PALO ALTO, Calif. — (BUSINESS WIRE) — September 10, 2009 — EDS, an HP (NYSE: HPQ) company, 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 clients. EDS founded the information technology outsourcing industry nearly 50 years ago. Today, EDS delivers a broad portfolio of information technology, applications and business process outsourcing services to clients 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, simplifies the technology experience for consumers and businesses with a portfolio that spans printing, personal computing, software, services and IT infrastructure. More information about HP is available at http://www.hp.com/.
EDS and the EDS logo are registered trademarks of Hewlett-Packard Development Company, LP.
HP is an equal opportunity employer and values the diversity of its people. © 2009 Hewlett-Packard Development Company, LP.
This news release contains forward-looking statements that involve risks, uncertainties and assumptions. If such risks or uncertainties materialize or such assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to statements of the plans, strategies and objectives of management for future operations; any statements concerning expected development, performance or market share relating to products and services; any statements regarding anticipated operational and financial results; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. Risks, uncertainties and assumptions include macroeconomic and geopolitical trends and events; the execution and performance of contracts by HP and its customers, suppliers and partners; the achievement of expected operational and financial results; and other risks that are described in HP’s Quarterly Report on Form 10-Q for the fiscal quarter ended July 31, 2009 and HP’s other filings with the Securities and Exchange Commission, including but not limited to HP’s Annual Report on Form 10-K for the fiscal year ended October 31, 2008. HP assumes no obligation and does not intend to update these forward-looking statements.
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