The official signing of the contract for Avanquest Solutions to implement Avanquest’s Accounts Payable + (AP+) at LexisNexis recently took place at LexisNexis’ Chancery Lane offices in London.
LexisNexis’ UK MD & European CFO decision to appoint Avanquest as a supplier was based on the business case proving that over a 5 year period the project provides an overall saving vs. project cost outlay.
Avanquest’s area of expertise is the ability to fully understand customers’ overall business processes for unstructured data and applies Business Process Automation tools to provide quantifiable business benefits (ROI, effectiveness and competitive advantage).
Uniquely, through the utilisation of a range of best of breed products from organisations such as ReadSoft. (Intelligent Capture), Captaris (Workflow, Alchemy and RightFax) and Avanquest’s professional services capability, Avanquest tailors solutions that fits and addresses the business needs.
The contract was signed by Alex Sage, Financial Director at LexisNexis and Malcolm Wilkes, Strategic Director, Avanquest Solutions.
The contract signing was the result of a combined nine month project led by Isobel George, Accounts Payable Manager at LexisNexis, Cameron Smith, Business Solutions Manager at Avanquest Solutions and Christine Whyte from Avanquest Partner, ReadSoft.
The Business Drivers for LexisNexis:
LexisNexis UK has a 200 year heritage through its Butterworth’s and Tolley brands of providing authoritative information to knowledge driven professionals.
An old finance culture coupled with a high volume of manual processes - up to 70,000 paper invoices processed annually – takes a lot of time and was difficult to control.
Isobel describes it as, “An area that did a lot of churning, but produced little butter.”
Preparing for Change:
Isobel initiated a review of staff and processes. Any changes would need to have ‘buy-in’ from the staff to be successful. Manual processes were re-engineered, scanning and workflow benefits identified and a cost analysis and authorisation project undertaken.
Finally, a single source supplier - who could implement change, provide a non financial view of financial data and was capable of fully understanding the company’s needs and culture - was sought.
Also important was the fact that the parties got on. LexisNexis recognised that the Avanquest team had actively listened to them, empathised with the business issues and had the flexibility to be able to adapt as priorities changed.
Close collaboration revealed that LexisNexis needed simple workflow. Overly complex solutions were not for them! Non finance managers wanted to be able to visualise financial information so it was simply understood.
Pending the success of the project, which will totally automate the accounts payable process throughout the UK operation, the roll out will expand into other territories.
Notes to Editors:
Isobel George and Cameron Smith are available for comment. Images to accompany this release can be downloaded at http://www.avanquest-solutions.co.uk/press
Tel: 01752 241464
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