Mitigate Risk and Improve Supplier Compliance
After looking beyond the obvious, we conduct an in-depth review of your most complex supplier contracts. Our highly experienced auditors go a step further to identify the root cause of the problem. Using a secure technology-enabled approach, we then recommend contractual or process improvements that can lead to significant cost savings in the future.
Face These Challenges Head-On
Supplier Self-Reporting
Invoices submitted by your suppliers don’t always align with the intent in the agreed-upon contracts. In fact, some of the costliest overpayment errors stem from supplier self-reporting that is left unchecked. By conducting a thorough audit of your most complex contracts, we not only identify and recover funds lost, but provide you with insight to help:
- Mitigate risk through improved contract language
- Proactively address root causes leading to future cost savings
- Create a culture of audit oversight, encouraging compliance and deterring fraud
High Volume of Contracts
Today’s biggest companies transact business with thousands of vendors, most governed by one or more contracts. The purchase to pay environment is complex, and varied, which makes monitoring compliance to negotiated terms difficult. After selecting the most complex vendors and contracts to audit, we work transparently with them to identify gaps in compliance, iron out discrepancies, identify revenue leaks and recover lost profit.
Internal Issues
Organizational change and turnover, inexperienced personnel, outdated processes and controls coupled with ambiguous contract language contribute to lost contract value. Our highly skilled auditors have the expertise and experience to dig deep into a variety of complex contract types to evaluate compliance, identify gaps and opportunities for improvements, regardless of contract pricing mechanisms, including:
- Cost plus
- Time & materials
- Unit rate and lump sum
PRGX Solution Suite
- Recovery Audit
- Accounts Payable Recovery Audit
- Retail Merchandise Audit
- Advanced Analytics
Technology-Enabled Platform
Protecting highly sensitive client data
We utilize a unique technology triad that enables our specialized teams to efficiently and securely perform a variety of audits – to help you uncover value in your processes. Our proprietary platform, the Verigon™ Solution Suite, rapidly takes in huge volumes of transaction data from accounting, ERP, procurement and other systems. Once captured and streamlined, data is housed in our Epiphany Data Foundation™- the foundation of our recovery audit, contract compliance and advanced analytics solutions. At the same time, enjoy complete visibility into the audit process and fund recovery via our Panoptic™ Compliance Audit Platform.
To help keep our client data secure, our technology maintains the privacy, integrity and controlled use of confidential information, including personally identifiable information through a combination of hardware, software and physical security, coupled with strong internal data security processes, procedures and controls that meet or exceed relevant laws, regulations and industry best practices.
News & Events
Find out what's happening at PRGX — recent success stories, educational resources, company news or product information.Download our E-book: "Accounts Payable Recovery Audit Scope Expansion" Businesses are always open to exploring ways to increase cashflow and reduce risk. An often overlooked way to reduce financial...
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