MAY 19, 2020
TEM Auditing That Goes Beyond Compare
Did you know that enterprises that don’t use automated SMART technology are only able to audit 10% – 20% of their spending?
That said, companies that do use automated SMART technology in their auditing process can audit vast amounts of data seamlessly, consistently, and contextually; for every charge on every invoice for every vendor.
What does that mean for organizations?
In our experience, automated auditing (the type that’s powered by SMART technology) always results in significant cost savings, a dramatic re-capture of employee capacity and peace-of-mind that money isn’t being left on the table. That’s because intelligent, automated SMART auditing can evaluate expenses and invoices in ways that manual auditing, and/or basic automated auditing (most TEM products), is incapable of doing.
For example, let’s say a TEM product creates invoice audit rules around late payments and rate fluctuations. Normally, an audit would create two separate exceptions for these two rules, even if they were related (as they can be in this case). This separation causes false positives and extra work to sort out what is related and what isn’t – work that has to be done manually. It’s a time consuming process that’s rife with human error and missed savings opportunities. Conversely, in an automated auditing process, SMART technology can identify the two exceptions and group them together if they are related without the need for manual intervention. SMART technology gives audit rules context for faster and more accurate results and minimizes the manual work required to review audit items.
AMI’s 360-Degree Auditing Approach
AMI has developed an automated auditing process that utilizes SMART technology within its temNOW product called SmartAudit, that provides context for auditing rules by taking a 360-degree view of each invoice and contract. Our SmartAudit feature doesn’t just compare rates to the contract, but instead looks at all of the pieces of a bill in a systematic way – including usage, inventory, contracts, trends and opportunities to find savings even if there aren’t rate changes. Nothing slips through the cracks. Typical audit engines can’t replicate this intricacy and it is laborious to do it manually.
SmartAudit and ETL
And because our SmartAudit partners with ETL (Extract Translate Load), temNOW can automatically populate the inventory, rates and contractual information directly from invoices. We don’t need information from the client on inventory, contracts, employees or account structures. We simply need invoice data. This makes getting clients up and running on temNOW quicker and easier than it is with other TEM providers. From practically day 1 – invoices can be uploaded and contracts populated so that the SmartAudit is taking a 360 degree look. Additionally, once connected, clients can access and leverage this data for analytics, trends and comparisons.
And we know that this type of auditing can bring big savings to an organization. In fact, one client saved more than $330,000 in just the first three months of using our temNOW product as a direct result of SmartAudit.
SmartAudit is just one of the features that sets temNOW apart from the competition in terms of efficacy, ROI and ease of use. If you’re ready to learn more about SmartAudit, or gain insight into temNOW’s other cutting-edge features, let’s connect.