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FAO Research Announces 2007 Awards of Distinction Winners

Boston, MA - June 18, 2007 - FAO Research, Inc., the only research firm focused exclusively on the Finance & Accounting Outsourcing (FAO) market, today announced the winners of its 2007 FAO Awards of Distinction, a unique initiative that applauds the efforts of companies and their outsourcing suppliers in meeting business objectives through team work, best practices and thought leadership. Accenture and Thomas Cook UK & Ireland - one of the largest global travel services providers - garnered top honors for successfully achieving a major finance-related business transformation as a team. Wipro BPO and Cairn Energy India Pty. Ltd. (CEIL) captured second place. Accenture also took a third place award for the management of its DHL Exel Supply Chain FAO engagement. "Our FAO Awards of Distinction recognize extraordinary relationships between FAO suppliers and their clients," said Lisa Maio Ross, CEO of FAO Research. "The 2007 awards validate the commitment and collaboration required by supplier and buyers to ensure successful outsourcing engagements, underscoring the industry's most measurable and dramatic business results." Honorable mention recognition was given to three additional FAO contracts: EXL with its client Centrica; Infosys BPO Ltd. for its association with Alcoa India GBS; and Outsource Partners International (OPI) for its management of Trinity Industries' FAO engagement."FAO Research has observed first-hand that a healthy, successful FAO contract requires a long-term team approach," said Ross. "Starting with a philosophy of shared risks and rewards, mutual benefits are not only achieved but also accelerated. Such was the case with all our winners, most notably between Accenture and Thomas Cook UK & Ireland." FAO Research received FAO supplier-buyer contract nominations in March and April 2007 and categorized each "best in class" engagement according to numerous performance metrics, like:
  • Alleviating business pains
  • Business transformation
  • Cost savings
  • Database/infrastructure consolidation/modernization- Ease/rapidity of deployment(s)
  • Increased efficiency in processes
  • Reduced reporting time (quarterly, annual, business intelligence)
  • Relationship/team building
  • Return on investment
  • "Road map" (game plan for sequence/ timeline of multiple process deployments)
  • Regulatory compliance.
A select group of 11 sourcing industry experts served as independent judges for these awards:
  • Atul Vashistha, neoIT
  • Praful Mittal, Booz Allen Hamilton
  • Doug Plotkin, PA Consulting Group
  • Michael Steer, PA Consulting - UK
  • Kevin Parikh, Stradling Global Sourcing
  • John Halvey, Milbank Tweed
  • Dan Masur, Mayer, Brown, Rowe & Maw LLP
  • Andy Parks, Hunton & Williams
  • Danny Ertel, Vantage Partners LLC
  • Lisa Turnbull, Independent Consultant
  • Lisa Ross, FAO Research, Inc.
To receive a complementary copy of the full report along with details about nominating an FAO engagement for consideration in the 2008 FAO Research Awards of Distinction, visit www.faoresearch.com.
About FAO Research FAO Research, Inc. is the only independent research firm worldwide focused exclusively on the Finance & Accounting Outsourcing (FAO) market. FAO Research conducts market research, performs custom services and hosts events for FAO service providers, advisors and companies that want to better understand FAO market activity, the supplier landscape and buyer needs. With frequent publishing of reports and independent, unbiased viewpoints, FAO Research is a trusted source worldwide for impartial research and opinions. For more information, visit www.faoresearch.com.
Press Contact: Joyce Radnor Spice Communications 617-787-5192 jradnor@faoresearch.com