The Business
Alliant Credit Union (ACU) is a member-owned financial cooperative based in Chicago, Illinois. Serving 500,000 members nationwide, Alliant offers depository banking products, retirement and investing services, and various types of mortgage and personal loans.
As one of the largest credit unions in the nation with more than $12 billion in assets, Alliant was looking for a way to mature its procurement and third-party risk management practices. Facing rapid growth as well as inherent regulatory scrutiny, the company’s new centralized procurement team was tasked with implementing a full Source-to-Pay solution, as well as a third-party onboarding and management tool that would serve as the foundation for this effort. The Corcentric Platform was the answer to meeting both of those needs.
The Experience
Prior to implementing the Corcentric Platform, each department within Alliant was working on a siloed basis. The process was manual, lacked consistency and collaboration, and provided zero visibility or transparency when it came to data.
Working across all departmental and functional teams, the combined group developed a wish list of features and capabilities of a solution that would satisfy users ranging from procurement and finance to legal and IT.
This list included:
- Quickly implement third-party onboarding to be compliant
- Implement a full Source-to-Pay solution that can integrate easily with other core systems (Symitar, ADP, etc.)
- Have a configurable – not customizable – tool
- Provide visibility of spend to the budget owners so they can preapprove POs at the requisition stage
The Corcentric Platform fulfilled all of these goals and more. Just four months after going live, Alliant was able to generate 100% user adoption of the tool. This gave the company greater visibility into, and control over, how much they were spending, who they were spending with, and what they were spending money on. With access to Source-to-Pay solutions like Sourcing, Supplier Management, Contract Lifecycle Management and Procurement, Alliant has accountability regarding project budgets and users are empowered to make more informed and strategic business decisions around spend.
The Future
All Alliant employees are now using the Corcentric Platform and the results speak for themselves. The company has gone from zero spend being approved at the requisition stage to 48% of spend being approved.
In addition, since go-live in August of 2017:
- 396 POs created ($13.6 million)
- 3,630 invoices paid ($30.3 million)
- 72 different budgets ($82.5 million)
- 1,770 suppliers
- 1,368 contracts
With the Corcentric Platform in place, Alliant is poised to advance its finance and procurement success. “We are looking forward to starting this journey with Corcentric,” says Dave Quillin, Senior Manager of Procurement at Alliant. “We are excited to make our process more efficient and transparent, which will have a positive impact on our members.”
Spotlight
Customer
Solutions Deployed
- Corcentric Platform
About the company
Alliant Credit Union (ACU) is a member-owned financial cooperative that offers depository banking products, retirement and investing services, and various type of mortgage and personal loans.
World HQ
Chicago, IL
Industry
Financial Services
Results
48%
of spend is approved at the requisition stage (prev. 0%)
396
POs created ($13.6 Million)
3,630
invoices paid ($30.3 Million)