Improving Efficiency of Vendor Payment Processing

The Brooklyn Academy of Music (BAM) has brought world-renowned programming in theater, dance, music, opera, and film to New York City for more than 150 years. The organization is programmatically diverse, with more than 32 departments submitting all expenses, revenues, and budgets for review and processing by an 11-person Finance Department. BAM engaged a Capstone team to evaluate its outdated vendor payment process and identify opportunities to improve efficiency and robustness. Through interviews with BAM employees and peer organizations, the team determined industry best practices and tested the feasibility of business process improvements and new technologies under consideration. The team’s final recommendations outlined strategies for increasing automation, streamlining review procedures, and enhancing end-use trainings and tools.