Accounts Payable (A/P) organizations are tasked with safeguarding the
cash of the organization and doing so effectively and
efficiently. The common challenge faced by these groups is the lack
of information and analysis tools from which to drive this
responsibility.
DataShark Accounts
Payable (A/P) is empowering A/P with 100% visibility and
detailed analysis of all A/P systems – be it one or many systems. Using
DataShark A/P, Accounts Payable
is able to make informed business decisions and drive the
effectiveness and efficiency of Accounts Payable like never before.
duplicate payments
Duplicate payments represent a breakdown in process and can have
a significant impact on the bottom line. It is Accounts Payable’s
responsibility to minimize the occurrence of duplicate payments and
prevent or recover duplicate payments when they do occur. An often
challenging task.
In addition to utilizing best practices and standard ERP (SAP,
PeopleSoft, Oracle, Lawson, etc) controls, Accounts Payable can take
their internal capabilities one step further using DataShark A/P.
DataShark A/P uses the most systematic and comprehensive
approach in the industry to provide our customers with the most
comprehensive list of true duplicate payments with the noise of
false positives removed. Our customers perform the recovery – no
contingency fees.
Technology Insight is able to deliver a much higher rate of true
duplicate payments than any other company in the industry due to
our focus on refinement. In addition to DataShark A/P's extensive refinement
algorithms and techniques, Technology Insight utilizes the
results of each customer’s recovery efforts to further customize
the algorithms to the customer’s unique business processes and
structure. Technology Insight strives to deliver a 50% or higher
true duplicate hit rate.
Using DataShark A/P, Accounts Payable groups are able to:
recover duplicate payments historically missed, prevent and
identify future duplicate payments missed by internal and ERP
controls, and utilize significantly less A/P resource while
delivering much greater returns to the bottom line.
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vendor master file
An unclean vendor master file poses three significant risks to a
company: increased likelihood of duplicate payments, an inability
to accurately analyze spend and inefficient use of resources. All issues significantly impact the
bottom line.
DataShark A/P provides Accounts Payable with a list
of duplicate vendors, breakdown on duplicate vendors being added on
a monthly basis, active but unused vendors and a vendor aging report
to highlight active vendors that have not been used within your
designated timeframe. All reports may be exported to excel.
Using DataShark A/P, Accounts Payable groups are able to:
identify and remove duplicate vendors on a regular basis, identify
active but unused vendors, and identify active vendors unused within
a designated timeframe. The clean vendor master file will reduce
duplicate payments by enabling ERP controls to work as they are
meant to and enable accurate spend analysis leading to more
favorable business terms and positive impact to the bottom line.
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reporting
and metrics
In addition to key areas such as duplicate
payments and vendor master file, DataShark A/P provides Accounts Payable with 100% visibility of all data with the
ability to perform comprehensive, detailed analysis.
DataShark A/P easily takes in data from
any and all ERP systems, including P-card and T&E, to provide a
complete view of the business. Over 200 operational A/P reports,
structured to the customer’s business model, support analysis of:
business process adherence, inefficiencies in the Accounts Payable
function, and monitoring for fraud and risk.
Technology Insight takes special care to ensure
each solution is customized to meet the specific and changing
reporting needs of each customer. This includes the revision of
existing reports and the addition of new reports. No longer fear
management’s call for information. Technology Insight is extremely
responsive to our customer’s changing needs and will have new
reports available in as little as one business day. Depth and breadth of reporting capabilities are
driven by each customer's availability of data and data capture.
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fraud and risk
Fraud may be disguised in many forms, which
is why Technology Insight believes in a
multi-faceted approach to monitoring for potential
fraud.
DataShark A/P reports focus on the monitoring of standard areas
such as the Vendor Master file to
not-so-standard, yet susceptible, areas such as
P-card. Our analysis will range from the
tactical, transaction-level type of reports, to the
theoretical, yet widely pushed, Benford's Law, to
highlight questionable, and potentially fraudulent,
activity.
Depth and breadth of reporting capabilities are driven by each
customer's availability of data and data capture.
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why
technology insight?
DataShark A/P empowers Accounts Payable
organizations with capabilities and results they cannot achieve
using audit software, profit recovery firms or internal I.T.
resources. The results speak for themselves.
Our experience and confidence is what enables us to offer our
prospects a risk-free, no obligation to purchase, trial of
DataShark A/P. Our potential customers are able to see the value we
bring above and beyond existing practices and make an informed
business decision. Already using audit software or a profit
recovery firm? Not a problem.
Contact Technology Insight to
arrange a demonstration or learn more about
our free trial offer.
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