Accounts Payable (AP) recovery audit services focus on analyzing a company's AP transactions to identify and recover funds that were erroneously paid out. These services scrutinize past payments to detect issues such as duplicate payments, overpayments, missed discounts, unclaimed credit notes, and errors in payment terms. The primary aim is to recover these lost funds and return them to the business. Additionally, AP recovery audits provide insights into the root causes of these discrepancies. By identifying these underlying issues, businesses can improve their internal controls, enhance the efficiency of their AP processes, streamline vendor relationships and reduce the likelihood of similar financial errors occurring in the future. These audits are crucial for maintaining financial integrity and can lead to significant cost savings for organizations.
Master data management (MDM) is a technology-enabled business discipline where business and IT organizations work together for the uniformity, accuracy, stewardship, semantic consistency and accountability of enterprises’ shared master data assets. Organizations use MDM solutions as part of an MDM strategy, which should be part of a wider enterprise information management (EIM) strategy. An MDM strategy potentially encompasses management of multiple master data domains (e.g., customer, citizen, product, “thing,” asset, person/party, supplier, location, and financial master data domains). Data and analytics (D&A) leaders procure MDM tools for data engineers or less-technical users, such as data stewards.
Strategic sourcing application suites are a set of related, integrated solutions that support upstream procurement activities; in other words, the strategic work the procurement team does for planning, assessment and performance management. Strategic sourcing application suites are used primarily by companies with $800 million or more in annual revenue that, typically, have the necessary critical mass of spend. The strategic sourcing application suite delivers four primary capabilities. Most vendors offer these capabilities as separately licensable modules: Spend analysis is a software- and service-based solution for cleansing, enhancing, classifying and analyzing spend data. It features rule-based data cleansing, automated category-level classification, analytics and decision support. Automated spend analysis is used in procurement and sourcing to quantify spend by supplier, category and part, and to identify opportunities for cost reduction and supply base resizing.
Supplier risk management solutions are advanced technology platforms designed to facilitate comprehensive supplier risk management activities. These platforms not only aid in the identification and continuous monitoring of potential risks, such as financial instability, geopolitical concerns, and compliance challenges, but also enable a thorough analysis of their holistic impact. Furthermore, they support the coordination of both operational and strategic responses to mitigate these risks effectively. Integral to end-to-end supply chain risk management, supplier risk management aims to assist organizations in mitigating prioritized risks across the entire supply ecosystem — encompassing both physical and digital domains.