EDS, a leader in the global information services industry, has been named the overall winner in the 1997 REACH Awards, a competition sponsored by MasterCard’s U.S. Corporate Products Group and CFO Publishing Corporation. EDS was named the overall winner among 18 other finalist organizations and seven category winners whose programs detailed how reengineering has become an integral component of their cost cutting and operating strategies.
“We’re honored to have been chosen this year’s REACH Awards winner from among such an established group of corporations,” said Paulett Eberhart, Corporate Controller of EDS. “We commend MasterCard and CFO for continuing to educate corporate America about reengineering and the ways in which it makes companies operate smarter and more efficiently.”
In addition to the overall award, EDS was honored for its exceptional customer processing program which reduced costs and cycle time and resulted in the consolidation of collection centers, as well as for its employee processing program, which features very sophisticated employee information access and self service. The 1997 REACH Awards also honored the following companies: Pepsi-Cola Co. for vendor processing, Case Corp. for internal audit operations, and Dell Computer for treasury operations. Moreover, the accounting processing and tax operations categories, underwritten by Andersen Consulting, recognized Case Corp. and TNT Express Worldwide, respectively.
“In the last decade, we’ve watched reengineering evolve from an 1980’s management trend to an established part of the organization,” says Steve Abrams, MasterCard Senior Vice President, U.S. Corporate Products Group. “At MasterCard we now look at reengineering as an essential part of business operations — companies need to be able to find new ways to operate more efficiently. We believe that our sponsorship of the REACH Awards is one way that MasterCard can continue to educate the market about the tools and strategies that will enable companies to do this successfully.”
MasterCard’s sponsorship of the REACH Awards reflects its continuous commitment to corporate innovation and excellence. MasterCard pioneers innovative corporate products used in financial reengineering and, based on its experience, believes companies of all sizes can successfully use reengineering to streamline costs and improve efficiencies. For instance, Owens Corning, winner of the 1996 REACH Award in the control and compliance reengineering category, used the MasterCard Corporate Purchasing Card and was able to dramatically transform its reporting and budgeting process. As a result of this improvement, the global manufacturer has made forecasting more timely, reporting more relevant and budgeting less burdensome.
“The REACH Awards are a highly competitive program with stringent judging criteria,” says Greg Hackett, president of the Hackett Group, a consulting firm that specializes in transforming staff functions. “We have been extremely impressed with the quality and sophistication of the entries and believe that the increasing number of participants in the REACH Awards program is a reflection of how reengineering has manifested itself in today’s successful organizations.”
The REACH Awards recognize companies with leading reengineering programs which have successfully reduced costs, improved productivity and facilitated strategic goals within organizations. The awards were created as a vehicle for promoting understanding of the continuing improvement in finance operations and their impact on the overall operations of companies today. Since the inception of the award competition in 1995, the number of entries has more than doubled with submissions from world-renowned companies including Pepsi-Cola Co., Sun Microsystems, Honeywell, Dell Computer and Amoco. Prior years’ overall winners include Owens Corning in 1995 and IBM Corp in 1996.
MasterCard has continually led the market in designing corporate payment programs, beginning with the launch of the first bankcard for small businesses through the development of programs for travel and entertainment, business-to-business purchasing and commercial fleet management. More than one million businesses in over 50 countries have come to rely on MasterCard Corporate programs, which include the MasterCard BusinessCardÂ®, MasterCard Corporate Card, MasterCard Corporate Purchasing Card, MasterCard Corporate Fleet Card and MasterCard Corporate Executive Card, as a better way to monitor, manage and control business expenditures.
MasterCard International, a payments company with one of the world’s most recognized brands, is dedicated to helping more than 23,000 financial institutions around the world offer consumers a viriety of payment options. MasterCard remains focused on helping shape the future of money by expanding acceptance of its global brands (MasterCardÂ®, MaestroÂ® Mondex(TM) and CirrusÂ®, the world’s largest ATM network) and maintaining reliable, secure networks facilitating global value exchange. MasterCard has 400 million credit and debit cards that are accepted at more than 14 million acceptance locations worldwide. In 1996, gross dollar volume generated exceeded $550 billion. MasterCard can be reached through its World Wide Web site at [ http://www.mastercard.com]