News, views and events

Supplier Contracts: Elevate Compliance, Optimize Performance & Continuously Monitor

If you’re like most large companies out there, you’re aware that your supplier contracts have inefficiencies, leakage, and aren’t delivering all the benefits they should. What if there was a new way to manage supplier contracts? One that unlocked every contract’s true potential. One that combined the best of tech

The Retailer’s Holiday Sanity Toolkit: Know, Avoid and Recover from Seasonal Challenges

Published on: 22 March 2023 at 19:12

Spend and Payment Insight: Working Capital & Supplier Terms Retail

At-A-Glance: Optimizing DPO Across $40B Annual Spend  Grocery stores manage a high volume of goods with a short shelf life across thousands of vendors which can make payment management challenging. After their latest acquisition, a leading US grocery retailer sought to rationalize payment terms across five banners and align payment

Spend and Payment Insight: Better Vendor Assurance

At-A-Glance: Transforming Complex Vendor Data into Strategic Insights Large telecom providers face significant challenges managing vendor relationships across their complex enterprise. Strong supplier relationship management relies on effective vendor data management and assurance capabilities. PRGX was selected to assist the telecom organization for their advanced analytics, automation capabilities, and vendor

Spend and Payment Insight: Disparate Data Systems Retail

At-A-Glance: Unifying Diverse Data Across $400B Spend Disconnected data systems create major challenges for financial and procurement departments as they try to view a complete financial picture. This national grocery retailer needed to consolidate their financial data after multiple acquisitions and an ERP transition to make informed decisions about working capital

Margin Insight: Office Supplies Retail Merger

Office supplies retail presents unique challenges in spend management due to vast SKU diversity, complex supplier networks, and dynamic pricing across product categories. Post-merger integration amplifies these complexities through disparate systems, varying product classifications, and distinct regional procurement practices. PRGX's expertise in harmonizing data across multiple ERPs and deep understanding

Margin Insight: Grocery Merger

At-A-Glance: Navigating M&A Cost Analysis in Grocery Retail Grocery retail mergers present unique challenges in synergy evaluation, particularly when assessing complex supplier relationships and varied pricing structures across organizations. Pre-merger visibility into true costs is crucial for accurate synergy forecasting. The retailer chose PRGX for our True Net Cost (TNC) analysis

Contract Management Single Supplier Audit

At-A-Glance: $63M Single Supplier Audit Reduces Complexity and Drives Quick ROI Print service providers rely heavily on key suppliers for specialized materials and consistent pricing, making contract compliance critical for profitability. This printer chose PRGX for their 50+ years of Source-to-Pay recovery experience and proven track record in contract compliance audits. $63MAuditable

Contract Management Services Billing

At-A-Glance: Single Supplier Audit of $450M Spend Delivers Instant ROI for Major M&A Consulting Project When complex professional services engagements span multiple geographies, currencies, and delivery models, ensuring billing accuracy becomes critical to success. Through AI-powered Contract Management services, PRGX helped a leading organization transform their contract governance and cost

Contract Management MRO Supplier

Managing a high-volume MRO supplier relationship with complex pricing structures creates significant challenges in spend tracking and invoice accuracy, leading to potential overcharges and contract compliance issues. Through comprehensive contract auditing and detailed spend analysis, companies can identify pricing discrepancies, correct classification errors, and capture both immediate recoveries and long-term

Contract Management Labor Service Provider

A leading logistics provider needed enhanced visibility and controls for their complex labor services contracts. They selected PRGX for their proven methodology combining industry expertise with advanced technology to optimize contract terms and billing processes. $76MAuditable Spend$7.3MCorrective Actions Identified$5MCash Recoveries RealizedChallenge: Complex Labor Services Spend Required Enhanced Contract Controls and Visibility The

Contract Management IT Contract Labor

Manufacturing firms face unique challenges in payment accuracy and process optimization due to complex supply chains and a vast number of vendors. A major motor vehicle manufacturer initially sought to optimize their accounts payable processes with PRGX through a US-focused recovery audit. This evolved into a comprehensive global initiative that

Contract Management CPG Manufacturing

CPG firms face complex challenges managing extensive supplier networks and production processes. PRGX was selected for their proven expertise in contract management services, combining advanced technology with deep CPG industry knowledge to drive cost optimization and ensure compliance. ₤1.6BAuditable Spend₤8M+Corrective Actions Identified₤2.7M Cash Recoveries RealizedChallenge: Optimizing Spend and Efficiency in Large-Scale CPG

Contract Management Construction Services

At-A-Glance: Contract Compliance Audit and Improvements Streamline $2.46B of Auditable Billings   A global retailer needed to optimize contract compliance across multiple fulfillment center construction projects spanning diverse contract structures - from Cost Plus GMAX to T&M agreements. PRGX's Contract Management Services delivered significant recoveries through comprehensive audits while strengthening future contract

