F200 Utility Company

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"When we compare how much time we spend on implementing Oversight and what we can identify by using it, we believe it pays for itself in the first six weeks of every year."

Director of Accounting Services, F200 Utility Company

 

Overview

  • Ranks as one of the largest generators of electricity in the United States
  • 5.2 million customers across 11 states
  • Also owns the nation's largest electricity transmission system
  • $19.0 billion in annual payables processed
  • Primary System: PeopleSoft, Custom 

Business Challenge

  • Duplicate and erroneous payments requiring the services of an external recovery auditor reached unacceptable volumes
  • A/P team over-whelmed by manual research of potential duplicates and errors
  • Higher than necessary cost of both internal and external audits due to continued audit findings

Solution

  • Automation of duplicate payment audit
  • Distribution of exceptions managed through automated workflow
  • Global implementation

Results

  • ROI: $3 - $5 million in less than 2 months
  • $1.5 million increase in cash flow
  • 99.9% fewer payment errors
  • Zero audit findings in A/P in the two years following Oversight go-live
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