Spend analytics as a complement to the recovery audit process is all about leveraging the deep and detailed spend data as the comprehensive single source of truth for both activities. A recovery audit provides an opportunity to gain even more value as it can help self-fund the spend analytics and additional advanced analytics solutions for your company.
With an over-abundance of data in the company, how do you find answers and solutions regarding your spend? For example, if a discrepancy is suspected between a set of invoices and the contract, where do you turn to for the necessary data points? Ask yourself the following questions:
- Do you know where to look?
- Do you maintain the necessary technology and expertise allowing you to pinpoint the transactions and terms?
- Are you able to see the entire picture or just a piece of the puzzle? How long would it take?
- Most importantly, was this discrepancy uncovered in an automated and recurring way as part of a comprehensive review?
Partnering with a recovery audit provider that has the capability to ingest massive amounts of disparate data sets and join them together quickly has the distinct advantage of access to a deep, large and diverse pool of spend, vendor and contract data joined in a meaningful way to create the right data model. This model will accelerate uncovering insights, gaps, and opportunity so that you can focus on using the data to run your business effectively, rather than data query and research.
Aggregating, cleaning and classifying spend data from multiple decentralized systems can be challenging without the right resources. However, once you’ve gone through the rigorous process of creating a single source of truth for your spend, you can begin to utilize the patterns and anomalies that will help you identify your spend leakage.
Want to learn more?
Download the Spend Analytics: The Perfect Complement To Your Recovery Audit Program white paper where we outline how companies can utilize the combination of recovery audit data and advanced analytics to gain improved visibility into their spend.