How to Yield Cash, Recover Profits and Boost Your Bottom Line.
In organization's today, senior finance executives face an ongoing and considerable task – root out the cause of financial leakage and bring value back to their organization’s bottom line. A proven way to deliver this value is through implementing an Accounts Payable Recovery Audit program. An essential tool for profit recovery and to increase working capital, audits not only yield cash they provide insights and analysis to avoid future issues and leakage before they occur. In addition to being a business best practice, some of the key benefits realized through an audit are ongoing process improvements, organizational team alignment and cash recoveries. Important to note for finance leaders and accounts payable managers alike - leaks will occur regardless of the organization’s size, complexity or those with even the most formalized processes.
In this webinar, PRGX field and product experts Pete Battista and Zach Braford discuss why Accounts Payables Recovery Audits are vital to boost your bottom line, ways to overcome common challenges, the optimal time to audit and key steps for organization’s to take when implementing an audit strategy to achieve continued success.
RecordedMay 12 202037 mins
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Join PRGX expert Danielle Adamson as she shares insights on how manufacturing companies can leverage recovery audit (RA) strategies to increase value. Heavy manufacturing, trucking and engine cooperation, Navistar will also join the conversation to discuss how they are adding to their bottom line utilizing successful RA programming.
In this webinar we explore:
- Why leakage occurs
- Why RA is still important in manufacturing
- Benefits specific to manufacturing
- Best practices
- Considerations for timing
- Industry success story/Q&A
Recovery audit is a necessary and invaluable way to recover overpayments, duplicate payments, missing credits and other value due to your organization. To find these hidden gems, a wealth of data ranging from orders and invoices to payments and supplier contracts are collected and analyzed by PRGX. As a result, our focus on the innovation of technology driven data analytics, allows us to provide valuable data assets, transformed into a fast, intuitive and insightful web platform, back to the customer.
This webinar will:
- Explore the concept of ‘Day 1 Analytics’ – a unique combination of spend, contract and claim analytics at the vendor level.
- Explain how our customers not only gain value from the initial recovery audit process, but how the data generates secondary value when it’s ingested, normalized, categorized and analyzed by PRGX’s proprietary Verigon technology platform.
Jon Daniells, VP Audit Operations, PRGX | Jim Albrecht, VP Audit Operations, PRGX
Does your company frequently manage its contractual agreements and ensure that they are performed within budget? If not, cost saving opportunities may be missed. Facilities management contracts are complex and a hassle to manage but utilizing a facilities management contract audit could save you time and money. These contract audits look at the contractual terms and project scope, often identifying billing errors, over or under spend, or compensation variances that many companies lack visibility in seeing.
See what you’ve been missing!
This webinar will:
- Explore what Facilities Management is, and what it can achieve
- Reveal all future cost saving opportunities that Facilities Management Contract Audits can offer
- Dive into the strategies used with PRGX clients
- Uncover the cost structures required to deliver these audits to see what you’ve been missing
Angie Holsen, Sr Dr Client Relations, PRGX | Danielle Adamson, Dr Commercial Clients, PRGX
Businesses will continue to look for ways to increase cash flow and improve ROI in order to maximize working capital going into 2021. An often-overlooked way to do this is through the evolution and expansion of current or long-standing AP Recovery audits.
This webinar will explore the opportunity of identifying new claim types and often ignored operation areas to expand scope and return additional money back to the bottom line. Attendees will also learn how company data can be used to research and identify new opportunity areas to support the expansion and guide project expansion.
Rashmi Airan is a keynote speaker and consultant whose mission is creating organizational cultures focused on integrity, authenticity and accountability. Don’t miss this opportunity to hear Rashmi share the lessons she learned from her ill-fated business decision, which resulted in her serving a federal prison sentence and set her on the path to redemption and founding her business to empower business leaders to make risk-informed decisions. In this session, Rashmi sets forth the framework required to ensure ethical decision-making and the problem-solving processes that result in organizational cultures of integrity.
Kwame Johnson, CEO, Big Brothers Big Sisters of Metro Atlanta
Kwame Johnson proudly oversees Big Brothers Big Sisters of Metro Atlanta, the largest youth mentoring agency in Georgia; however, the path from his childhood in New York to the board room was anything but traditional or easy. Join PRGX’s CEO, Ron Stewart, for a candid chat with Kwame, spanning Kwame’s inspirational journey, to his perspective on racial injustice, to his insights on how individuals can have a meaningful impact on diversity and inclusion at work and home.
