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Retailing is an environment with many of the elements that make PRG-Schultz's services useful: extremely high volume of transactions with fluctuating prices, rebates, promotions and other deals, and shipping and logistical issues. All of these factors are compounded by the distance between the buyer who agrees to the deal's terms and the payables associate who makes the disbursement. Added to these inherent drivers for intensive auditing are the following industry changes which only complicate the environment and accelerate the pace of change:
- Rapid industry consolidation, forcing retailers to deal with overwhelming, disparate data streams
- Unstable global economy driving headcount reductions
- Evolution in the way vendors are handling promotions
- Consolidation now happening internationally
- Blending of retailing environments within individual store, bringing new and different diverse payables needs to many retailers
There's a simple reason that 3 out of 4 of the top U.S. retailers look to PRG-Schultz to ensure the accuracy of their procure-to-pay transactions. Huge results. We've recovered more than $3 billion for our retailing clients in the past three years. PRG-Schultz originally developed much of our transaction review methodology in the retailing environment, and retailers have accounted for 75% of the recoveries we've made over the past thirty years. PRG-Schultz has reviewed literally every type of retail store - grocery chains to auto parts stores to specialty boutiques to mass merchandisers. We've performed every type of retailing audit and we know where to look for your potential recoveries, even before the audit begins.
During a period of rapid expansion, a PRG-Schultz client in the home improvement industry was opening several new stores every month. As a result, this client was ordering many goods specifically for new stores.
In some cases though, the goods ordered for the opening of the new store did not always arrive in a timely manner. While performing a recovery review for this client, a PRG-Schultz auditor discovered that the client had ordered specific seasonal items in advance of a new store opening.
Though shipped well after the grand opening, these items still qualified for a new store purchasing allowance, resulting in a claim of more than $83 thousand.
70% of the Top 25 U.S. Retailers
For a client reference, please contact us.
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