From Chaos to Control: How Cresen Solutions Streamlined Global Expense Reporting for a Medical Device Company
THE CHALLENGE
A medical device company was buried in a manual expense reporting system, leading to chronic budget overruns and a lack of control. Their reliance on spreadsheets and manual processes made data collection, reporting, and accuracy a constant struggle, hindering their ability to effectively manage spending and ensure compliance.
THE INTERVENTION OF CRESEN SOLUTIONS
We knew this company needed a complete overhaul of its expense reporting system. Enter SpendMate and EngageMate, our dynamic duo of expense management solutions.
- SpendMate: Streamlined global expense reporting, allowing them to proactively manage spending and prevent overruns before they even happened.
- EngageMate: Took cap management to the next level, ensuring expenses stayed within approved limits, leading to significant cost savings.
THE IMPACT
The results were nothing short of transformative:
- Time Saved: Cresen Solutions’ solutions slashed the time spent on data collection, report generation, and data review by a staggering 800 hours per quarter (over 3,200 hours annually). Imagine the possibilities with that kind of time freed up!
- Accuracy Assured: The company gained unshakeable confidence in the accuracy of their expense reports, eliminating data integrity concerns.
- Cost Savings Soared: Reduced activity overspending and improved employee efficiency resulted in substantial cost savings, giving them more breathing room financially.
DEEPER DIVE
Here’s a closer look at the problems with their existing SharePoint-based process:
- Manual Mayhem: Data from each source system per country was painstakingly collected by hand via Excel files. Uploading this data to a central location was another manual slog.
- Error-Prone: The process was prone to errors: missing data, recipient issues, and invoice/payment discrepancies. Manually remediating these issues added complexity and time.
- Limited Capacity: SharePoint’s inability to hold more than a quarter’s worth of data necessitated regular archiving, introducing even more manual steps.
- Visibility Vacuum: The lack of a user interface for data management made identifying issues and generating reports difficult. This limited transparency led to compliance concerns.
CONCLUSION
Our client’s story is a testament to the power of automation and streamlined processes. By replacing their outdated system with Cresen Solutions’ innovative tools, they gained control over their expenses, saved valuable time and resources, and achieved superior data accuracy.
Ready to transform your own expense reporting system? Contact Cresen Solutions today and let us help you achieve similar success!