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STAR Financial Bank Praises Recent PNet Implementation PNet Procure-to-Pay Solution Implemented a Month Ahead of Schedule June 30, 2007 – STAR Financial Bank went live with PNet P2P software last month. PNet was selected to help manage expenses and enhance spend visibility across several of their indirect categories including IT, office supplies, marketing, and ATM maintenance (http://www.purchasingnet.com/). At the onset of the assignment, one of the goals was to streamline STAR’s invoicing workflow. “Prior to our PNet implementation, an invoice was handled between 8-11 times before getting filed and paid -- clearly not an efficient process,” stated Karen Gregerson, CFO, STAR. With their PNet implementation in place, STAR has moved from a local to a central routing process which will dramatically decrease the amount of time and head count devoted to handling invoices. “This process was much better than we anticipated -- it has actually been a pleasant experience,” said Lorna Combs, Project Manager for STAR’s P2P evaluation and implementation. “The PurchasingNet implementation team was fantastic. They were knowledgeable, responsive, and helped us smoothly through the process,” Combs continued. Although Combs and her team had planned 18 weeks for the implementation, the PNet Professional Services Group was able to complete the project four weeks ahead of schedule. The organization was also experiencing pain around internal controls on spending. Before implementing PNet, two STAR employees were responsible for tracking all spending limits and necessary approvals. “We needed more internal controls and spend visibility; PNet has provided both ahead of schedule,” Gregerson summarized. “Using the PurchasingNet Proven Path Deployment Methodology (PPDMTM), STAR Financial Bank was up and running in 13 weeks,” said Tim McEneny, President & CEO, PurchasingNet, Inc. “In independent surveys, over 95% of our customers indicate that our implementation teams have completed their implementations on-time and on-budget,” McEneny continued. STAR Financial Bank is headquartered in Fort Wayne, IN, and offers a full range of banking and financial service products including deposit and lending products and services, CDs, checking and savings accounts, health savings accounts, and residential mortgages. To learn more about PNet Procure-to-Pay solutions, join us for a free Introductory Webinar: “Automating Your Company’s Procure-to-Pay Process” on Tuesday, August 7th, 2007 at 2:00 EDT. Click here to register now.
About PurchasingNet, Inc. PurchasingNet, Inc. is a leading provider of Web-based eProcurement and ePayables software to mid- and large-sized companies. The company has over 1,400 customers in Financial Services, Retail/Consumer Products, Professional Services, Media/Publishing and a variety of other industries. Founded in 1983, PurchasingNet has focused exclusively on the development and implementation of Procurement and Payables applications since inception. In addition to building an extensive, blue-chip client base, PurchasingNet possesses deep domain expertise in Purchasing and Payables business processes. The average length of service at PurchasingNet is 8 years per employee. PurchasingNet's customers include Countrywide Financial, US Bank, Navy Federal Credit Union, American Financial Group, Liz Claiborne, HBO, EarthLink, Black & Decker, Kroger, and General Mills.
Erinn Tarpey |