped solution Xign to automate its order-to-pay process and help eliminate paper and lower the costs of accounts payable (A/P) processing as part of an electronic invoicing and payment initiative.
Privately held Purdue Pharma L.P., headquartered in Stamford, Conn., produces both prescription and over-the-counter medicines and hospital products. The company has signed up to use the Xign Order to Pay service with an eye toward achieving a key financial objective of moving to an 80 percent paperless A/P operation within one year.
Purdue examined many different approaches to improving its financial operations and selected Xign based upon the solution provider's set of features, track record and ability to deploy quickly as an "on-demand" service. Additionally, a business case analysis conducted by Purdue revealed that the Xign service — with integrated order delivery, electronic invoice processing, electronic payment and discount management — would significantly reduce Purdue's payables processing costs.
Xign said that the Order to Pay service streamlines payables processing and monetizes early payment discounts across corporate spend. The solution is designed to help organizations reduce operational costs and cycle times, optimize working capital, strengthen supplier relationships and realize a payback in less than one year, according to the solution provider.
"By transforming the company's payables processing through Xign Order to Pay, Purdue has the opportunity to eliminate paper and significantly reduce its cost per transaction, while leveraging faster settlement to capture all available early payment discounts," said Jon Lowne, Purdue executive director for financial planning and operations. "The return on investment from capturing discounts is significant."
"Purdue's business case analysis supports Xign's position that an on demand service is the best approach to streamlining financial operations," said Tom Glassanos, Xign president and CEO.
Studies of more than 35 Fortune 1000 companies show that order-to-pay automation can deliver millions of dollars in annual savings for every $1 billion in spend, Xign said.
