Recovering Lost Revenue Using Vendor Audit Analytics
Vendor and supplier risk management can be tricky—how do you “grade” vendors and suppliers? How do you ensure that contracts are being adhered to? How do you empower your organization’s resources when it comes time for negotiating?
Effective data utilization is a crucial component of vendor and supplier risk management, because it provides valuable data points into contract adherence and other vendor evaluation criteria. In our interactive presentation, you will learn how to Recover Lost Revenue Using Vendor Audit Analytics.
We will walk through an example where data analytics was used to identify newly recognizable revenue for a client, by leveraging vendor sales data, purchasing data, and contract information. We automated the contract audit and helped ensure that negotiated costs structures were being followed — and when they weren’t — we recovered (otherwise) lost revenue. We also fixed future transactions, and quickly discovered negotiation opportunities.
- Gain a basic understanding of the value of data visualization & in-memory reporting for vendor management
- Learn how to apply advanced data analysis & data integration to traditional supplier / contract audits
- Learn how to automate transactional or “data heavy” audits using data analysis tools like Qlik