Contract Management: Fortune 500 Pharmaceutical Company

Complex clinical trials generate a maze of critical payment transactions across multiple countries and currencies that can easily create leakage without oversight. Through AI-powered Contract Management services, PRGX optimized payment processes and strengthened financial controls to drive substantial cost savings and recoveries. $40M+Corrective Actions Identified$13MCash Recoveries Realized$800M+Auditable SpendChallenge: Unwieldy Visit Payments

AP Profit Recovery: Manufacturer Root Cause Analysis

At-A-Glance: Transforming Source-to-Pay Through Advanced Analytics and Process Improvement Manufacturers face intense pressure to be first to market with innovative products while managing complex, vast supply chains with multiple suppliers. This complexity, combined with the constant drive for increased efficiency and profitability, creates unique challenges in maintaining optimal financial processes. The

AP Profit Recovery: Fortune 200 Manufacturer with Multiple ERPs

At-A-Glance: From Global System Complexity to Unified Business Intelligence In today's competitive manufacturing environment, disparate systems and complex supply chains create significant challenges in spotting improvement opportunities. The client needed a solution provider with proven expertise to unify their global spend data into a complete, actionable database for informed decision-making. $10M+Profit Recovered$10+Systems

Disputing Better, for a Better Bottom Line

Reinventing Profit Recovery for Today’s Retail Environment

PRGX is FSQS Accredited – A New Standard in Supplier Excellence

by Simon La Band, Sales Director for UK, Ireland, Nordics and APAC PRGX achieved Hellios FSQS accreditation earlier in 2024, and is actively working towards Hellios JOSCAR! This major milestone further strengthens our commitment to serving regulated sectors, including financial services and defence, with top-tier standards in compliance, security, and

How UK Businesses Can Meet the New Fair Payment Code Standards

This article was originally published on LinkedIn. You can view the original post here.   In the UK, small and medium-sized enterprises (SMEs) are facing unprecedented pressure due to persistent late payments. The impact on these smaller firms is significant, with late payments costing UK SMEs an estimated £23.4 billion

Webinar: Five Best Practices for Renegotiating Supplier Contracts

5 Strategies for Minimizing Supplier Inquiries, Disputes & Unnecessary Repayments

Discover actionable ways to reduce supplier headaches and protect your margins in our webinar, 5 Strategies for Minimizing Supplier Inquiries, Disputes, and Unnecessary Repayments. We explore practical steps for finance and procurement leaders to minimize confusion, cut down on disputes, and prevent repayment errors before they happen. This session is packed with

AP Teams: Stem the Tide of Supplier Inquiries and Disputes

If your Accounts Payable (AP) team feels overwhelmed by the rising workload of supplier inquiries and disputes, you are not alone. A growing trend of increased invoice inquiries and disputes is creating significant challenges for AP, finance, and shared services teams.   Fortunately, strategies exist that allow companies to easily

Stem The Tide Of Inquiries And Disputes In AP

Strengthen Supplier Ties and Resolve Disputes: Insights from the GCA 2024 Survey

The Groceries Code Adjudicator (GCA) plays a crucial role in maintaining fair and lawful standards between suppliers and large retailers in the UK. Established to oversee and enforce the Groceries Supply Code of Practice (GSCOP), the GCA ensures that the 14 largest retailers adhere to the Code, which governs their

PRGX Accelerates Growth with Executive Leadership Additions

Strategic Moves Build On Successes, Propel Growth Atlanta, GA – June 17, 2024 – PRGX Global, Inc., the leading provider of technology-enabled profit recovery services and source-to-pay (S2P) data intelligence analytics, is poised to strengthen its leadership position following a record-setting year with double-digit topline growth and unprecedented revenue in

Contract Compliance: A Health Check For Supplier Relationships

Think of a contract compliance review as a health check for your supplier relationships. During negotiations, every detail is meticulously scrutinized, with rigorous back-and-forths to ensure clarity. However, once the contract is in motion, interpretations can vary, leading to unexpected gray areas that could be costly for clients. For instance,

How SEG Wins With Margin Insight™

In a changing retail environment, competitive grocery merchandisers are making bold strides to strengthen commercial offerings to meet the diverse needs of today’s consumers, delivering both value and premium products, in-store and online. To do this among rising inflation, supplier costs and funding complexity, it’s critical for grocery merchandisers to

PRGX Honored with Premier Award for Excellence by RTX

[June 5, 2024, Atlanta] - PRGX, a global leader in AP Profit Recovery and Contract Compliance services, is proud to announce that it has been recognized with the Premier Award for excellence as a supplier by RTX. RTX, formerly known as Raytheon Technologies, has acknowledged PRGX for its outstanding performance

The Crucial Choice: How to Select the Right Recovery Audit Vendor

PRGX Unveils Supplier Connect: Reshaping Supplier Engagement with a Transformative, AI-Powered Platform

PRGX, the leader in global data management and the pioneer of Recovery Audit, is proud to launch Supplier Connect™ – a transformative, AI-powered platform designed to redefine Accounts Payable engagement with suppliers by facilitating greater collaboration and delivering exceptional efficiency in invoice inquiry and dispute management. PRGX is thrilled to

