Automating vendor invoice auditing to improve the bottom line

The impact of unchecked vendor management is estimated to cost organizations an average of 9.2% of their bottom lines; and a big part of the problem is the lack of time allocated for auditing high-value vendor invoices. So we’re sharing insights on using automation to track and audit major contracts and invoices to reduce overhead, increase productivity, uncover cost savings, and improve quality.

Key Takeaways:

• [02:04] Now is the most important time to be looking at back-office operations and trying to determine if there are ways to access low hanging fruit and turn that into some costs savings at a time when that asset is precious.
• [08:43] Automating is almost like a type of insurance going forward because our contracts are living, breathing things and they change, and therefore the invoice changes. It is also a more professional way to handle vendors.
• [13:06] You release human capital to be used in other places in your back office. If the machine finds an error you also save the money before you pay the invoice.

 

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