ExpenseWatch congratulates its customer, The Detroit Institute of Arts for winning the Ventana Research 2008 Leadership Award for Financial Performance. The award recognizes DIA for significantly improving financial processes and systems after overhauling its organizational spending procedures.
DIA set out to streamline and apply spending best practices to manage organizational purchasing, while balancing its unique corporate culture with the ever present demands of a mid-sized non-profit. A key factor that enabled DIA to achieve its goals was automating purchasing procedures using ExpenseWatch.com’s Purchasing and AP Invoice Management modules, which enabled greater visibility into spending and access to necessary information in a timely manner.
“We are pleased to be recognized for the financial performance improvements we have accomplished, including our new purchasing procedures,” said Loren Lau, CFO for DIA. “The overhaul touched nearly every department and was made possible through extensive teamwork. The ExpenseWatch.com system has been a key element of the program. It has enabled us to push our new processes out across the organization and gain the visibility and control we required.”
“We congratulate The DIA for winning the Ventana Research 2008 Leadership Award for Financial Performance,” said Mark Smith, CEO and EVP of Ventana Research. “By winning this award, DIA demonstrates how an organization can align people, processes, information and ExpenseWatch.com’s expense management technology to achieve the best possible financial outcome.”
“We are proud that ExpenseWatch.com was a key component in enabling DIA to be recognized as a leader in financial performance,” said Bill Vergantino, president and CEO of ExpenseWatch.com. “The successes DIA is achieving reflects the commitment that its leadership has to its objectives and epitomizes the visibility and control our customers realize by automating company spending with ExpenseWatch.com. We look forward to being a part of DIA’s continued success for a long time to come.”
Since rolling out the new purchasing procedures and system, the DIA says it has reduced spending by 10 percent to as much as 70 percent in some areas. The automated workflows and hierarchies have eliminated the guesswork as to who ordered or approved what and provides increased visibility of spending and improved budget oversight and management.
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