Unleashing the Power of Large Data Analytics in Procurement
The Accounts Payable ledger supports a high volume of transactions and a substantial amount of an organisation’s cost. Management rightly has a wealth of controls in place to manage the processing of supplier invoices and payment processes. Some level of value can still be lost through erroneous overpayments and processing inefficiencies.
The payment error rate in most enterprises is typically between 0.1% and 0.4% of the total supplier disbursements/payments. This rate is minuscule in terms of percentage, but can have a significant impact on an organisation’s bottom line when we factor in the organization’s total spending.
With a series of more than 60 advanced analytic tests, Deloitte can help your organization uncover invalid payments while simultaneously protecting it from future erroneous or potentially fraudulent invoices. Our Supplier Invoice and Payment Process Investigation is sustained and driven by a sophisticated package that analyses 100% of your historical production data. This package is divided into three main segments:
- Custom Deloitte scripts are run on the data supplied by the client
- Tests are modified to account for the client’s procedure process
- Tests have designated risk weights
- Total scores for transactions are summations of each test that any given transaction has appeared in
- Testing Engine and Scoring Engine are compiled in the Presentation Layer
- Allows for dynamic views of all flagged vendors, invoices or payments