PALO ALTO, Calif. – HP today announced the successful recovery of almost $1 million in payments for Broadridge Financial Solutions. EDS used proprietary technology tools, including its Payment Recovery Services (PRS), to help Broadridge save money while enabling the improvement of procurement processes.
After Broadridge discovered it had a considerable opportunity to recover money it was owed due to overpayments and duplicate and erroneous payments to vendors, the organization engaged EDS to help better manage its vendor relationships. In addition to enabling the recovery of such funds, EDS used PRS to identify outstanding credits owed back to Broadridge.
“We needed a solution to recover lost funds, identify the issues that led to overpayments and resolve unclaimed credits,” said Steven Mianowski, senior director of Finance Shared Services at Broadridge Financial Solutions. “With EDS Payment Recovery Services, we have been able to enhance our relationships with suppliers while increasing the adherence to our procure-to-pay processes. In addition, EDS Payment Recovery Services helped us to gain valuable insight into areas where our processes could be further enhanced and put us on the path to making the necessary changes.”
Previously available only as part of the EDS Finance and Administration Business Process Outsourcing Service offering, EDS PRS is now also a stand-alone solution that provides clients with the ability to identify and then recover supplier overpayments and credits. Once payment errors are identified, work begins with suppliers to explain, negotiate and manage collections related to the recovery of cash, while simultaneously maintaining the clients’ vendor relationships.
“By conducting a procure-to-pay process audit, we enabled the recovery of overpayments for Broadridge and developed a roadmap to improve their processes,” said Sean Kenny, vice president and general manager of Business Process Outsourcing at EDS, an HP company. “Due to a comprehensive analysis and recovery program that uses proprietary tools and methodologies, we are able to have an excellent rate of success for our clients, including Broadridge.”
About EDS
EDS, an HP company, is a leading global technology services provider, delivering business solutions to its customers. EDS founded the information technology outsourcing industry more than 46 years ago. Today, EDS delivers a broad portfolio of information technology and business process outsourcing services to customers in the manufacturing, financial services, healthcare, communications, energy, transportation, and consumer and retail industries, and to governments around the world.
About HP
HP, the world’s largest technology company, provides printing and personal computing products and IT services, software and solutions that simplify the technology experience for consumers and businesses. HP completed its acquisition of EDS on Aug. 26, 2008. More information about HP (NYSE: HPQ) is available at www.hp.com.
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