Lavante, a key provider of supplier management solutions, announced today that Rick Arpin, Senior Vice President and Corporate Controller of MGM Resorts International, has been named Controller of the Year by the Institute of Finance & Management(IOFM), a leading industry association for finance professionals. Arpin was selected for successfully leading the company’s centralized Finance Shared Service Center (FSSC) to become a model of efficiency, visibility and effectiveness, and by leveraging technology, including Lavante’s credit recovery solution. Through these efforts, Arpin and his team were able to achieve improved financial processes and greater profitability for MGM Resorts.
Under Arpin’s direction, MGM Resorts’ FSSC has successfully incorporated Lean Process improvements, establishing sound financial processes, streamlining practices and reducing costs. The roll-out of a credit recovery solution from Lavante within the AP department has been a key factor in these accomplishments, enabling MGM Resorts to capture millions of dollars in missing credits from suppliers, earned through duplicate payments, lost shipments, returns or discounts. Lavante’s Recovery+ solution has also reduced the number of invoices that require extra attention from 51,000 to 2,500 invoices per month, and enables the FSSC AP department to capture earned discounts more frequently.
“I’m thrilled to receive the AP Controller of the Year award from the Institute of Finance & Management,” said Arpin. “I’ve learned first-hand the value that automation brings in driving effective processes and delivering the visibility, control and accurate reporting we need. Automation has been a key component of our success and has helped us reduce costs and improve effectiveness.”
While all the departments benefit from the reduced costs and earned credits that the AP department now realizes, Arpin continues to drive similar initiatives in other departments and has set the standard for the efficiency of Shared Services Centers. He has built a strong relationship with the Purchasing department, thanks to process improvements in AP, and is bringing additional accounting functions into the shared service center umbrella, streamlining key finance activities.
“Under the expertise of Rick Arpin, MGM Resorts’ Finance Shared Service Center exemplifies innovation, quality and control in Finance, leveraging automation to not only increase profitability, but also to streamline key processes and heighten the role of Finance enterprise-wide,” said Joe Flynn, CEO & co-founder, Lavante. “I congratulate Rick on this well-earned and prestigious recognition from the Institute of Finance & Management.”
About The IOFM Awards
The winners of IOFM’s AP Manager of the Year and AP Controller of the Year awards were announced on October 15th in Las Vegas at the 11th Annual Accounts Payable Conference and Expo presented by the Institute of Finance & Management (IOFM).
Competition for these awards was stiff as many nominations were submitted. The number of nominations submitted for 2012 greatly exceeded the number submitted in 2011, an indication of the increased awareness of the importance of recognizing outstanding performance in the field of Accounts Payable.
The IOFM is the leading source of information tools and resources for professionals across its focus areas. For over a quarter of a century, its newsletters, reference publications, online information services, and conferences have provided authoritative guidance to corporate managers across a wide range of disciplines.
Lavante is the leader in on-demand supplier management solutions, including recovery auditand supplier information management applications. Built with advanced, patented-pending technology, Lavante delivers to the financial arena a new standard in efficient technology-driven solutions that allow companies to quickly drive dollars to the bottom line, improve supplier communications, and assure high supplier data quality. Lavante solutions are deployed across Fortune 1000 enterprises including the hospitality, retail, entertainment, manufacturing, and medical industries. Headquartered in San Jose, California, Lavante is privately held and was founded in 2001. For more information please visit www.lavante.com.