Reducing Spend and Risk using powerful procure-to-pay analytics

Large universities spend billions of dollars each year, a significant portion of which comes from government and private grants. Most universities monitor this spending using multiple disparate systems and manual efforts supporting the procure-to-pay process, including ERP, Procurement, Travel/Expense and P-Card. This disaggregation and lack of automation, unfortunately, exposes universities to fraudulent transactions, which are not only costing them millions, but leaves them vulnerable to reputational losses, and could ultimately result in the loss of their funding.

In this webinar, you will learn how to some leading universities have implemented sophisticated, data-driven analytics that can automatically detect problematic transactions in-line and in real-time, while simultaneously reducing overall costs.

These methods will help you identify:

• PO Leakage: transactions where capitalizing on previously negotiated contacts would have lowered purchasing costs, potentially saving millions
• Duplicate Invoices: identifying instances where multiple payments for the same transaction are requested from the same or disparate channels
• Vendor Fraud: instances when a vendor’s bank routing information was changed, directing legitimate payments to the wrong bank account
• Purchase Card Issues: outlier transactions and purchases that were made outside of specific established rules, including using Level 2 and 3 data directly from your bank, or receipts that do not match credit card details
• Issues based on paper attachments: non-compliant charges submitted via paper documentation, turning them into electronic text using Optical Character Recognition, making them available for models and searchable by auditors
• HIPAA, PII, PCI and Data Security risk issues: purchases which have potential HIPAA implications (e.g., transcription services or medical services), or could have data security issues (servers, cloud space), and are purchased through things like a P-Card.

Presenters:
Ted London, Senior Client Partner
Rob Robb, Senior Client Partner