Client:
The largest U.S. manufacturer of medical-surgical products and supply chain solutions with $21 billion in annual sales.
Industry:
Medical equipment and device manufacturing
Project Timeframe:
2006-Present
Project Scope:
The gainIQ Prevent enterprise software system has been used by this manufacturer and distributor for continuous duplicate payment monitoring since 2006. Expanding on its client engagement, Revenew developed custom functionality in 2022 to mitigate similar risks associated with vendor down payments.
Revenew’s Approach:
When a company has $21 billion in annual sales, operations in more than 125 countries and territories, and 35,000+ employees, its accounts payable team processes a tremendous number of invoices from a large number of suppliers. Recognizing the significant opportunity to reduce costly duplicate payments, this company began using gainIQ Prevent software in 2006 to protect itself beyond the limitations of its ERP system (SAP).
Revenew’s automated data extraction from the client’s ERP system ensures real-time monitoring to stay ahead of potential problems. Daily invoices are run through 10 rigorous, comparative tests to flag duplications, which has consistently mitigated financial risks over 16 years – and counting.
In 2022, Revenew expanded the scope of services it provides to this manufacturing and distribution client by developing a custom test within gainIQ Prevent to prevent overpayments on down payments required by vendors. Similar to the duplicate payment testing, this custom functionality identifies irregularities before payment is made.
Outcomes:
Since the implementation of the gainIQ Prevent enterprise software system in 2006 and the subsequent development of the custom test in 2022, the company has flagged tens of thousands of duplicate payments and overpayments. Problems are now stopped at the source, and stronger internal controls consistently yield better data for better outcomes.
Among the notable recoveries are:
- An average of 2,088 duplicate payments avoided annually, totaling $8.5 million in annual savings
- More than 33,000 duplicate invoices flagged over 19 years for a cumulative savings nearing $163 million
- $22 million in down payment overpayments prevented since 2022
- $185 million total cumulative savings