Automating Vendor Invoice Auditing to Improve the Bottom Line

About the Podcast

The impact of unchecked vendor management is estimated to cost organizations an average of 9.2% of their bottom lines; and a big part of the problem is the lack of time allocated for auditing high-value vendor invoices. So we’re sharing insights on using automation to track and audit major contracts and invoices to reduce overhead, increase productivity, uncover cost savings, and improve quality. 

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    Strategic Resource Management
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    Key Takeaways:

    • [02:04] Now is the most important time to be looking at back-office operations and trying to determine if there are ways to access low hanging fruit and turn that into some costs savings at a time when that asset is precious.
    • [08:43] Automating is almost like a type of insurance going forward because our contracts are living, breathing things and they change, and therefore the invoice changes. It is also a more professional way to handle vendors.
    • [13:06] You release human capital to be used in other places in your back office. If the machine finds an error you also save the money before you pay the invoice. 

    Presented By

    Michael Carter
    Michael Carter

    Executive Vice President | SRM

    Michael Carter has more than 15 years of executive technology leadership ranging from early-stage start-ups to international organizations. His career in financial services stretches over 25 years. He was the CMO for the S1 Corporation and served in several management roles at ACI Worldwide. As an executive vice president at SRM, he serves as a subject matter expert on digital banking strategies and trends.

    Carter has been featured as a speaker at Finovate, NetFinance, NetFinance Interactive, CBA Live and Future Digital Finance. He is regularly quoted in the media regarding trends in payments, mobile wallets, consumer experience, digital banking strategies, Millennials, data analytics, P2P payments, bill pay, and banking as a platform. Carter also contributes content as a guest writer in industry publications and as a featured guest on podcasts. He has lived and worked abroad.

    Strategic Resource Management
    Strategic Resource Management (SRM) is the NAFCU Services Preferred Partner for vendor cost benchmarking and contract negotiation services.

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