Originally appeared in Technology Magazine’s July 2021 Edition.
Overpayments, missed discounts, shipment shortages: these errors are not strangers to companies coping with the aftershocks of COVID-19. While supply chains have been hit by delays and backups over the past year, companies like PRGX have stepped up. According to Andy Green, Vice President of Global Infrastructure and IT Operations at PRGX, the source-to-pay audit industry has never witnessed such growth, as auditing capabilities have taken on new importance.
After all, supply chains in 2021 crave end-to-end visibility. PRGX is a recovery audit and spend analytics company that looks at source-to-pay cycles for large national and multinational companies. They target profit leakage points: in other words, any shortages, errors, or overpayments that traditionally fall through the cracks. Their modus operandi is all about accuracy and finding what companies miss.
As Green noted, recovery audit is an incredibly data-heavy field and requires an impressive amount of infrastructure. But over the past 50 years, PRGX has continually evolved and improved to stay ahead of new digitalisation norms. “We started back in the day when there were literally boxes of paper delivered to the office,” Green said. “Somebody would sort through that paper and look for points of leakage by physically reviewing documents.”