Effective Dispute Management Is Critical for Supplier Relationships & Business’s Bottom Line

Dive into the challenges and importance of managing supplier disputes effectively, gain insights into industry trends, and discover key strategies to transform supplier relationships while improving business processes. Key Insights: The Current Context: Understand the pivotal role of collaborative partnerships with suppliers, while exploring challenges in dispute management, the critical

Still Missing: Much Needed Collaboration Between Finance and Procurement

In 2024, it is more urgent than ever for Finance and Procurement to be aligned and collaborating in order to optimize Source-to-Pay, and drive opportunity, value and profit margin. In this webinar, we explore strategies shaping the future of Finance and Procurement collaboration. SharedServicesLink Founder and CEO Susie West, PRGX

Webinar: 3 Actions Shared Services Take to Drive Healthier Margins

Shared Services play a pivotal role in companies' data programs, presenting a unique and transformative opportunity. Despite the widespread desire for Shared Services to 'add value,' many struggle to identify and deliver tangible margin opportunities. Our webinar is designed to be a breakthrough for Shared Services stuck in basic transaction

Optimizing Retail Profitability: The Power of True Net Cost Data Intelligence

In the dynamic world of retail, staying ahead requires more than just meeting consumer needs; it demands a deep understanding of the factors that are driving profitability. This whitepaper delves into the crucial aspect of managing and optimizing retail operations amidst rising inflation, supplier costs, and complex funding arrangements. Discover

How Category Managers Can Overcome Four Common Challenges for Better Performance Visibility

In the competitive retail landscape, category managers face the ongoing challenge of optimizing margins and enhancing vendor negotiations. This whitepaper delves deep into the critical need for granular and timely insights into true net cost and financial performance. This guide not only outlines the importance of an accurate view of

Retail Recovery Audit: Top 5 Global Retailer

At-A-Glance: Improving Working Capital Management with an Intelligent Audit Retailers must navigate overpayments, missed discounts, and compliance errors while meeting increasing customer demands for better pricing, more products, and improved experiences. A Top 5 Global Retailer selected PRGX to accelerate cash recovery and transform their audit process, driving significant improvements

Margin Insight: True Net Cost Visibility for Grocery Retailer

   At-A-Glance: Improving Cost Visibility with Margin Analysis Across Global Retail Operations In today's global retail landscape, grocery operations face particularly complex cost visibility challenges due to vast SKU counts and varied supplier funding mechanisms across markets. The client chose PRGX Margin Insight™ for its advanced True Net Cost (TNC) analysis

Contract Management: Construction and Capital Projects

Complex multi-facility construction projects and tight deadlines create unique procurement challenges. Managing diverse cost streams from subcontractors and tools to insurance requires comprehensive oversight. The customer needed a partner that could overcome these complexities and chose PGRX to identify savings and ensure the future financial health of the project. $14M+Corrective Actions

AP Profit Recovery: Fortune 100 Manufacturer

At-A-Glance: AP Profit Recovery Expands to Audit Contract Compliance Manufacturers face intense pressure to innovate, bring products to market quickly, and increase efficiency while managing complex supply chain processes and numerous vendors. One Fortune 100 manufacturer turned to PRGX to identify payment and pricing errors across their global operations, transforming their

Maximizing Grocery Profitability with True Net Cost Data Intelligence

In the fast-paced and competitive grocery sector, staying ahead is not merely about fulfilling consumer demands; it involves a comprehensive understanding of the elements influencing profitability within this specific segment. This whitepaper focuses on the nuances of managing and enhancing grocery operations against the backdrop of increasing inflation, supplier costs,

PRGX Margin Insight: Helping Retailers Combat Inflationary Pressures through Data Led Insights

Jin Ro, Chief Analytics Officer, PRGX | Josh Beaupre, Commercial Finance Director, Southeastern Grocers | Mark Brousseau, President, Brousseau & Associates March 12 2022 | 58 mins

Using Merchandise Analytics to Enhance and Protect Margins

Adam Moore, VP Analytics, PRGX June 22 2022 | 59 mins The retail landscape has shifted radically over the past several years, and retailers have raced to meet changing consumer preferences while grappling with increasing complexity and fierce competition. PRGX merchandise analytics can unlock value with actionable insights that help

Revolutionizing finance & procurement: Strategies shaping the future in 2024

Revolutionizing finance & procurement: Strategies shaping the future in 2024 Dive into the pivotal strategies redefining the finance and procurement landscape in 2024 with our comprehensive whitepaper. Drawing from exclusive interviews with over 60 leading source-to-pay professionals, this document offers a wealth of insights for benchmarking your organization against the

Navigating the Source-to-Pay Maze: Unraveling the Tapestry of AP Recovery Audit

By Mike Taylor, North America Sales Director   In the dynamic landscape of procurement, organizations grapple with the challenge of source-to-pay errors, a complex web that demands unraveling. There are a number of key factors contributing to these errors, but they also offer a roadmap towards a seamless procurement process.

