MT. STERLING, Ill. - Dot Foods is proud to announce it has received the Huntington Bank Innovation Award for its processes and technologies in accounts receivable from The Institute of Financial Operations (IFO).
The award was presented to the company at the IFO's Fusion 2013 conference in Orlando, Fla., on May 20, 2013.
Dot Foods' position in the supply chain as a redistributor creates a complex business model in which customer short-pays can span multiple products for multiple reasons from multiple manufacturers. This created several inputs across different tools on Dot's side, as well as on the supplier side. ICG Consulting was brought in to develop a customized 24/7 supplier portal that would phase in key features. Growing from a baseline of zero, Dot now averages 720 supplier users per month and has increased productivity by 107 percent over the past three years.
"We are pleased with the benefits of this system improvement, but even more pleased with the commitment of our AR team and management to make this system successful," said Dot Foods Chief Financial Officer Bill Metzinger. "Change is challenging and it is great to see that the results are both positive and recognized within the industry."
The IFO also recognized Anixter International and Weyerhaeuser Company as co-recipients of the Huntington Bank Innovation Award for accounts payable. There were seven other finalists for the AP and AR awards, including: American Electric Power, ChildNet, Data2, Intrawest, Nooter Eriksen, Scott & White Healthcare, and Sonepar.
About The Institute of Financial Operations
The Institute of Financial Operations is a membership-based professional association serving the entire financial operations ecosystem, with a particular focus on the accounts payable and accounts receivable disciplines and the related fields of information management and data capture. The Institute grew out of the merger of four associations: International Accounts Payable Professionals (IAPP), International Accounts Receivable Professionals (IARP), the National Association of Purchasing and Payables (NAPP), and The Association for Work Process Improvement (TAWPI).
Based in Orlando, Fla., with affiliates in the U.S., Canada, and the UK, The Institute serves as a global voice, chief advocate, recognized authority, acknowledged leader, and principal educator for people in financial operations. The Institute has a community of nearly 70,000, which includes 9,000 members and customers, and an additional 61,000 financial operations professionals.
The Institute's members have access to benefits and leading-edge resources such as the award-winning Financial Ops magazine, a dynamic re-engineered website, educational and networking events, online educational offerings, certification and certificate programs, career resources, and volunteer opportunities. For more information, visit www.financialops.org.
About Dot Foods
Dot Foods and Dot Transportation continue to experience exceptional growth and are hiring in record numbers. Both companies are looking to fill several positions for full and part-time drivers and warehouse personnel in all eight locations. To learn more about careers at Dot Foods, visit www.dotfoods.com/careers and follow @DotFoodsCareers on Twitter.
Dot Foods Inc. carries 105,000 products from 650 food industry manufacturers and is the largest food redistributor in the United States. Dot Foods distributes foodservice, convenience, retail and vending food products to distributors in all 50 states. Dot Foods operates eight distribution centers in: Modesto, Calif.; Vidalia, Ga.; Burley, Idaho; Mt. Sterling, Ill.; Cambridge City, Ind.; Williamsport, Md.; Liverpool, N.Y.; and Ardmore, Okla. For information, visit www.dotfoods.com.