PLEASANTON, Calif., Dec. 1 /PRNewswire/ -- Xign Corporation, the leading provider of Enterprise Order to Pay software and services, today announced that Purdue Pharma L.P. has selected the Xign Order to Pay(TM) service to eliminate paper and lower the costs of accounts payable processing. The Xign service will allow Purdue to achieve a key financial objective of moving to an eighty percent paperless A/P operation within one year.
Purdue examined many different approaches to improving its financial operations and selected Xign based upon the company’s robust set of features, proven track record, and ability to deploy quickly as an on demand service. Additionally, a business case analysis conducted by Purdue revealed that the Xign service -- with integrated order delivery, electronic invoice processing, electronic payment and discount management -- would significantly reduce Purdue’s payables processing costs.
Xign Order to Pay streamlines payables processing and monetizes early payment discounts across corporate spend. With Xign, organizations can reduce operational costs and cycle times, optimize working capital, strengthen supplier relationships, and realize a payback in less than one year. Xign studies of more than 35 Fortune 1000 companies show that Order to Pay automation can deliver millions of dollars in annual savings for every $1 billion in spend.
“By transforming the company’s payables processing through Xign Order to Pay, Purdue has the opportunity to eliminate paper and significantly reduce its cost per transaction, while leveraging faster settlement to capture all available early payment discounts,” said Jon Lowne, Purdue executive director, financial planning and operations. “The return on investment from capturing discounts is significant.”
“Purdue’s business case analysis supports Xign’s position that an on demand service is the best approach to streamlining financial operations,” said Tom Glassanos, Xign president and CEO. “I’m excited about this opportunity to support Purdue’s finance objectives. Xign Order to Pay will be less costly to operate than traditional software solutions and will deliver greater value to Purdue through the capture of early payment discounts.”
About Purdue Pharma L.P.
Purdue Pharma L.P. and its associated U.S. companies are privately held pharmaceutical companies known for pioneering research on persistent pain. Headquartered in Stamford, CT, Purdue is engaged in the research, development, production, and distribution of both prescription and over-the-counter medicines and hospital products. Additional information about Purdue can be found at http://www.purduepharma.com/.
About Xign Corporation
With over $40 billion in transactions processed, a fast growing network of more than 16,000 suppliers, and business partners that include JPMorgan Chase and MasterCard International, Xign Corporation is the leading provider of Enterprise Order to Pay (EOP) software and services used for B2B commerce. For more information, visit http://www.xign.com/.
NOTE: Xign is a registered trademark of Xign Corporation. Company Contact: Chris Rauen Xign Corporation Tel: 925-251-4514 Email: chris.rauen@xign.com Agency Contact: Chris Greenfield Project PR Tel: 650-233-8283 Email: chris@projectpr.com
Xign Corporation
CONTACT: Chris Rauen of Xign Corporation, +1-925-251-4514, orchris.rauen@xign.com; or Chris Greenfield of Project PR, +1-650-233-8283, orchris@projectpr.com, for Xign Corporation
Web site: http://www.purduepharma.com/
Web site: http://www.xign.com/