Margin Insight Introduction

PRGX Margin Insight™ unifies data to provide the granular detail required to allow category managers to expand your profit and margin through better decisions and stronger data. by Vincent Pate, PRGX Data Intelligence Solutions Sales Engineer     Welcome to an introduction of Margin insight by PRGX. Until now, suppliers

Spend & Payment Insight Introduction

By leveraging PRGX’s decades of experience, Spend & Payment InsightTM detects potential duplicate invoices before they impact your bottom line, and helps you optimize working capital opportunities. by Adam Moore, PRGX VP of Analytics What sets this platform apart from other data intelligence tools is the experience PRGX has working

Key Strategies for Transforming Supplier Relationships

Sara Clark, Global VP, Client Success | Brad Royer, VP, North America Audit Operations May 10 2023 | 45 mins Your relationship with suppliers is built on on-going communications to order, receive, promote and pay for goods and services. Inevitably, throughout the process, errors occur that lead to friction. However,

Five Best Practices for Renegotiating Supplier Contracts

Five Best Practices for Renegotiating Supplier Contracts Unlock the secrets to maximizing your supplier contracts with our eBook, "5 Best Practices for Renegotiating Supplier Contracts." Learn how to navigate the complexities of supplier agreements, ensuring you harness every ounce of value from your procurement processes. Identify and Minimize Risks: Understand

Uncovering the Hidden Benefits of a Profit Recovery Audit

This comprehensive resource delves into the critical function of profit recovery audits and reveals the untapped potential they hold for businesses. Key Insights: Rooting Out Financial Leakage: Discover how profit recovery audits pinpoint and rectify causes of financial leakage, delivering pure profit directly to your bottom line without additional capital

Root Cause Analysis: The Vital Ingredient In Today’s Recovery Audit

In this insightful whitepaper, discover how root cause analysis transforms recovery audits from reactive exercises into proactive strategies for long-term profitability. Key Insights: Understanding the Fundamental Concept: Discover why root cause analysis is the cornerstone of successful recovery audits, allowing businesses to identify underlying sources of leakage and implement sustainable

Shared Services: Managing Risk and Finding Opportunity in a Remote Working Environment

Embedding Working Capital Acceleration in S2P

Three Considerations for Optimizing Your Days Payable Outstanding

Uncover Hidden Value Across the S2P Spectrum with Enriched Data and Analytics

Maximize Promotional Effectiveness with True Net Cost Analysis

Spend Analytics: The Perfect Complement To Your Recovery Audit Program

Contract Compliance: From Reactive To Proactive

Led by the PRGX Contract Compliance team, this insightful resource delves into the ways a best-in-class contract compliance program has evolved from a retrospective exercise to a proactive strategy aimed at preventing profit leakage before it occurs. Key Insights: The Evolution of Contract Compliance: Discover how businesses are moving away

Building a Self-Funding Contract Compliance Program

Contract Audit: Power of Prevention

Technology’s Impact On Your Contract Compliance Program

AP Metrics that Matter in 2022

How To Supercharge Your Profit Recovery Program

Managing Audit Programs Effectively Through a Crisis

Set and Measure Everyday Low Pricing with True Net Cost Analysis

How to Optimize Your Retail Recovery Audit Program

Why Retailers Need a Mobile Activation Audit

Reinventing Recovery Audit For Today’s Retail Environment

Why Recovery Audit Remains Essential in 2020

How Artificial Intelligence And Machine Learning Are Transforming Recovery Audit

A Playbook for Successful Recovery Audits

The Top 5 Ways to Prevent Overpayments

Building Blocks: What A Successful Recovery Audit Looks Like In Manufacturing

Danielle Adamson, Director, Client Relations, PRGX & Tina Purdie, Accounting Consultant, Navistar Apr 15 2021 | 42 mins 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

Technology-led Spend & Contract Analytics using Audit Data

Jin Ro, Chief Analytics Officer, PRGX Mar 23 2021 | 39 mins 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

Facilities Management Contract Audits for Future Cost Savings

Jon Daniells, VP Audit Operations, PRGX | Jim Albrecht, VP Audit Operations, PRGX Mar 16 2021 | 60 mins 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

Accounts Payable Recovery Audit Scope Expansion for Higher ROI

Angie Holsen, Sr Dr Client Relations, PRGX | Danielle Adamson, Dr Commercial Clients, PRGX Nov 10 2020 | 14 mins 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

Valuable Use Cases for Enriched Advanced Analytics in S2P

Daniel Ebert, Sr. Manager Analytics & Adam Moore, Sr. Director, Transformation Nov 4 2020 | 59 mins Data is everywhere and provides insights that are powerful when applied. In this webinar, attendees will hear about two enrichment activities and how enrichment and advanced analytics can help their organizations solve challenges

PRGXchange Virtual – Ethical Decision-Making: A Story of Red Flags, Risks & Resilience

Rashmi Airan, Ethics Consultant Oct 22 2020 | 61 mins 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

