Optimize your working capital with a comprehensive spending analysis and customized recommendations.
You make payments; we make them easier and more efficient. We know it's not enough to simply implement a card program. To achieve the real value and potential of a fully integrated payments environment, you must address your entire procure-to-pay process. This requires a more comprehensive approach - one that evolves with your objectives and leverages your unique blend of systems, suppliers and customers and serves to drive process efficiencies and optimize your working capital.
JPMorgan Chase Expansion Services helps you realize these goals through a comprehensive analysis of your AP data, procure-to-pay processes and systems. We help you identify new savings opportunities and develop innovative strategies that maximize the value of your program.
Once our analysis is complete, you'll receive formal recommendations specific to your organization that translate to bottom-line results. Depending on your needs, we introduce you to:
- innovative technologies that redirect payments to lower cost, automated solutions
- best practices that deliver process improvements and support organization efficiency goals
- strategies that optimally match purchase type to the best order and payment vehicle
- benchmarks that allow us to compare your processes with industry standards
Unlike many, we don't implement "off-the-shelf" programs. Expansion Services is only offered to JPMorgan Chase clients and customized according to each of their specific objectives. Our consultative methodology examines each step of your process, delivers unique recommendations and helps your procure-to-pay process reach its full potential.
End-to-end analysis starts here
At JPMorgan Chase, we strive to learn as much as possible about the issues your organization confronts on a daily basis. Our assessment includes on-site meetings to get a complete understanding of your unique organization and objectives. We'll work with division managers, decision makers and other key employees to become familiar with your processes and spending patterns. We'll also review existing policies and processes to identify areas for growth, with a detailed analysis of vital data such as:
- detailed, transaction-level accounts payable data
- complete list of active suppliers
- payments types such as ACH, EFT, wire payments, checks, check invoices and more
- cost centers
- other commodity types and descriptions (continued)
Expansion Services can help you:
- reduce accounts payable invoice processing and paperwork
- consolidate payment cycles to strengthen vendor contracts
- integrate your procure-to-pay process into existing financial systems
- prepopulate expense codes to accelerate cardholder reconciliation and reporting
- capitalize on advanced reporting to make more informed business decisions
- distribute an internal communications plan to successfully convey clear guidelines, objectives and reconciliation processes
Solutions for efficiency and success
This in-depth analysis provides a comprehensive review of your payments environment and results in a customized business strategy to streamline your procure-to-pay process. In addition to a quantitative analysis of your accounts payable data, you'll also receive a financial impact analysis and an overall payments strategy and implementation road map. Together, they'll help you create a payments environment that gives you:
- accurate and timely data to meet regulatory and compliance requirements while providing the insight you need to manage your business effectively
- effective controls to guard against fraud and misuse while allowing complete management of the payment process
- increased process efficiency, eliminating paper-based processes and manual interfaces while streamlining reconciliation
- greater financial savings by more fully leveraging your working capital, increasing program rebates and capturing greater supplier discounts
Supporting your long-term vision
Our analysis and recommendations are only a few components of a long-term solution to help increase the value and efficiency of your program. Our approach relies on dedicated JPMorgan Chase resources who work with you in an ongoing partnership throughout the engagement. We'll continuously strive to identify new opportunities for savings and efficiency with additional support, including:
- action plans based on new opportunities and technologies
- monthly project management conference calls
- tracking that measures your processes against established goals
- supplier acceptance strategy and enrollment support
- e-procurement supplier settlement strategy
- follow-up assessment to track and report results
