Thank you for sharing!

Your article was successfully shared with the contacts you provided.

For years, the treasury team at American Standard Companies Inc., the $9.5 billion producer of bathroom fixtures, air conditioners and car brakes, used a pretty standard three-way matching system to pay invoices. Outgoing payments were first matched against the purchase order, then against the goods delivered to the shipping dock, and finally, against the invoice sent by the supplier. That changed when, in 2003, Marc Willensky from treasury led a team in an analysis of the payables system and found that it was causing labor redundancies, input errors, payment delays and even preventing the overworked department from taking on new business.

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.