PRGXchange Virtual – Lessons from the Boardroom: Diversity and Inclusion

Kwame Johnson, CEO, Big Brothers Big Sisters of Metro Atlanta Oct 21 2020 | 46 mins 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

PRGXchange Virtual – Cultivating Your Growth Mindset

Tiffani Bova, Global Customer Growth & Innovation Evangelist, Salesforce Oct 20 2020 | 46 mins 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

Shared Services: Managing Risk and Finding Opportunity in a Remote Environment

Danielle Adamson, Director, PRGX & Don Loveridge, Senior Audit Director, PRGX Sep 29 2020 | 36 mins Shared Services: Managing Risk and Finding Opportunity in a Remote Environment Many Shared Services centers had to quickly adapt to a remote environment; however, the swift move to working out of the office

Retail Best Practices for Optimizing your Recovery Audit Program

Alliston Duncan, Sr Audit Director; Amy Petrosini, VP Business Development Sep 24 2020 | 28 mins 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

Using True Net Cost (TNC) Analysis to Set & Measure Everyday Low Pricing (EDLP)

Jin Ro, Chief Analytics Officer, PRGX and Mark Irwin, VP - Audit Services, PRGX Sep 15 2020 | 54 mins 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

Evolution of Data Privacy & Security across Source-to-Pay

Wes Markeles, Senior Director, Security & Architect, PRGX Oct 8 2020 | 35 mins 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

Contract Audit: Building Self-Funded, Lower Touch, High ROI Programs

Jon Daniells, Audit Operations, PRGX | Jim Albrecht, Audit Operations, PRGX | Sara Clark, Product Development, PRGX Sep 10 2020 | 42 mins 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

Managing Your Audit Program in a Crisis

Vijay Parekh, Senior Director of Delivery, Contract Compliance and Leighton Hammett, Sr. Director, AP Sep 16 2020 | 25 mins 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

Contract Compliance Auditing: Moving from Reactive to Proactive

Jon Daniells, VP Audit Operations, PRGX | Carol Frey, Audit Manager, PRGX Sep 8 2020 | 41 mins 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

Why Recovery Audit Remains Essential in 2020

Angie Holsen, Sr. Director, Client Relationships, PRGX and Ashley King, Regional Vice President - Business Development, PRGX Aug 13 2020 | 23 mins 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

The Overlooked Benefit of Recovery Audit

Richard Jackson, Audit Director, PRGX / Nick Williams, Director of Operations, UK Retail, PRGX Sep 3 2020 | 33 mins 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

Maximizing Promotional Effectiveness with True Net Cost Analysis

Jin Ro, Chief Analytics Officer, PRGX Aug 6 2020 | 36 mins 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

Building a Self-Funding Contract Audit Program

Jon Daniells, Audit Operations, PRGX | Jim Albrecht, Audit Operations, PRGX | Sara Clark, Product Development, PRGX Sep 10 2020 | 42 mins 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

Creating a Roadmap to Working Capital Acceleration within S2P

John Heighway, PRGX | Vijay Parekh, PRGX | Bal Mattu, PRGX Aug 27 2020 | 29 mins 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

Reinventing Recovery Audit for Today’s Retail Environment

Mark Kilgore, Global Client Development, PRGX / Amy Andrade, Regional VP, PRGX / Brad Royer, Regional VP, PRGX Jun 11 2020 | 27 mins Helping retailers prevent errors in an increasingly complex industry. Recovery Audit has historically been a reliable stopgap for retailers to ensure any leakage is eventually captured.

How Spend Analytics Complement a Recovery Audit

Jin Ro, VP Advanced Analytics, PRGX Jun 4 2020 | 55 mins Aggregating, cleaning and classifying spend data from multiple decentralized systems can be challenging without the right resources. However, once you have gone through the rigorous process of creating a single source of data truth you can begin to

3 Ways to Minimize Abrasion with Retail Vendors

Scott Brown, Regional VP, PRGX / Patrick Miller, Senior Audit Director, PRGX Jun 2 2020 | 19 mins The Retailer and Vendor relationship is built on on-going communications to order, receive, promote and pay for goods and services. Inevitably, throughout the process, errors occur that lead to friction. However, the

Limiting Risk in AP During a Crisis

Angie Holsen, Sr Director Client Relations, PRGX May 14 2020 | 20 mins If eight weeks ago anyone had said we would all drop everything and that about 90% of office operations would start working from home you would have never believed them. However, many businesses are now adapting to

The Hidden Benefits of Profit Recovery

Pete Battista, VP Business Development, PRGX / Zach Braford, Dr Product Management, PRGX May 12 2020 | 36 mins 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

3 Trends You Need to Apply to Your Contract Audit Program

Procurement teams often underestimate the time and resources required to thoroughly manage their suppliers and contracts. Commonly there’s an assumption that because there’s a contract in place they are automatically receiving all negotiated benefits. Errors, misunderstandings and inadequate oversight of the agreed terms mean the value promised is often underdelivered.

