A lot of treasuries are buying new software. A lot are moving to hosted software, or software as a service (SaaS). With money and time short during a global financial crisis, though, not that many are doing a thorough reengineering to make all the pieces work together in a sophisticated way. But $8.3 billion not-for-profit Horizon Blue Cross/Blue Shield of New Jersey is.
The Horizon BCBS project was a "textbook" reengineering, says consultant Craig Jeffery, managing partner of Strategic Treasurer in Atlanta. "They looked at what was available and what they needed. They picked providers and then they made and executed a plan. They built it out in phases. They had a road map and followed it. Now they have visibility, efficiency, economy, speed and control."