Thank you for Subscribing to CIO Applications Weekly Brief
Thank you for Subscribing to CIO Applications Weekly Brief
A successful business mindset means taking the time to think about every possible form of digital transformation, automation, profits, and savings. Leaders must consider what costs are necessary, what spending can be consolidated, and what money needs to be tracked more efficiently. With so many tasks and finances to juggle, it comes as no surprise that occasionally, overpayments slip through the cracks while manual work keeps piling up. Perhaps it’s a system overpayment to a vendor, inaccurate data entry, a misprinted invoice, or a manual accounting error. Mistakes are inevitable, and many consider it a best practice to conduct regular recovery audits to ensure misplaced funds are retrieved while also implementing automated data management systems to significantly reduce manual mistakes which lead to costly errors.
Despite efforts to recover funds, the process of a recovery audit is, for lack of a better word, “old-school” when compared to the modern business. The work is manual, time-consuming, and still allows for human error. It’s time to bring this process into the digital age, lowering the time necessary to complete an audit, exponentially increasing accuracy and improving vendor data through the process.
Introducing XPRO, the automation software company, that is changing the game in the recovery audit and vendor data management scene. Their flagship product, XPRO recovery, is an ecosystem that onboards and verifies vendors then identifies payments in errors which enables seamless profit recovery without the efforts of a manual process.
“With XPRO, we partner with our clients and transform their legacy systems to the digital world, making the process more accurate while offering complete visibility to the entire P2P process,” says Osama Sabbah, President of XPRO. We sat down with Sabbah to discuss how XPRO is transforming the audit industry by streamlining and modernizing profit recovery.
How do you help companies transition from traditional methodologies to XPRO Recovery?
XPRO recovery is a modern approach to a traditional process. The goal is to transform outdated methodologies commonly used in the audit industry. Our initial priority was to create a product that is focused on user experience. The system is extremely easy to use and requires significantly less staff time for not only the client’s team but their vendors as well.
To begin the XPRO process, our team works on behalf of the client to complete the audit, recover overpayments, and correct future errors by helping improve internal controls and processes once gaps are identified. We create a customized, white-label portal for vendor communication. The entire audit process occurs in the portal from running duplicate algorithms on payment history, to statement collection, to vendor data cleansing, ensuring complete transparency throughout the process. Our clients can see all communication with the vendors through the entire lifecycle of the audit.
Our team takes additional steps to add value to our client’s audit experience and bottom line by conducting a vendor data cleanse and information validation coming directly from the vendor.
With XPRO recovery automated platform we help our clients, simplify the recovery audit process while offering complete transparency from start to finish
As I said, user experience was priority #1 when building XPRO, so the portal is very straightforward and easy to use. This is helpful for the initial audit, but we also allow clients to license the audit software after an initial audit, and by the time we transition out, the client is given all the tools and training needed to seamlessly conduct their own recovery audit utilizing their internal teams. The ease of use is especially necessary when our clients take an additional step and use XPRO portal, providing fully automated vendor onboarding, verification, and managing vendor data moving forward, all the while having full recovery audit capabilities for their internal teams. The transition from audit recovery to portal is seamless.
Tell me more about the XPRO Recovery Audit Process
A traditional recovery audit can take 12-14 steps to complete. We have simplified, shortened, and cleaned up this process, so the XPRO platform needs only three major steps. Let’s walk through them:
Step one is vendor registration and information verification. The clients provide us with vendor data and payment history. The XPRO system sends an automated email invite to each vendor requesting that they upload their statement into the system for the audit. Vendors then get registered with the XPRO portal by confirming basic info like contact details. This simple, straightforward registration process was carefully designed to serve as a vendor data cleanse, capturing the most current information, while at the same time beginning the audit process.
Step two is statement upload and duplicate payment algorithm reviews. The system will begin flagging all duplicated payments throughout the payment history data and notify the team of auditors of the possible duplications. While the system is processing the dupes, the vendors are uploading their statements directly into the platform. This creates a very clean process for statement collection, allowing the audit team, vendors, and clients to have transparency into what exactly the vendor provided. The system automatically identifies any errors and validates the claims directly with the vendors. All communication occurs in the portal.
Step three is client claim approval and collection of refunds. XPRO auditors obtain vendor approval on validated claims. From there, the validated claim is sent to the client through the portal for their final approval. Once approved, a refund is issued.
Once the initial audit is complete, we encourage our clients to begin using the system independently under the SaaS model. They run their own audits and tailor the process for their internal users. They can also invite new vendors and update vendor info as needed. XPRO recovery is fully customizable and adaptable to each client’s needs. Once they use this model, the system is easily transitioned into a vendor portal for a complete e-procurement system.
What makes XPRO unique?
XPRO has disrupted the audit industry by creating a technology that automates the profit recovery process while onboarding, verifying & cleansing vendor data. We have taken a difficult, time-consuming, labor intensive workload, streamlining it into a quick, easy, and accessible task. Manual labor is all but eliminated, lessening the workload for everyone involved.
XPRO prioritizes top-notch customer service. We assign a team dedicated to each client allowing us to be quick to adjust to their needs and ensuring that the recovery process is designed just for them. Ideally, our team takes on the first audit but educates the company throughout the entire process, guaranteeing that this is a task they can tackle on their own moving forward with no additional overhead. XPRO is the tool they need to stay on top of errors that tend to slip by the human eye.
Overall, we are just excited that we have created a product that makes doing business more efficient, and we are passionate about what the future holds!
What’s in store for the future for XPRO?
Companies are realizing the many benefits of having technology that can take on the recovery audit process and manage their vendor data, so our growth has been rapid. We are focused on seamlessly shifting our existing clients to the independently managed SaaS model. Companies are eager to take on this process themselves now that it’s made simple.
Our goal is to continue building strong relationships with each client, keeping them up-to-date on our new releases and upgrades and maintaining a trusted partnership. We strive to learn something new each time we work with a company, thus allowing our development team to improve the XPRO software significantly. My team and I are committed to reshaping the future for the better no matter what situation we are in!