New release to deliver global solution for supplier deduction management and other inbound supplier claims, disputes and inquiries
ATLANTA, November 7th, 2017 (GLOBAL NEWSWIRE) — PRGX Global, Inc. (Nasdaq:PRGX), a global leader in Recovery Audit and Spend Analytics services, today announced Lavante SIM 7.0, a major expansion of PRGX’s Lavante Supplier Information Management (SIM) solution suite. This release, developed with direct input from several major PRGX clients, will be available in early December and enable clients to quickly enhance, automate and simplify their supplier deduction management process, as well as the ability to receive and resolve many other inbound supplier claims, disputes and inquiries.
With the latest release of its Lavante SIM solution, PRGX is bringing to market the definitive product for addressing a common problem plaguing large enterprises across the globe – the massive volume of inbound supplier communications and the subsequent resource drain and cost of receiving, researching, routing and resolving the inbound queries.
“The Deduction Management capability of the new release marks a critical shift in the market for highly targeted spend analytics and supplier management solutions,” said Jason Busch, Lead Analyst and Founder of Spend Matters and Azul Partners. “PRGX has leveraged its deep analytics domain expertise on top of its supplier management platform to create one of the highest and most tangible ROI use cases for targeted solutions in these areas we have seen.”
Lavante SIM 7.0 enables clients to configure a predictable, uniform and scalable process for suppliers to research supporting detail for potential payment disputes or deductions prior to initiating a question, comment or dispute. The cloud-based solution enables uniform treatment of all suppliers around the globe and gives client end users a single point of control and visibility that, in addition to reducing the number of inbound supplier queries, will also reduce the overall effort required to manage the communication and resolution processes. The new release, which supports Deduction Management, Invoice Visibility, General Help Desk and much more, is expected to substantially reduce erroneous repayments, supplier management costs and resource requirements.
“We want new releases of our solutions to solve industry pain points. The most direct way to do this is to work closely with clients and address their largest problems,” said Tushar Sachdev, CIO at PRGX. “Lavante SIM 7.0 addresses a huge problem for most, if not all, of our over 300 global clients that likely costs many of these companies millions of dollars in operational costs and unnecessary repayments back to suppliers.”
In addition to enhanced supplier functionality, Lavante SIM 7.0 also delivers a significant improvement in client workflow and reporting. All inbound supplier queries can be routed to specified parties throughout the client organization to ensure speedy resolution. Inbound queries are tracked at the point of input and throughout the resolution process against a complex set of attributes to drive a robust reporting suite and deliver in-depth root cause analysis to help prevent improper deduction and unnecessary repayments back to suppliers.
PRGX Global, Inc. is a global leader in Recovery Audit and Spend Analytics services. With over 1,500 employees, the Company serves clients in more than 30 countries and provides its services to 75% of the top 20 global retailers and over 30% of the top 50 companies in the Fortune 500. PRGX delivers more than $1 billion in cash flow improvement for its clients each year. The creator of the recovery audit industry more than 40 years ago, PRGX continues to innovate through technology and expanded service offerings. In addition to Recovery Audit, the Company provides Contract Compliance, Spend Analytics and Supplier Information Management services to improve clients’ financial performance and manage risk. For additional information on PRGX, please visit www.prgx.com
In addition to historical information, this press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include both implied and express statements regarding the strength and benefits of the Lavante SIM 7.0 release, the Company’s overall condition and growth prospects, the Company’s execution of its transformation strategy, the Company’s investments in, and opportunities associated with, its growth platforms, including its supplier information management services business. Such forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from the historical results or from any results expressed or implied by such forward-looking statements. Risks that could affect the Company’s future performance include revenue that does not meet expectations or justify costs incurred, the Company’s ability to develop material sources of new revenue in addition to revenue from its core recovery audit services, changes in the market for the Company’s services, the Company’s ability to retain and attract qualified personnel, the Company’s ability to integrate recent and future acquisitions, uncertainty in the credit markets, the Company’s ability to maintain compliance with its financial covenants, client bankruptcies, loss of major clients, and other risks generally applicable to the Company’s business. For a discussion of other risk factors that may impact the Company’s business, please see the Company’s filings with the Securities and Exchange Commission, including its Form 10-K filed on March 16, 2017. The Company disclaims any obligation or duty to update or modify these forward-looking statements.