Honeywell Achieving $15M Annual ROI On Aceva Wares

05/24/2004

Aceva Technologies, a provider of enterprise software applications for optimizing working capital, says Honeywell, the $23 billion diversified technology and manufacturing leader and Fortune 100 company, is realizing a $15 million annual return and 90% decrease in problem invoices since implementing the Aceva Working Capital Management Suite. Aceva sasy the Working Capital Management Suite “enables global corporations to maximize their financial performance by minimizing accounts receivables and optimizing revenue while improving customer satisfaction.”

Aceva offered the following details:

With the implementation of the Aceva Working Capital Management Suite, Honeywell has been highly successful at optimizing its working capital, reducing costs, enhancing productivity and achieving increased customer satisfaction levels (internal and external). The results include the $15 million in annualized return, reduced revenue leakage from unearned discounts, overall reduction in DSO by 10 plus days, a 90% decrease in problem invoices, and rapid resolution (3x faster) of problem invoices through early detection of root causes.

“We looked at leveraging our existing ERP systems and our legacy systems for orders and other things,” states Sue Sadler, Director of Cash Management for Honeywell International. “We could not find the flexibility and functionality in our existing systems. Today, we have fewer days spent on invoice dispute. The customer is no longer involved in our non-value added resolution of errors. We’ve gotten great satisfaction from our customers’ feedback. Our order management is much more streamlined. There’s visibility across all the departments that need to work in this arena.”

In keeping with Honeywell’s commitment to quality initiatives, driving Six Sigma success beyond manufacturing and into its financial operations was key in furthering the company’s efforts to develop a proactive working capital management strategy. Six Sigma business process improvement methodologies help companies measure and ensure quality in all areas of the enterprise. Aceva’s solutions support Six Sigma initiatives in five distinct areas of capital management—Dispute Prevention, Collections Management, Vendor Managed Inventory Reconciliation, and Deductions Management. Honeywell selected Aceva for its ability to accelerate its Six Sigma initiatives as well as its robust process automation capabilities. Other factors which influenced Honeywell’s decision included a flexible design which accommodated multiple user requirements in sales, finance, and operations as well as an ability to leverage existing legacy and ERP system investments.

“Enabling our customers to optimize working capital, reduce operational costs, and maximize existing IT investments are key priorities for Aceva,” stated Sanjay Srivastava, COO of Aceva. “Honeywell’s expansive return on investment demonstrates the vast business improvement potential and robust capabilities the Aceva Working Capital Management Suite offers global corporations.”

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