PRGX Provides Framework for Transforming the Recovery Audit Industry

Rhea-AI Summary

PRGX Global, Inc. has released a new white paper titled, “Reinventing Recovery Audit for Today’s Retail Environment,” now available for download. The white paper examines the challenges retailers face in managing complex promotional programs and highlights the need for reevaluation of recovery audit processes. It emphasizes the importance of data in developing preventive audit solutions to identify errors early, aiming to enhance gross margins and reduce costs. Additionally, a webinar that complements the white paper was held on June 11, focusing on transitioning to a more proactive error prevention strategy.

Positive

• Launch of a new white paper addressing evolving retail challenges.
• Emphasis on data-driven solutions for preventive audits.
• Potential to enhance gross margins for retailers.

Negative

• Current recovery audit processes may lead to missed funding opportunities.
• Traditional recovery audits can result in delayed funding recovery.

ATLANTA, June 23, 2020 (GLOBE NEWSWIRE) -- PRGX Global, Inc. (Nasdaq: PRGX), a global leader in recovery audit and spend analytics services, announced its white paper, “Reinventing Recovery Audit for Today’s Retail Environment,” is now available for download.

Today’s retail industry is quickly evolving to meet increasing and shifting consumer demand by expanding partnerships with suppliers to create more effective, and increasingly complex, promotional programs. While these programs help retailers better serve their consumers, they also add a new level of complexity to their businesses.

Using traditional recovery audits, retailers identify missed funding opportunities as deals or promotional contracts are not entered or tracked correctly. This results in funds being recovered much later, oftentimes taking months or years, or not at all.

PRGX’s latest white paper, “Reinventing Recovery Audit for Today’s Retail Environment,” addresses:

• How more complex promotion models are spurring the need for organizations to reevaluate their recovery audit processes;
• The role of data in creating a preventive audit solution that can identify and correct errors before they occur; and
• What technology, processes and internal buy-in are needed to deploy core recovery audit capabilities upstream to prevent errors and deliver more value to retailers through improved gross margins, reduced administrative costs and less supplier abrasion.  

In addition to the white paper, the company’s “Reinventing Recovery Audit for Today’s Retail Environment” webinar is also available for download. The webinar outlines how retailers can move from a contingency, fee-oriented recovery audit to an error prevention solution. With this approach, companies can identify leakage prior to payment and create a preventive recovery audit program.

“Across all transaction-heavy organizations, finance professionals rely on recovery audits as a time-tested strategy of ensuring suppliers adhere to their agreed upon terms and yield results,” said Mark Kilgore, Vice President of Client Services for PRGX. “The challenge many of these companies face is adopting a new mindset and shifting gears towards a more effective and sustainable approach to identify and prevent errors before they occur.”

The webinar, which was hosted on June 11, is available at https://www.prgx.com/resources/reinventing-recovery-audit-for-todays-retail-environment/. The white paper is available for download at https://www.prgx.com/resources/reinventing-recovery-audit-for-todays-retail-environment-2/.

About PRGX
PRGX helps companies spot value in their source-to-pay processes that other sophisticated solutions didn’t get to before. Having identified more than 300 common points of leakage, we help companies reach wider, dig deeper, and act faster to get more value out of their source-to-pay data. We pioneered this industry 50 years ago, and today we help clients in more than 30 countries take back $1.2 billion in annual cash flow. It’s why 75% of top global retailers and a third of the largest companies in the Fortune 500 rely on us. For additional information on PRGX, please visit www.prgx.com.

Media Contact:
Jamee Nelson
PRGX Global, Inc.
770.779.3213
Jamee.Nelson@prgx.com

FAQ

What is the main focus of PRGX's white paper released in June 2020?

The white paper focuses on reinventing recovery audits for the retail environment, addressing complexities in promotional programs.

How does PRGX aim to improve recovery audit processes?

PRGX aims to improve processes by leveraging data to create preventive audit solutions that identify errors before they occur.

When was the webinar related to the white paper held?

The webinar was held on June 11, 2020.

What potential benefits does PRGX highlight for retailers in their white paper?

PRGX highlights improved gross margins, reduced administrative costs, and fewer supplier disputes as potential benefits.

What are traditional recovery audits lacking according to PRGX?

Traditional recovery audits often miss funding opportunities and lead to delayed recovery of funds.