Procurement Software Saves Companies’ Millions

Invoicing in the Procure to Pay Cycle

A recent case study from Harvard Business Review provides some valuable insight into why having a powerful e-invoicing system can save companies millions. (And save you from a terrible headache in the process.)

A financial assurance group at AT&T was tasked with ensuring the company was paying the correct amount for certain services. The complexity of the charges and vast amount of invoices allowed for errors to creep in and made it very difficult to find the errors. AT&T recognized they could be overpaying by tens of millions of dollars.

Rather than inspect each invoice – a painfully manual and time-consuming process – the team began to analyze the invoice process.

One of their discoveries was that data had been changed on some invoices mid-process. Tracking numbers or other information was altered making it difficult to determine the accurate invoice cost. They eventually found that only 40% of their invoices were entirely processed without errors.

That means over half of their invoices had some kind of error.

Many businesses face these same invoicing issues and are overpaying on invoices without knowing it. AT&T was able to pinpoint the source of their issues through this in-depth analysis of their procure to pay process.

Vroozi Invoice helps businesses organize their data process to give them full transparency into their invoicing and any related issues. By using invoicing software, you can cut through the issues often inherent in invoice processing.

 

How much could you be saving with better invoicing? Find out for yourself with a live Vroozi Invoice demo. Register today.

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Source: HBR, Even the Tiniest Error Can Cost a Company Millions