Traditionally, supplier contract audits have primarily focused on finding past billing errors and working to recoup funds when overbilling has been identified. However, as companies gain a better understanding and appreciation for the deep intelligence gained through contract audits, they are demanding enhanced audit strategies designed to expose errors sooner and prevent them from happening again.
Below are 4 actionable steps you should consider now to extract increased value out of your contract audit program.
1. Begin by evaluating your goals against your current contract compliance program and governance. Explore the trends. Determine what may or may not be working. Is there more value to be gained from new ways of thinking?
2. Consider high-risk vendors or operations for proactive and real-time audits. This will help expose the broad spectrum of where overpayment problems originate and how best to identify and most importantly fix the root causes.
3. Leverage technology to enhance data-driven decision making and smarter programs. This will lead to a better understanding of the steps to building a contract audit program where issues are identified quicker, leading to immediate and sustained cost savings.
4. Develop a program to maximize value, prevent future leakage, and supercharge your results. Growing the maturity of your contract audit program will expand value to your company.
Want to learn more?
Download the Contract Audit: The Power of Prevention white paper where we explore new ways to expand the value delivered by your supplier contract audit program and key steps to help recover lost profit sooner and enhance your bottom line.