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Corcentric Featured in New PayStream Advisors Purchase to Pay in Higher Education Report

1888 Press Release – The report finds that colleges and universities may be better prepared for automated payment solutions than other industries, but lag behind when it comes to front-end automation.

McLean, VA – Corcentric, a leading provider of Accounts Payable automation and electronic invoicing solutions, announced today that it has been featured in the recent Purchase to Pay in Higher Education Report from PayStream Advisors.

The report polled a group of higher education executives who participated in PayStream’s electronic invoicing and invoice workflow automation surveys and compared the findings to those of other industries who had taken part in earlier surveys.

Colleges and universities today, like most companies, are working to become more efficient through the introduction of automated solutions. Unlike most for-profit companies, however, institutes of higher learning, though they tend to have a centralized payment department, are highly decentralized when it comes to their purchasing and reporting structures. The result is a reliance on manual handling of paper invoices flowing in from a variety of departments and campuses, and this, in turn, often results in poor recordkeeping, slow payments to vendors, and missed discounts. Although they lag behind other industries in implementing workflow automation and e-invoicing, institutes of higher learning are demonstrably ahead of these same industries when it comes to electronic payments.

Among the findings of this report:• Only 17% see themselves as innovators making significant investments in automation as compared to 31% of those in other industries.• Yet 50% of educational institutions say they have adopted some advanced technology and are evaluating solutions as compared to 33% from other industries.• On the front end, colleges and universities are using or planning to use the following technologies: front-end imaging (42%) and OCR/automated data capture (33%).• When it comes to electronic payments, however, 83% of education executives said they are using or planning to use the technology in the next six months, and 75% said the same for P-cards.• For those institutions that have implemented e-invoicing, 71% identify increased on-time payments and increased ability to capture discounts as the primary benefits, compared to 32% and 36% respectively for other industries.• When asked to name their biggest challenge, 86% of colleges and universities identified supplier adoption as compared to 56% for other industries.

“What is clear from this report is that institutes of higher education have, in many cases, taken the initial steps toward invoice and workflow automation but are concerned and cautious about their next moves. However, when they take a closer look, these same institutions understand how implementing these processes will enable them to streamline their AP processes, track all invoices and documentation, and access valuable analytics tools to improve their departmental performance,” Said Rob DeVincent, Vice President of Product Development at Corcentric.

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Article Summary Criteria

On Saturday April fourth, 2015, an Anaheim police shot dead an allegedly armed man as he was getting out of a Toyota Prius as he was stopped by the police in the orange city. The incident occurred on Saturday morning as the Anaheim police officer was looking for a woman who was wanted by police for arrest. The shot man, the wanted woman and another woman were passengers of the Toyota Prius that was followed by the police in the city of Orange. The police stopped the vehicle to question its occupants at about 8.30 in the morning near the junction of Glassell Street and Lincoln Avenue. The police officers from the Anaheim police department tracked the vehicle into the orange city from north Anaheim. The police officer shot the man as he was getting out of the vehicle and the wanted woman was arrested and taken into custody though the officers did not disclose what the woman was being arrested for. The other woman who was the driver of the vehicle during the incident was questioned and questioned and released according to the police.

The man who was at his 60s was pronounced dead at the scene. None of the three police officers was injured during the incident and there were no reports on whether the woman in the vehicle was injured or not. A woman by the Susie Guerrero, who works not far from the scene said that she saw three officers come out a police vehicle and heard about five to six gunshots. No police from the orange police department to part in the shooting, but the city of orange is investigating the occurrence since it happened in the city. The orange district attorney’s office is responsible for investigating the police officers who were involved in the shootings.

It was against the law and a violation of individual’s human rights for the police to kill the allegedly armed man. Even though the police allege that the man was armed, there is no evidence to indicate that the man attacked or had any intention of attacking the police. For one, it is not illegal for one to possess an arm and the fact that the man was armed; he didn’t deserve to be murdered. According to the evidence provided, the man did not show any kind of physical violence or any intention to use his harm to attack the police. Similarly, the man was not the suspect being followed by the police and there is no indication that he had a criminal record. The police could have used other means to disarm the man rather using the bullet to get rid of him. This action was against the purpose of the police to protect the citizens and it was also an act of cowardice. There should be a thorough investigation of the incident and the necessary actions to be taken against the police officer who executed the killing. This would deter the police who use excessive force towards suspects to refrain from this kind of practices.

