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Key Foods Selects Credit-Recovery System
STATEN ISLAND, N.Y. — Key Food Stores Cooperative here has selected a system to help identify and recover lost supplier credits and update vendor files for integration into a centralized ERP (enterprise resource planning) system.
December 7, 2012
2 Min Read
STATEN ISLAND, N.Y. — Key Food Stores Cooperative here has selected a system to help identify and recover lost supplier credits and update vendor files for integration into a centralized ERP (enterprise resource planning) system.
Key Food selected the system — the Lavante Recovery solution from Lavante, San Jose, Calif. – after it realized that between periodic audits it was missing potential credits from suppliers because of duplicate payments, improperly returned products or discounts not received, among other reasons, according to a statement released by Lavante. The cooperative, which encompasses more 130 supermarkets in the New York Metro area, wanted to automate this process in order to gain visibility into its auditing and more quickly identify and recover missing credits on a continuous basis.
Additionally, Key Food needed to maintain an up-to-date profile of its more than 6,000 active vendors and develop a centralized system to consolidate information from disparate ERP and accounting systems.
“In today’s competitive retail market, every dollar improves the bottom line, so it’s important to capture every credit that is rightfully ours,” said Tom Ricapito, controller, Key Food, in the statement. “Lavante’s automated solution will enable us to quickly see the search results for missing credits and gain the benefit of those results much sooner than we would have using traditional manual methods or one-time auditing projects. We’ll now have the information we need right at our fingertips and capture those credits in a much more efficient and timely manner.”
The Lavante solution is offered on a subscription basis at a fixed fee. “This pricing model is appealing to our senior management team since it takes the guesswork out of predicting costs and enables us to recoup lost revenue immediately,” added Ricapito.
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