Procure to Pay at LexisNexis

Procure to Pay cycle at LexisNexisLexisNexis continues to invest in technology to bring efficiencies to the procurement and accounts payable processes. LexisNexis utilizes technology to:

• Procure low dollar, high transaction purchases via credit cards.

• Source Suppliers

• Conduct eRFx's and eAuctions

• Create electronic purchase orders

• Automated upload of invoices and ACH to pay our suppliers.

Sourcing:

LexisNexis uses several different resources to conduct due diligence research to approve our suppliers.  These resources include, but are not limited to, lexis.com®, Nexis®, Dun & Bradstreet®, as well as trade publications or subscription services specializing in specific commodities and services.

LexisNexis also utilizes databases such as our Potential Supplier Application database to identify or locate new suppliers.

Criteria important to LexisNexis in selecting potential sources of supply include:

• Pricing
• Quality
• On-Time Delivery
• Excellent Communication
• Integrity
• Technical Competence
• Environmental Protection
• Supplier Financial Stability
• Willingness to share business risks 

eRFx’s and eAuctions:

LexisNexis uses an electronic tool to conduct surveys, Requests for Information, Requests for Quotes and Requests for Proposals.  The use of electronic bidding reduces cycle time, increases consistency and eliminates proposal preparation costs for the supplier.

Suppliers who meet LexisNexis sourcing requirements may be invited electronically to participate in an eRFx.  Responsible/Responsive suppliers may also be invited to participate in an electronic auction process.

Electronic Purchase Orders:

LexisNexis utilizes PeopleSoft® Purchasing to create purchase orders. These purchase orders are generated electronically and forwarded via e-mail to the supplier.

LexisNexis also expects its suppliers to provide to LexisNexis electronic catalogs to maximize use of preferred Suppliers, products and services.  These catalogs can either be uploaded to LexisNexis or LexisNexis can “punch out” to the supplier’s catalog. The utilization of catalogs tailored for LexisNexis allows LexisNexis internal users to order electronically, pre-priced items, thus eliminating the need for Procurement involvement.

Procurement Cards:

LexisNexis uses MasterCard® as its payment method for small dollar value, high transaction products and services.  Suppliers are h2ly encouraged to offer MasterCard as a method of payment.  Elimination of paper invoices is a savings to both our Suppliers and LexisNexis.

Use of MasterCard eliminates invoices and provides a savings to both the Supplier and LexisNexis. LexisNexis will work with our suppliers to obtain Level 2 or Level 3 status with MasterCard.

Electronic Payments:

LexisNexis encourages suppliers to utilize ACH for payment of invoicing.  Suppliers are also encouraged to provide invoicing that can be uploaded electronically to Accounts Payable to minimize or eliminate paper invoices and manual input of data.