Pharma giant taps Xign-based JPMorgan Chase service to automate transactions across 6,000-plus suppliers
New York — August 16, 2005 — Health care company Bristol-Myers Squibb has consolidated its global Internet-based accounts payables processing onto a service offered by JPMorgan Chase to automate electronic purchase order delivery, invoicing and payments across more than 6,000 global suppliers.
Bristol-Myers Squibb operates one of the most highly automated accounts payables operations within the Fortune 100. With only five accounts payable professionals dedicated to processing hundreds of thousands of invoices, the organization has cut processing costs by more than 50 percent since its initiatives began in 1999.
JPMorgan Chase said its Order-To-Pay Service, based on a solution by Xign, provides an on-demand service for B2B commerce. The service can be deployed quickly and requires virtually no maintenance, according to JPMorgan.
The benefits to buyers can include the ability to compress and streamline the settlement cycle, reducing processing costs and maximizing the savings from early payment discounts, JPMorgan said.
In addition, the service provider said that its offering, unlike electronic data interchange (EDI) and other fee-based networks, delivers value to suppliers without transaction fees, including real-time transaction visibility, delivery of detailed remittance information with every electronic payment, and the opportunity to get paid faster.
"The JPMorgan Chase Order-to-Pay platform allows us to streamline our accounts payable operations on a global scale while enhancing visibility and controls," said George Matsagas, director of expenditures for Bristol-Myers Squibb's North American Shared Services Center. "In addition, the opportunity to expand early payment discounts will dramatically increase our return on investment."
"We are pleased that Bristol-Myers Squibb has adopted our Order-to-Pay solution to be their global platform for the deployment of an electronic accounts payable strategy," said Richard Erario, a senior vice president at JPMorgan Chase. "By leveraging our extensive treasury management expertise, we will help Bristol-Myers Squibb achieve its process automation and working capital goals through a single platform deployed on a global basis."
"Order-to-Pay automation demonstrates itself once again as a powerful savings enabler for world-class shared services organizations," said Tom Glassanos, Xign president and CEO.
Additional Articles of Interest
— A survey of consumer healthcare decision-makers shows opportunities for manufacturers to gain competitive advantage by focusing on some key points in their supply chains. Read more in the SDCExec.com In Depth article "Leveraging the Supply Chain for Competitive Advantage."
— P-cards continue to advance, and e-payables solutions are making headway, but the convergence of the financial and physical supply chains is still a work in progress. Read more in "Enabling the Financial Supply and Demand Chain," in the April/May 2005 issue of Supply & Demand Chain Executive.
— How can you beat the trends and lower your less-than-truckload costs, even in a seller's market? For a guide to help you get started, read the SDCExec.com article "LTL Sourcing: Success for Buyers In A Seller's Market."
New York — August 16, 2005 — Health care company Bristol-Myers Squibb has consolidated its global Internet-based accounts payables processing onto a service offered by JPMorgan Chase to automate electronic purchase order delivery, invoicing and payments across more than 6,000 global suppliers.
Bristol-Myers Squibb operates one of the most highly automated accounts payables operations within the Fortune 100. With only five accounts payable professionals dedicated to processing hundreds of thousands of invoices, the organization has cut processing costs by more than 50 percent since its initiatives began in 1999.
JPMorgan Chase said its Order-To-Pay Service, based on a solution by Xign, provides an on-demand service for B2B commerce. The service can be deployed quickly and requires virtually no maintenance, according to JPMorgan.
The benefits to buyers can include the ability to compress and streamline the settlement cycle, reducing processing costs and maximizing the savings from early payment discounts, JPMorgan said.
In addition, the service provider said that its offering, unlike electronic data interchange (EDI) and other fee-based networks, delivers value to suppliers without transaction fees, including real-time transaction visibility, delivery of detailed remittance information with every electronic payment, and the opportunity to get paid faster.
"The JPMorgan Chase Order-to-Pay platform allows us to streamline our accounts payable operations on a global scale while enhancing visibility and controls," said George Matsagas, director of expenditures for Bristol-Myers Squibb's North American Shared Services Center. "In addition, the opportunity to expand early payment discounts will dramatically increase our return on investment."
"We are pleased that Bristol-Myers Squibb has adopted our Order-to-Pay solution to be their global platform for the deployment of an electronic accounts payable strategy," said Richard Erario, a senior vice president at JPMorgan Chase. "By leveraging our extensive treasury management expertise, we will help Bristol-Myers Squibb achieve its process automation and working capital goals through a single platform deployed on a global basis."
"Order-to-Pay automation demonstrates itself once again as a powerful savings enabler for world-class shared services organizations," said Tom Glassanos, Xign president and CEO.
Additional Articles of Interest
— A survey of consumer healthcare decision-makers shows opportunities for manufacturers to gain competitive advantage by focusing on some key points in their supply chains. Read more in the SDCExec.com In Depth article "Leveraging the Supply Chain for Competitive Advantage."
— P-cards continue to advance, and e-payables solutions are making headway, but the convergence of the financial and physical supply chains is still a work in progress. Read more in "Enabling the Financial Supply and Demand Chain," in the April/May 2005 issue of Supply & Demand Chain Executive.
— How can you beat the trends and lower your less-than-truckload costs, even in a seller's market? For a guide to help you get started, read the SDCExec.com article "LTL Sourcing: Success for Buyers In A Seller's Market."
- More articles about Bristol-Myers Squibb.
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- More articles about Xign.
