Client:
140-year-old institution of higher education ranked among the nation’s top 10 public universities and top public research universities.
Industry:
Educational Services
Project Timeframe:
2005-Present
Key Value Proposition:
Real-time monitoring of accounts payable invoices identifies irregularities to prevent potential duplicate payments. Proactive supplier payment controls mitigate risks, streamline the AP function, and provide valuable metrics and tracking.
Project Scope:
The gainIQ Prevent enterprise software system has been utilized by a prominent university in the United States since 2005 for continuous duplicate payment monitoring. As the client engagement evolved over the years, Revenew identified additional areas for even stronger internal financial control and recommended value-added software modules beyond the base subscription.
Revenew’s Approach:
Having recognized the value of Revenew’s monitoring tool for many years, this respected university expanded its use of gainIQ Prevent to include additional modules for travel & entertainment expense and procurement card spend.
Automated data feed transmission sends invoices entered daily into the university’s accounts payable system to Revenew’s server every night. Invoices undergo an extensive series of tests across various data elements for rigorous comparisons to invoices paid over the past 18 months. The next day, the university’s accounts payable staff logs into a web application to see the flagged exceptions, and the real-time nature of gainIQ Prevent allows them to delete duplicate entries and avoid payment errors.
Outcomes:
gainIQ Prevent extends far beyond the university’s standard enterprise resource planning controls run in SAP, which are very limited and identify only a small percentage of duplicate payments. Revenew’s proprietary real-time supplier monitoring software flags inconsistencies to mitigate enterprise risk, validate and maintain a clean master vendor file, and provide better data for better outcomes.
The gainIQ Prevent software, which is applicable to business enterprises of all sizes and in all industries, puts the university in a position to manage outcomes and protect the bottom line by canceling duplicate payments before money unnecessarily leaves the university.
Notable recoveries and efficiencies for the university include:
- Preventing ~600 duplicate payments
- Capturing savings of more than $3.8 million from flagged irregularities
- Identifying hundreds of cases in which employees submitted the same expenses on multiple expense reimbursement reports
- Streamlining the accounts payable function and stopping problems at the source
- Providing detailed metrics and results tracking