Prominent Canadian Insurance Company Streamlines Procurement Processes for IT Goods & Services
Charlotte,
NC - March 08, 2004 -Allstate Insurance Company of Canada,
a property and auto insurance provider with over 1400 employees,
has implemented Verian Technologies' web-based spend management
solution - to manage and enhance its information technology
(IT) purchasing processes for its 295 locations. Since the
implementation, Allstate Insurance Company of Canada has
reduced the number of steps in the IT purchasing processes
and the amount of time their IT Procurement staff spend
on reconciling purchase orders and processing invoices.
With
ProcureIT, the IT Procurement unit now has a centralized
tool for users to find, request, order, and check the status
on each computer hardware and software order.
"We
had a paper-based process, which incurred a lengthy turnaround
from requisition to invoice payment. As an example, purchase
orders were prepared and approved manually; spreadsheets
were used to track vendor prices, stock availability, and
vendor performance. As well, considerable vendor interfacing
was required to place purchase orders, handle confirmation
and keep abreast of order status.Vendor invoices were reconciled
manually against purchase orders," said Sandra Gass, IT
Procurement Manager at Allstate Insurance Company of Canada.
ProcureIT
has enabled the Allstate Insurance Company of Canada
IT Procurement unit to eliminate redundant work, reduce
data entry errors, and centralize all purchasing data. Only
two months after the implementation, Allstate Insurance
Company of Canada has already seen a 20% reduction
in time spent on the administrative processes
associated with IT purchasing.
Coding
Counts
"The main problem was with reconciling invoices in our accounting
system - it required specific codes for each item, and most
of the time the end user either did not know the correct
code for the item, or just did not provide it,"said Gass.
With
ProcureIT, users can create a requisition on-line, and the
correct accounting code is automatically assigned to each
line item, based on the item category and the item type.
This not only eliminates repetitive contact between the
IT department and users when trying to determine the right
accounting codes, it eliminates coding errors and shortens
the invoice-to-payment cycle. With the automatic coding
and order tracking functionality of ProcureIT, Gass's unit
has seen a 30% reduction in invoice reconciliation
times and eliminated several steps in the purchasing
process.
Recovering
Time
Another large portion of IT Procurement's time was spent
manually tracking vendor prices, vendor response times on
purchase orders and inquiries, and vendor delivery timeframes.
With ProcureIT, the IT Procurement unit can now
centrally update and manage Allstate Insurance Company of
Canada's on-line computer hardware and software catalog,
track shipping charges, create reports using historical
data captured in the system, provide the finance department
with a clean audit trail for IT Purchasing, and leverage
the spending data in ProcureIT to improve contract negotiations
with vendors.
"In
the procurement technology market today, any system can
save you time on the front-end requisition and approval
process," said Tehseen Ali, CEO and President of Verian
Technologies, "but when companies start realizing significant
time improvement on the back end with invoice reconciliation
and financial reporting, then the right product is in place
and the purchasing team adds even more value to the organization."
-------------------------------------------------
For more information, contact:
Anna Rushing,
PR Coordinator
1-704-602-3372 (office)
About
Allstate Insurance Company of Canada
Allstate Insurance Company of Canada , serving the needs
of Canadians for over 50 years, is a subsidiary of The Allstate
Corporation, one of the world's largest insurance organizations,
with global assets of $US 104 billion and revenues exceeding
$US 28 billion.
About
Verian Technologies
Verian Technologies is the only provider of 100% web-based
spend management solutions for mid-sized organizations.
Its technology is based on its suite of solutions called
ProcureIT. ProcureIT encompasses all aspects of spend management
including: procurement, materials management, asset management,
and travel & expense reimbursement. ProcureIT enables
organizations such as AAA Life Insurance Company, Regions
Financial Corporation, and Liz Claiborne, to reduce their
organizational spend, automate manual tasks and reduce on-hand
materials and commitments. As a result, Verian Technologies'
clients are able to reach efficiency faster and realize
a strategic competitive advantage, as well as a rapid return-on-investment.
For more information on Verian Technologies, visit http://www.verian.com.
ProcureIT is a registered trademark of Verian Technologies,
Inc.