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Levendary café memorandum

MEMORANDUM
TO: Mrs. Mia Foster, CEO Levendary Café

FROM: Consultant (your name)

DATE: 6th April, 2015

RE: Advice on your meetings regarding future of Levendary Café China

WORDS: 806 words

Statement of the problem: The major problems that the company is facing are the response and performance of the China market. The management of the Levendary Café has many issues, and skepticism on the ground of the issue generated out of the new CEO, new strategies, new market, and new reporting procedures. Another issue with the company was that there was poor understanding of the Chinese procedures and policies when planning the penetration strategy. The Levendary Café failed to adopt the GAAPs for accounting revenues collected and, as a result, the company did concur in higher expenses. Levendary Café failed to consider the organizational culture of Chinese businesses where the hierarchical structure is bottom-up rather than the top-down structure of American companies. The error is an indication of lack of communication between Chen and the CEO and also the refusal attitude of implementing any change. As a result of issues facing the company, Levendary Café should make the following decisions

Adopt policies that reinforce transparency
Communication plan
Marketing strategy development
Alternatives: some of the alternatives that can help to solve the problem include

Dismiss the company’s operations in China. It tends to be an appropriate option to consider because the financial statements indicate that the Levendary café is not performing better since it is not making any profits. It is a situation that is not likely to turn around any time soon. The poor management style by Chen as the Chinese operations CEO is not proving to be as profitable as expected. Thus, the organization must reconsider the option of dismissing its operation or make a joint venture so as to enter the Chinese market.
Consider the standardization strategy. Levendary Café should consider replacing the stores that fail to follow their standardization strategy and to make enough changes so as to attract the targeted customers by the American company since the start. The standardization strategy will provide consistency to the company’s brand and will focus on quality features instead of quantity. Additionally, the adoption of the standardization strategy will attract demand and may force the Chinese operations to incur lower net profits since they will be ignoring the advantage of alternative adaptation strategies.
Consider the mixed strategy alternative. Levendary Café can consider using the standardization strategy and also include some local dishes in their menus. They may also consider including different kinds of the menu as it will satisfy the different kinds of demands. Establishing a café that appeals to different tastes is important as it will help Levendary Café to start making profits rather than loss.
Decision: It is the highest time that Levendary Café should consider strategies that will help it make profits. The main costs that require controlling are marketing, labor, and maintenance; thus, there is a need for the American CEO and Chen to define and coordinate marketing strategies and also risk analysis. It will help in identifying the cost drivers. It is also necessary for the CEOs to redefine objectives, expectations, and responsibilities in a formal written agreement that will, include the features essentials to Levendary Café when they are expanding to other locations.

The appropriate action to take is adopting the mixed strategy that will keep standardized strategy to provide consistent brand image and also appeal to the local tastes through the modification of the menu. A standardized strategy such as the GAAPs will reconcile the accounting differences and also enforce transparency through the cafes practices. The criticism for adopting the missed strategy will be that the option will increase the operating and marketing expenses. However, it is necessary to know that, Chen will be able to establish his Chinese operation team that will include Chinese and American employees so as to make it easy to transfer knowledge.

Action: some of the action steps that Mia must take so as to turn the plan into a reality is through

Hiring an international financial analyst who will standardize the accounting procedures.
It is important to retain Chen rather than replacing him; thus, Mia should value his social connection and also his efforts and experience. Thus, Mia should consider training Chen in restaurant functionality so as to help improve his performance.
Mia should also develop long-term goals and strategies aimed at reviving the company in the Chinese market through making sure that Chen understands the importance of brand culture to the company. Foster should perform frequent observations and evaluations.
Mia and her team should take courses from the Chinese instructors so as to learn what drives the Chinese consumer. They should learn about the Chinese consumer preferences and behavior.
Carolyn Morgan is the author of this paper. A senior editor at MeldaResearch.Com in write my nursing research paper services. If you need a similar paper you can place your order from essay already written services.

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