Tiffani Bova, Global Customer Growth & Innovation Evangelist, Salesforce
PRGXchange Virtual: Salesforce's Growth & Innovation Evangelist and author of Growth IQ: Get Smart About the Choices That Will Make or Break Your Business, Tiffani Bova, travels the world inspiring business leaders to leverage technology and customer analysis to innovate and grow their businesses. Join us as Tiffani shares her personal journey to becoming comfortable with being uncomfortable, and her insights on the value of adopting a growth mindset, both personally and professionally.
In today’s world, it is more important than ever for companies to prepare for the unknown. Companies are faced with the challenge of navigating financial and operational challenges of coronavirus while ensuring that the needs of their people, customers, and suppliers are met. As our working environment continues to evolve, so does the need for businesses to ensure that data privacy and security is a top priority across their operations. This becomes increasingly challenging with the rapid transition to remote working environments. In addition, compliance with new privacy and security laws across the globe, presents a challenge of its own. This webinar will outline the importance of privacy and security in the source-to-pay cycle, local and international law/regulations impacting recovery audit vendors, and the important security measures that PRGX is taking as we shift to a new preventive approach and real time audits.
Many Shared Services centers had to quickly adapt to a remote environment; however, the swift move to working out of the office has left some teams exposed to potential risks and errors that may not have been uncovered yet. In this webinar, we will discuss challenges shared services centers have faced this year and how these may lead to revenue leakage. Our experts will discuss specific error types and vulnerabilities that can be identified to prevent further leakage while suggesting solutions and recommendations to recover working capital.
Alliston Duncan, Sr Audit Director; Amy Petrosini, VP Business Development
Retail Merchandise Recovery Audit is a great mechanism for uncovering lost profits, but how do you know if you are maximizing the resources and time invested into the program? This webinar will share current retail industry best practices and trends for optimizing your recovery audit program, focused on several key aspects:
Audit Guidelines - new standards for audit program procedures, to ensure efficiency and maximize returns
Audit Timelines - updated approaches to streamline audit timing and turnover schedules, to drive acceleration
Supplier Management - new ways to remove friction with vendors, to improve relationships and collaboration
Audit Expansion - emerging audit concepts, and ideas to expand scope
Vijay Parekh, Senior Director of Delivery, Contract Compliance and Leighton Hammett, Sr. Director, AP
When companies planned for 2020 no one anticipated organizations would have to account for working during a crisis. However, that is where we are now. Organizations had to quickly adapt in order to maintain business continuity with vendor programs that were aligned to goals established prior to the pandemic. Just how have companies made those adjustments and how are those adjustments potentially guiding them as they start to plan for 2021.
In this webinar, PRGX experts will outline lessons this year has taught us about managing vendor relations, how companies are collaborating internally and externally for success, and considerations for managing risk.
Jin Ro, Chief Analytics Officer, PRGX and Mark Irwin, VP - Audit Services, PRGX
Retailers in some regions are faced with establishing Everyday Low Pricing targets and then measuring the effectiveness of the strategy. In order to effectively set these targets and make any needed adjustments, retailers need to be armed with the right information.
In this webinar, attendees will learn how TNC analysis can assist by providing data related to products/categories as well as information to assist in negotiating with suppliers to establish the best pricing and margin targets.
Jon Daniells, Audit Operations, PRGX | Jim Albrecht, Audit Operations, PRGX | Sara Clark, Product Development, PRGX
Contract audit programs can deliver significant value for businesses through a rigorous process of reviewing vendor contracts at risk for value cash leakage. However, most procurement departments lack the bandwidth and expertise to audit vendor contracts, leading to sustained and significant cost leakage over time. This webinar will outline how procurement departments can implement a self-funded contract audit program that returns cash back to the company, provides insights to stop leakage going forward all with minimal impact to in house resources. Attendees will gain an understanding of how a multi-phased program can help procurement departments establish a self-funding mechanism to power a program that returns value through historical cost recoveries and future cost savings.