How Data and Technology are Transforming Recovery Audit

Greg Cory, Chief Product Officer | Amir Karuppaiah, Chief Technology Officer | Jin Ro, VP Advanced Analytics May 6 2020 | 43 mins The one thing that is consistent about recovery audits is that they are a best practice for any organization managing their cash. However, what has changed in

4 Steps to Transform your Contract Compliance Program

Traditionally, supplier contract audits have primarily focused on finding past billing errors and working to recoup funds when overbilling has been identified. However, as companies gain a better understanding and appreciation for the deep intelligence gained through contract audits, they are demanding enhanced audit strategies designed to expose errors sooner

Reap the Hidden Benefits of a Profit Recovery Audit

Conducting a profit recovery audit is becoming an essential tool not only to help companies save money but also to identify financial leaks going forward. While recovering cash is the priority, leaders are using the insights to pinpoint system problems and address those issues. Companies should never view a profit

Five Key Components of Managing Supplier Contracts

Vijay Parekh, Senior Director of Delivery, Contract Compliance Apr 2 2020 | 31 mins Procuring materials and indirect services involves ever-greater complexities in the global supply chain and risks that can impact profits. Organisations devote significant time and effort to negotiating complex supplier contracts, however; once contracts are in place,

Three Considerations That Can Impact Your Working Capital

Working capital can be described as the funds used to run day-to-day business operations such as buying raw materials and services, paying your employees and keeping the lights on. Maintaining consistent cashflow to offset expenses and well thought out investments is crucial for healthy operations. In times of economic uncertainty,

Why Contract Renegotiation Is The Perfect Time To Optimize Supplier Relationships

In the push for growth, companies have to deal with a growing number of suppliers. That means more contracts to manage – a good problem to have, until it becomes a real problem. In large companies, suppliers deliver everything from office supplies to consulting services, and issue thousands – sometimes

Contract Audit: The Power of Prevention

Jon Daniells, VP Audit Operations | Sara Clark, Director Product Development Apr 1 2020 | 51 mins Traditionally, supplier contract audits have principally focused on finding past billings errors and working to recover those overbillings. However, as organizations gain a more sophisticated appreciation for the deep intelligence gained through contract

The Benefits Await: Leverage Technology in your Contract Compliance Program

Now more than ever technology is becoming a critical component for contract compliance professionals to do their job. While the work to perform contract compliance reviews has traditionally focused on recovering funds, there’s often contention around issues that led to financial leakage in the first place. Financial leakage won’t dry

Making Recovery Audits Deliver: Setting the Stage for Recurring Value

Large companies pay thousands – even millions – of invoices every month. But accounts payable teams still struggle with the volumes they have to process. That leads to errors, and revenue leakage due to unrecognized rebates, incorrect pricing, duplicate invoices and other mistakes. Of course this is a known issue,

How Technology Will Impact Your Contract Compliance Program

Sara Clark, Director Product Development | Bob Donohue, Contract Audit Expert Mar 31 2020 | 31 mins The ability to manage supplier contracts has been enhanced with technology advances, but to be fully effective requires strategic planning to align technology with vendor selection for auditing within a contract compliance program.

Contract Compliance: Applying Technology To Drive Coverage And Speed

Companies are faced with a lot of decisions and can find it difficult to gain the internal support needed to close leakage gaps. By leveraging technology, companies gain insight into known breakdowns and predict future cost savings, bringing transparency to the amount of money they would save over a long

Recovery Audit Automation, Services, and Software: Five Common Questions

With so many moving parts in your business, it’s virtually impossible for everything you’ve negotiated into supplier contracts to be 100-percent embedded in the accounts payable process. Businesses have made recovery audits standard practice as a way to address the problem. But is there more to recovery audits than just

Working Capital: Three Strategies To Free Up Cash And Manage Suppliers

Jin Ro, VP of Analytics & Strategy Mar 18 2020 | 28 mins Organizations that are not actively managing their supplier days to pay are missing out on a huge Working Capital opportunity. This webinar outlines the common reasons businesses pay their suppliers too early, missed opportunities in doing so,

Recovery Audit: Helping Retailers Realize the Value of Error Prevention

For 50 years, recovery audit has been a retail best practice. Retailers of all sizes, sectors, and geographies continue to engage recovery audit firms today because the process brings value in several important ways:   Ensures retailers are receiving the supplier funding they have negotiated with their suppliers; Drives cash

Recovery Audit Findings: Top 6 Preventable Errors in the Retail Industry

The retail industry is evolving to meet consumer demands by adding new channels and expanding their partnerships with suppliers to serve consumers wherever, whenever, and however they choose to shop. These industry changes are resulting in more creative promotional funding programs to drive sales.   While this evolution will result

Tips for Overcoming Common Challenges of Profit Recovery Audits

Today, most companies extract about as much value as they can out of their source-to-pay (S2P) cycle. Yet, even after implementing some of the most sophisticated S2P processes, as much as 5% to 10% of value is still lost. This loss – which can equate to millions of dollars in

