Fleet Installs Expense Tracking System

Fleet National Bank, a subsidiary of FleetBoston Financial, has licensed ExpenseMap, an enterprise-wide spending system from New York-based Zeborg.

ExpenseMap, a multidimensional, analytical application, helps companies like Fleet gain insight over corporate-wide spending. The Web-based software captures financial data from multiple systems and converts it into rich procurement intelligence, which can be leveraged to identify and drive efficiency initiatives.

"ExpenseMap provides us with another vital tool to define, deliver and track our efficiency programs, helping Fleet achieve operational objectives," said Alex Zornig, director of strategic efficiencies, FleetBoston Financial.

The emphasis of Fleet's strategic efficiencies initiative is on non-employee related expenses and practical actions to reduce costs. "Through the Zeborg product, we know that the choices implemented through the initiative will not jeopardize our commitment to best serving Fleet's customers and employees," Zornig said.

ExpenseMap combines advanced procurement software, targeted expert advice and rich content to identify spending patterns and efficiency opportunities, and help ensure that suppliers and internal business units comply with corporate purchasing strategies.

ExpenseMap addresses all stages in the procurement cycle: analysis, sourcing and compliance. Other Zeborg solutions include RFx Sourcing (a sourcing solution) and MarketPort (a Web-based purchasing environment).