How Artificial Intelligence And Machine Learning Are Transforming Recovery Audit
Recovery audits are designed to get back the cash lost to suppliers through overpayments, errors, erroneous payments and non-compliant spend. As good as they are at identifying and recovering spending leakage, it’s still worth asking: wouldn’t it be better if the money never left at all? Finance teams have always had to strike a balance between finding spend leakage, protecting supplier relationships, and maintaining efficient processes. With thousands of invoices every month, accounts payable (AP) staff at a large company can’t be expected to review everything. That’s why over the past 50 years, recovery audits have become best practice for any organization keen to protect margin. What’s changed, however, is the way audits are conducted, the speed at which audit information can be turned into useable data, and the analytical insights that can be gained to support financial objectives. This white paper will provide an overview of how data and technology are transforming recovery audits and the impact that’s having on the wider sourceto-pay (S2P) process.