GE faced a challenge. A global expansion was leading it into new markets but it was still using a cumbersome manual invoice payment process for letters of credit and guarantees. This inefficient process generated 21,000 pages of paper a year and required an analyst to spend as much as one full day a week reviewing, reconciling and paying bills.
It fell to Lynda McGoey, manager-trade and project finance, to assemble a cross-functional team to develop an in-house automated system that would save hours–as well as trees–and prevent the need for additional staff.
McGoey; Dee Dobler-Palin, analyst-trade and project finance; Valerie Bothwell, senior business analyst; and Doreen Lyons, specialist-treasury, collaborated with bankers and business requestors to develop digitized technology. The objective was to create a system acceptable to bankers that would read each bank fee quote, calculate the fees due and convert them to a U.S. dollar-equivalent.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
- Exclusive discounts on ALM and Treasury & Risk events.
- Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
*May exclude premium content
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
