The procurement process was changed by working with Regency360.
The client was struggling with the time spent ordering and paying for necessary products. After working with Regency360, they were able to reduce the number of vendors they sourced many of their non-core consumable items through while simplifying their invoice reconciliation process. After communicating the new corporate policy, the client was able to create a more consistent and controlled purchasing environment through the use of a new ordering platform utilizing Regency360’s unique technology.
This client was using 5+ vendors for products. Individual invoices were collected after each order. In order to reconcile the invoices, the accounting team was sending out each invoice to the field location where the invoice was hand coded for cost allocation purposes.
The returned invoice was then manually entered into the accounting system. Due to the number of vendors and invoices the client had a difficult time creating a consistent and controlled purchasing process. The client also struggled with negotiating rates with their multiple suppliers across their many locations.
Regency360 helped the client analyze their current spending cost and was able to uncover 10%+ savings. With the help of Regency360’s consultative suggestions, the client realized they could achieve an additional 2.5% savings by training their ordering personnel to purchase the correct items.
Regency360 worked with the accounting team to customize the ordering platform so that costs could be allocated at the point of purchase rather than after the fact. A monthly CSV invoice was then customized allowing the accounting team to simply upload the invoice rather than spending hours inputting the line items.
"I would estimate that the new process of cost allocation and our consolidated summary invoice saves us about 8 hours a month in the accounting department.”
As a result, the client reduced the hassle of managing multiple vendors and hundreds of invoices a month. The client was able to finally rollout a consistent ordering process across all of their locations which gave them the control and visibility they were trying to achieve.
With the new cost allocation process in place, both the field and the accounting team were able to save time and more accurately measure expenses. The use of Regency360’s technology to allow the production and efficiency of the ordering platform led to the accounts payable team saving eight hours a month.