Data and the Transformation of Recovery Audit Solutions

Recovery audits are great at getting back money lost to overpayments, but wouldn’t it be better if the money was never lost at all? Any organization serious about protecting margin has already built recovery audit solutions into their finance processes. What’s changed is the way audits are conducted. The speed

Audit Enabled Spend Analytics: A Complementary Path

Spend analytics as a complement to the recovery audit process is all about leveraging the deep and detailed spend data as the comprehensive single source of truth for both activities. A recovery audit provides an opportunity to gain even more value as it can help self-fund the spend analytics and

How Technology is Changing Contract Compliance

Financial leakage is a cost of doing business. Given the volume and complexity of contracts, most companies are now working at warp speed, with employees taking on more responsibilities. Traditionally, contract compliance work has focused on recovering funds rather than correcting the issues that lead to financial leakage. Today’s technology

How Can Retailers Minimize Vendor Friction?

The retailer-vendor relationship is a complicated one. It is built upon trust and an open line of communication, as well as the ability to efficiently order, receive, promote and pay for goods and services. Retailers, however, engage in such a large volume of complex supplier-relationships it can be nearly impossible

True Net Cost and Margin Analysis – A Deeper Level of Visibility Into Product and Vendor Performance

It’s no secret that 2020 has been a challenging year for retail businesses. Although overall sales have gone up in many sectors such as grocery, there has been a drastic change in prices, cost of goods, and promotions due to the impact of the COVID-19 global pandemic. This has made

Getting On The Fast Track To Working Capital Acceleration

Improving short-term liquidity and minimizing long-term risk has always been on the finance agenda, but the arrival of COVID-19 had added urgency to both. These days, every business needs as much cash-on-hand as possible. But how can you maximize working capital quickly? Even in normal times, practical challenges get in

Recovery Audit – Helping Businesses Stay Efficient During the Pandemic

Over the past eight months, finance teams had to embrace an abundance of new technology tools almost overnight. From document sharing platforms to new cloud services and virtual meeting rooms, many things had to change just to get work done. Now that the dust has settled, COVID-19 has delivered a

Root Cause Analysis – The Added Benefit of a Recovery Audit

Getting to the root of the problem. It’s a beloved idiom of professional trouble-shooters everywhere. From engineers to accountants, conducting analysis to understand why something went wrong – and how you can stop it from happening again – is fundamental to success. The same holds true for recovery audits. They’ve

Leverage AI to Minimize Invoice Errors Before They Happen

The sheer volume of invoices large organizations face every month means errors and erroneous payments are almost unavoidable. That has been the case for decades, and every finance team must have measures in place to try and address it. Regular recovery audits are normally how businesses recoup those losses. What

Setting The Building Blocks For A Self-Funding Contract Audit

Large businesses have hundreds, thousands and even tens of thousands of supplier relationships that they spend millions or billions on every year. With so many invoices, projects, and contracts associated with so many transactions, it’s easy for things to slip through the cracks. Contract compliance audits help stop losses by

What If We Made Contract Compliance Audits Preventive Instead Of Reactive?

Contract compliance audits are an effective way to win back historical cash losses. But as good as traditional audits are at identifying recoveries, the value they can realize is only a percentage of what’s been lost. And the longer the timescale between transaction and recovery claim, the less that’s recovered.

The Proactive Grocer: Keys to Preventing Losses

Mark Kilgore, Global Client Development, PRGX Feb 6 2020 | 28 mins The grocery industry is by far one of the most demanding – constant change, new technologies to learn and complex promotions lead to inevitable mistakes and things slipping through the cracks. In this webinar, you’ll discover how to

A Playbook of Success for Recovery Audit

Zach Braford, Director of Product Management, PRGX Nov 20 2019 | 22 mins In this webinar, “A Playbook of Success for Recovery Audit,” you’ll discover four ways to get the most out of your Recovery Audit. Industry expert and Director of Product Development at PRGX, Zach Braford, outlines real-life winning

Assessing the Information Security of a Recovery Audit Provider

One of the first steps a company needs to consider when looking for a recovery audit provider is clearly defining and documenting the expectations of the provider. The expectations will be shaped by both the company’s industry and locations of operation. Some examples of such expectations include: Confidentiality requirements Breach

EDLP Strategy – Using True Net Cost Analysis to set targets and measure effectiveness

According to Nielson Intelligence Analytics, in November 2020, the percent of products sold on promotion in the UK was down a little under 15% year over year.  Early in the COVID-19 pandemic that percentage variance was considerably greater as retailers sought to secure supply over volume-led promotional activity. Putting the COVID-19

How Shared Service Centers Are Using Recovery Audit to Sustain Efficiency

Most shared service centers (SSCs) had crisis plans prepared when COVID-19 struck. They shifted to remote working, reduced capacity, implemented new collaboration tools, and adapted processes as conditions changed. That stabilized operations, but now the long-term effects of so much sweeping change are starting to appear. The cohesive teams SSCs

