Freudenberg-NOK Fully Deploys Concur's Expense Management Solution; Over 50 Percent ROI Realized in First Year
23 August 1999
Freudenberg-NOK Fully Deploys Concur's Expense Management Solution; Over 50 Percent ROI Realized in First Year
REDMOND, Wash.--Aug. 23, 1999--costs by 65 percent with Concur's XMS --
Concur Technologies , the leading provider of workplace e-commerce solutions, announced today that Freudenberg-NOK, part of the Freudenberg and NOK Group companies with total annual sales of more than $6 billion, has completed deployment of Concur's market leading Xpense Management Solution(R) (XMS(R)), one application within Concur's EmployeeDesktop(TM) business portal. With XMS, Freudenberg-NOK has cut the cost of processing an expense report by 65 percent, and has achieved a first year return on investment of over 50 percent.
"Freudenberg-NOK is an excellent example of a forward-thinking company that is utilizing the power of the Web to enhance the work environment for its employees," said Steve Singh, president and chief executive officer of Concur. "Concur's proven implementation methodology, coupled with Freudenberg-NOK's reengineering objective, demonstrates the tremendous results achievable using our workplace solutions."
EmployeeDesktop integrates Concur's suite of workplace e-commerce solutions, including business to business electronic procurement, human resource self-service, and T&E expense management, through a common user interface. XMS, the market leading expense management solution within EmployeeDesktop, is designed to reduce operating costs, improve employee productivity, and create bottom-line business benefits across small, medium, and large organizations.
"In today's competitive business environment where everyone is being pushed to do more with less resources, Concur has provided a solution that has allowed us to streamline cumbersome, inefficient processes," said Ken Anderson, CFO for Freudenberg-NOK. "The result is a considerable savings in time and money as well as the enhanced productivity and performance of our employees."
As part of its administrative GROWTTH(R) (Get Rid Of Waste Through Team Harmony) initiative to reduce paper processes, redundancies, and non-value-add activities, Freudenberg-NOK targeted its travel expense management process for restructuring. The company identified XMS as the best solution to reduce its expense report processing costs and eliminate the cumbersome paper requirements and time inefficiencies associated with its manual system.
"The intuitive feel of XMS coupled with its Web-based design allowed us to deploy the product very rapidly to our employees," said Thom Ingram, corporate treasury manager of Freudenberg-NOK. "Concur is at the forefront of an administrative process reengineering revolution that will transform how Corporate America uses the Web to automate the workplace."
With XMS, employees at Freudenberg-NOK are able to quickly and easily complete their expense reports via the corporate Intranet, at any time, from any location. Plus XMS provides automatic notification of policy violations to ensure compliance with corporate travel policies. Travelers are able to view their expense report information at any time and can easily monitor report status.
"XMS has eliminated the need for our accounting personnel to re-key expense data, thereby reducing data inaccuracy and eliminating non-value added administrative processing," said Leesa Smith, director of corporate financial services at Freudenberg-NOK. "Moreover, expense data captured in XMS is an excellent management tool and is expected to provide enhanced savings during contract re-negotiations with preferred vendors."
Using XMS via the Web eased installation constraints on Freudenberg-NOK's IT department allowing rapid deployment across multiple locations. Leveraging its Intranet platform also reduces time spent by the IT department on internal maintenance and product upgrades and ensures that additional users are rapidly set-up to use the solution.
About Freudenberg-NOK
Plymouth, Mich.-based Freudenberg-NOK is part of the Freudenberg and NOK Group Companies, which have total annual sales of more than $6 billion. With global automotive sales of approximately $3.5 billion, the Freudenberg and NOK Group ranks among the world's top 20 independent automotive suppliers. Through a global network of facilities spanning 24 countries with some 23,000 automotive employees worldwide, the supplier group offers its automotive customers globally integrated products, including total sealing packages for engines, transmissions, brakes and steering, NVH components and modules, and all rubber, plastic, and PTFE components for suspension, electrical, and fuel systems. The Freudenberg and NOK Group also offers an extensive portfolio of precision-molded products for the aerospace, appliance, business machine, fluid power, marine, medical, off-highway equipment, and recreational vehicle markets. Freudenberg-NOK operates 21 plants in the U.S. as well as additional facilities located in Canada, Mexico, and Brazil and has annual sales at a running rate of $900 million.
About Concur Technologies
Concur Technologies, Inc.(TM) is the leading provider of workplace e-commerce solutions that automate costly and inefficient business processes among employees, partners, suppliers, and service providers. Its flagship product, EmployeeDesktop(TM), integrates Concur's suite of workplace e-commerce solutions, including business to business procurement, human resource self-service, and travel and entertainment expense management, through a common user interface, and provides a business portal through which employees can access critical information and services. Concur has licensed its solutions to more than 1.8 million desktops in over 235 companies worldwide, representing more licensed desktops than its leading competitors combined. Concur's solutions reduce operating costs, increase employee productivity, and improve supplier management in small and medium sized businesses and Global 2000 enterprises. Its customers include AlliedSignal, AT&T, DaimlerChrysler, Exxon, and Pfizer. Concur's Global Alliance Network -- comprised of over 50 world-class organizations including ADP, American Express, EDS, and Microsoft -- further enhances its ability to provide best-of-breed solutions for maximum results. Headquartered in Redmond, Wash., Concur has offices throughout North America, Europe, and the Asia-Pacific rim. Additional information on Concur is available via the Internet at www.concur.com.
EmployeeDesktop is a trademark of Concur Technologies. All other company or product names are trademarks and/or registered trademarks of their respective owners.
This press release contains forward-looking statements that involve risks and uncertainties that could cause actual results to differ from current expectations. Statements that relate to future plans, events or performance, and statements containing words such as "believes," "plans," or "expects" are forward-looking statements. These statements are based on current expectations and involve risks and uncertainties, including factors such as uncertainty of market acceptance of the Company's products. Please refer to the Company's public filings with the SEC for additional information on risks facing the Company. Concur assumes no obligation to update any forward-looking information in this release.
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