Unlocking Hidden Value: The Importance of Invoice Forensics
In the complex and fast-evolving landscape of financial management, maintaining an accurate and efficient validation process for invoice payments is essential.
Validate Accurate Payment for Your Supplier Services
Manual invoice validation is often slow, error-prone, and lacks capacity. Complex contracts lead to missed discounts, overcharges and wasted spend. Contractual agreements contain significant financial details beyond what companies may validate within the fees section of invoices. Current validation processes may be incomplete or require standardization. ISG finds most enterprises are unknowingly overpaying suppliers by 3-10%.
Using ISG’s years of procurement and supplier expertise, we meticulously analyze historical invoices to uncover discrepancies and excess charges. ISG’s proven methodology and decades of negotiating and managing contracts drives higher validation accuracy using a 4-way data match. We also work with our clients to build a proactive vendor management organization to drive maturity and prevent future errors.
We deliver real outcomes: recovered spend, improved accuracy and streamlined vendor relationships.
ISG Invoice Forensics empowers you to:
Achieve substantial savings
Depending on the type of service
or product, the potential savings can range between 3% and 10%.
Mitigate unnecessary spend
Identify contract vs. invoice discrepancies and prevent ongoing cost and value leakage.
Avoid paying for decommissioned sites or assets, ex-employees or excessive project resourcing.
Enhance visibility in supplier spending
Use data to make decisions when decommissioning legacy systems, splitting spend between suppliers or negotiating a new contract.
Reduce financial risk
Control for excessive charges now and in the future by using ongoing invoice validation to negotiate savings and benefits.An actionable savings plan in four simple steps
- Gather
Collate all available data for ISG Invoice Forensics. - Assess
Our team will assess your invoices to determine potential savings. - Review & Analyze
After completing an in-depth analysis of the data, we will review the data and create a preliminary report for review with your team. - Recommend
You will receive a recommendation report including:- A high-level savings plan and a savings category report,
- A detailed savings register, which can be sent to your supplier, and
- A cost avoidance tracker.
How can ISG Invoice Forensics Help You?
An Australian retail bank saved over $1M on a $15M contract by identifying billing inaccuracies from their telco provider.
A leading manufacturer saved $1.2M, or 8% of the annual invoice value, by identifying discrepancies on hardware spend.
A leading manufacturer saved $570k across two suppliers by identifying billing discrepancies in their infrastructure spend.
Insights to Help You Optimize Costs Throughout Your Organization:
Client Stories
How a Financial Services Company Modernized and Streamlined Its Sourcing and Procurement Operations
Learn moreNew Supplier Lifecycle Management Model Drives Company into a Future of Saving
ISG helps a banking, financial services and insurance (BSFI) company transition to a new operating model, improving its efficiency and ensuring regulatory compliance.
Learn moreNew Intelligent Supplier Contracting Approach Steers Company into a Future of Efficiencies and Security
ISG helps a major food service retail company to adopt an intelligent contracting approach, improving its efficiency and ensuring regulatory compliance.
Learn more