Jon Daniells, VP Audit Operations, PRGX | Carol Frey, Audit Manager, PRGX
Most audits look to recover cash months and even years after a business has made the payment. However, implementing a proactive auditing strategy can have several benefits which includes preventing overpayments from going out the door. This webinar will outline provide recommendations for how to move from a reactive to a proactive auditing strategy, examples of specific types of audits that will be best in this strategy and the additional benefits that can be gained by having data readily available for auditing purposes.
Richard Jackson, Audit Director, PRGX / Nick Williams, Director of Operations, UK Retail, PRGX
The obvious benefit of any recovery audit is it yields significant cash to a company’s bottom line, but there is valuable information that can sometimes be overlooked which could yield a greater return on investment. In this webinar, PRGX experts delve into how a recovery audit can add value through the root cause analysis to help retailers understand why profit is leaked, how best to utilize this information and ensure its true power is unlocked within your organization. Attendees will learn more about the types recommendations they should expect to see in a recovery audit analysis report and come away from the webinar with more understanding on how the root cause analysis can be used avoid future leakage at source by driving a retailer from reactive to a preventive organization.
John Heighway, PRGX | Vijay Parekh, PRGX | Bal Mattu, PRGX
It’s no secret one of the primary goals in today’s business landscape is to maximise working capital and obtain cash on hand. By implementing a self-funding audit program businesses can leverage data, often resulting in risk mitigation and cost reduction bringing value back to their bottom line. However, common challenges continue to persist in both finance and procurement functions including misaligned objectives, budget limitations and difficulties with cross-departmental buy-in.
This webinar outlines the roadmap to working capital acceleration using synergies across the source-to-pay cycle, exploring the fastest path to value for businesses given the current economic climate while also providing recommendations for mid-term cost savings planning. Attendees will be introduced to an approach to maximise ROI by using the PRGX three pillar approach; recovery audit and root cause analysis, payment terms and days payables outstanding (DPO) optimisation along with contract compliance recovery and prevention.
Angie Holsen, Sr. Director, Client Relationships, PRGX and Ashley King, Regional Vice President - Business Development, PRGX
Has 2020 shifted your AP priorities and how you are working?
As we enter the second half of this year, many businesses have had to re-evaluate their plans and are missing targets they originally set for this year.
In this webinar PRGX experts, Angie Holsen and Ashley King, will share insights on how companies have adjusted and can leverage Recovery Audit strategies to increase value.
Attendees will quickly understand how other companies have pivoted to take workforces remote, establish strong business continuity plans and develop new processes. Learn how these companies are ensuring they can add value to their business in H2.
Retailers are being truly challenged in 2020. Even if overall sales have gone up for some sectors, such as grocery, the traditional complexities of tracking the success of rebates, promotions and sales on top of the COVID-19 global pandemic challenges make it hard for retailers to know which promotions, categories or vendors are profitable. This webinar will look at how increased sales can mask other problems for retailers and how to identify weak promotional areas and inefficiencies that can be addressed to maximize overall margin improvement. Attendees will also understand some of the data science techniques used to investigate the funding and costs of categories to narrow down the highest performing vendor promotions.
The sale and activation of mobile phones through retailers is not likely to disappear anytime soon. As a result of new connectivity technologies, such as 5G fixed wireless and satellite internet, there will be new networks to partner with. However, due to multiple systems, complex transactions and a manual intervention requirements, many large retailers often miss the opportunity to recover commissions owed to you for activating phones on wireless networks. This webinar will outline the trending usage of mobile phones and why now is an opportune moment for retailers to conduct an activation audit. Attendees will learn more about how activation audits can deliver a short-term cash return, while remediating process improvements for future contract negotiations with existing and new market competitors before new mobile phone technology is adopted.
PRGX helps companies spot value in their source-to-pay processes that other sophisticated solutions didn’t get to before. Having identified more than 300 common points of leakage, we help companies reach wider, dig deeper, and act faster to get more value out of their source-to-pay data. We pioneered this industry nearly 50 years ago, and today we help clients in more than 30 countries take back $1.2 billion in annual cash flow. It’s why 75% of top global retailers and a third of the largest companies in the Fortune 500 rely on us. For additional information on PRGX, please visit www.prgx.com.