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.
What is Contract Compliance?
Keith Hosmer, PRGX Sr. Audit Manager, provides an overview of the PRGX contract compliance solution and how it can benefit companies across all industries, returning value back to your bottom line by making sure the deal you negotiated is the deal you received. Watch the video now to learn more!
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.
Organizational change and turnover, inexperienced personnel, outdated processes and controls coupled with ambiguous contract language contribute to lost contract value.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 Leads the Industry in Recovery Overpayments
Overpayments are inevitable for most transaction-intensive companies – but finding them, recovering them and keeping them from happening again delivers real value to your bottom line. For 50 years we’ve mastered Recovery Audit and continue to be a global leader, recovering more than $1.2 billion annually for our clients.
Accounts Payable Recovery Audit
Outsmart the Spend Cycle
Although untapped value exists within your source-to-pay data, the resources for finding that value are scarce. Common errors like duplicate payments can lead to millions of dollars in lost profit. Our Accounts Payable Recovery Audit helps companies identify and recoup funds across a myriad of settings and prevents the errors from happening again.
Our comprehensive approach reviews all major factors of your accounts payable process, including:
- Escheatment avoidance
- Sales and use tax
Retail Merchandise Audit
Recover Money Quickly
Thousands of vendors, tens of thousands of items in inventory and millions of transactions – with countless moving parts – create an environment that’s effective at hiding things such as unapplied discounts and under-deductions. Our Retail Merchandise Audit solution identifies gaps in processes and systems to prevent future errors, all while helping you recover money quickly. That’s why we’re trusted by 75% of the world’s largest retailers.
More Data, More Expertise, More Value
Every day that your source-to-pay cycle isn’t optimized is a missed opportunity to find the resources you need to invest in and grow your business. Our Advanced Analytics combine industry-leading consulting and data expertise with robust tools to rapidly uncover insight and take action to deliver bottom-line results.
Supplier relationships are important in just about every type of industry. But for pharmaceutical manufacturers that often must rely on sole-source suppliers for key materials, preserving those relationships is absolutely...
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...
PRGX has been featured in the July issue of Technology Magazine. In this exclusive interview, Andy Green, Vice President of Global Infrastructure and IT Operations, discussed the growing importance of...