Transactional Inventory Analysis

Transactional Inventory Analysis

17 Dec · 3 min read

Challenge: to establish a real, accurate and up to date list of assets

Solution: App that makes Inventory compliance and analysis made easier than ever

User Group: Administrators

FEATURES

  • Process structured and unstructured documents, extract relevant data and verify document compliance
  • Process incoming invoices (scanning), extract items and prices, verify compliance with the relevant contract (contracted services), raise exceptions for noncompliant inputs, and import extracted data to financial systems currently in use by the company
  • Identify overpayments, duplicate and inaccurate billing both historic and current
  • Processes multi-language and multi-currency transactions and automate ongoing supplier invoice validation before potentially incorrect payments are made to a supplier
  • Contract compliance and audit trails for suppliers, customers, employees, legal and finance
  • Compliance is instantly achieved and recognized for board and regulatory bodies
  • HR savings on researching contracts and claim resolution
  • Legal savings on researching contracts and established for due diligence on corporate matters
  • Company assets are easily identified and tracked

INGESTION

We place the utmost importance on how we ingest an organization's most valuable asset – its data. Irrespective of where the data comes from, structured or unstructured, in whatever file format and in whatever volume, the system is able to ingest, decipher, index, reference, and be able to fully analyze everything that is ingested releasing the true value from the data.

INVENTORY

One of the prime directives is to establish a real, accurate, and up-to-date list of assets that are in use or have been disposed of and can include details of anything from servers, mobile phones to property. If the inventory is correct, then all details around that including supplier invoicing, agreements, pricing, tariff incentives, discounts, credits, and refunds will have reality and will provide true control over costs and suppliers. Organizations rarely have the time, resources, skills, or the technology to enable them to tackle this ever-growing problem, with the result being gross inefficiency, incorrect accounting, and worst of all, loss of bottom-line profit.

CONTRACT COMPLIANCE

As organizations become more regulated either by Government legislation or specific market sector regulatory bodies, they are required to ensure all data collected, captured, and stored meets the increasingly stringent compliance requirements. System can play a major part in this process. System is able, through its advanced analytics and machine learning capability to quickly and thoroughly decipher, cross reference, analyze and validate all information. System is the ideal application to assist you to achieve a far higher level of clarity and information accuracy and therefore compliance.

CONTROL OVER COSTS

Another vital aspect is an organization's ability to ensure all their suppliers are invoicing them correctly and within the contractual terms. Certain industry sectors, such as Telecoms, are well known for needing to invest heavily in additional staff, resources, and systems just to try and resolve the problems associated with incorrect billing, however, this problem is certainly not restricted to the Telecoms industry. All organizations currently have the same problem to a greater or lesser extent with the overhead in terms of additional staff, resources, and systems specifically employed to address the increasing problems. System provides a fast, thorough, and accurate way for an organization to ensure it has complete control over supplier costs relating to products or services provided. Using a system to ensure the inventory is correct it further ensures that all invoices are also accurate. Whether the system is used for ensuring billing accuracy going forward, or if necessary carrying out a historic review, it is the ideal platform for ensuring an organization achieves high levels of Revenue Assurance.

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