Root Cause Analysis and The Transformation of Recovery Audit

Conducting a deep dive to understand the underlying reasons for why something went wrong is an essential part of many jobs. From plumbers to accountants, getting at the root cause of a problem is a necessary step towards solving it. The same holds true for recovery audits. For decades they

Four Ways to Optimize Your Retail Recovery Audit Program

Retail merchandise recovery audits are an effective way to recoup funds lost due to overpayments, under-deductions, and simple human error. But like any meaningful business initiative, audits require time, resource, and budget. How do you know if you’re maximizing your investment in the program?   01: Establish Shared Guidelines From

Manage Your Audits Effectively Through a Crisis

As businesses face a winter of uncertainty, a new acronym is making the rounds: VUCA, military shorthand for volatility, uncertainty, complexity, and ambiguity. Going into 2021, that’s the environment procurement and accounts payable teams currently find themselves in. Office processes, systems, and work styles that functioned reliably for years have

How Enriched Source-to-Pay (S2P) Data Can Strengthen Procurement

When a supplier is a global business, having clarity on all its divisions, regional operations, and subsidiaries can be hard. You might have numerous vendor relationships with the overall supplier organization you aren’t even aware of. A blurred view can hide untapped sources of value. Is your annual spend with

The Top 5 Ways to Prevent Overpayments

Lisa Marley, Audit Manager, PRGX Oct 10 2019 | 43 mins In this webinar, we will explore the top five ways that overpayments occur in a complex and changing AP landscape and offer solutions to these common occurrences. Invoice number standardization Duplicate checks against ERP history Broad parameters for duplicate

Source-to-pay Trends and Predictions

With the COVID-19 global pandemic’s initial shock in the rear view, businesses are now reevaluating their priorities and charting a new course for 2021. As a global leader in recovery audit and spend analytics services, below is our perspective on source-to-pay (S2P), procurement and finance trends to watch. Source-to-pay Digitization

Three Key Benefits of a Facilities Management Contract Audit

Whether it’s handled in-house or managed by an outside service provider, the facilities management process can open your organization up to financial risk. Contractual complexities, a multitude of vendors and lack of transparency all contribute to profit leakage (excess costs resulting from poorly administered or noncompliant billing practices). Utilizing a

Four Opportunities to Expand the Scope of Your AP Recovery Audit

While companies are always open to exploring new ways to increase cashflow and reduce risk, one often-overlooked method is through the evolution and expansion of existing accounts payable (AP) recovery audits. An AP recovery audit is designed to help companies uncover errors in their AP process – things like payment

What is Advanced Analytics?

Jin Ro, PRGX Chief Analytics Officer provides an overview of the PRGX Advanced Analytics solution and how it helps businesses rapidly uncover insights, take action and achieve bottom-line results. Hear Jin explain Advanced Analytics and how PRGX’s proprietary technology and purpose-built data platform, Verigon® Solution Suite allows companies to dig deeper into

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. Hear Keith Hosmer explain why supplier relationships

What is an Accounts Payable Recovery Audit?

Standard accounts payable audits address common errors in procurement and accounts payable processes, which can result in as much as 5% to 10% of profit being lost. Yet without a plan to stop the leakage, that profit loss will surely continue.   What is the Goal of a PRGX Accounts

4 Steps to Stop Profit Loss

Why you need a proactive, data-led approach to stop erroneous payments from going out the door.   4 Steps to Stop Profit Loss From invoice errors to missed discounts, rebates and more, there are at least 300 ways the value you negotiated into your supplier contracts can quietly disappear. Areas

An Ounce of Prevention: Making Recovery Audits in Manufacturing Deliver Maximum Value

The amount of purchasing activity required to keep modern factories going makes their accounts payable and procurement teams some of the busiest on the planet. Without a steady stream of raw materials and components, manufacturing would come to a screeching halt. That’s why supplier relationships are vital. In lean times,

What is Retail Merchandise Recovery Audit?

Mark Irwin, PRGX VP of Audit Operations for UK and Europe, provides a quick overview of the PRGX retail merchandise recovery audit solution. With ever-evolving products and supply chains, retailers face a vast and complex data environment to manage. The pressure to manage that environment can squeeze margins and create

How Pharmaceutical Manufacturers Can Use Recovery Audit to Strengthen Supplier Relationships

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 critical. At the same time, supplier invoicing errors and contractual noncompliance can cause substantial profit leakage. With pricing pressures from

6 Stages of a Successful Recovery Audit

Siloed systems, multiple geographies and more create business complexity that can interfere with audit productivity. There are a multitude of complexities in today’s business environment that can hinder audit productivity, ultimately costing you time and money. To overcome these challenges, PRGX utilizes a proven, 6-stage methodology that maximizes your financial

How PRGX Grows Net Profit for B2C and B2B: A Unique Insider Perspective

In any competitive market, profit margins are slim. For retailers and B2C firms, earning $10 million in pre-tax profit takes a lot of sales. Even more so for lower-margin wholesale distribution or those with B2B models. Consider the fact that one publicly traded wholesale distributor earns about 1% pre-tax profit. That means