March 30, 2011 — Lavante Awarded New Patent for Advanced Statement Audit Processes, Technology and Software Application
Industry-Changing Recovery Audit Approach Drives More Dollars to Companies’ Bottom Lines with Immediate Results
San Jose, Calif. — March 30, 2011 — Lavante, a leading provider of on-demand recovery auditing and supplier information management solutions, today announced that it has been awarded a new patent by the US Patent and Trademark Office. The patent covers Lavante’s ground-breaking statement audit processes, technology and software application that fundamentally change the recovery auditing industry.
Patent Number 7,908,188 was awarded on March 15 and covers Lavante’s industry-changing processes and technology for statement auditing and, in particular, the on-demand Lavante Recovery™ application that automates the end-to-end statement auditing process. Lavante’s patented technology takes a significant step beyond traditional, manual recovery auditing solutions and provides companies with an automated approach to connecting with their suppliers to identify outstanding credits. Using Lavante’s patented technology, companies can reach out to the breadth of their supplier population to request, collect and analyze AR data, resulting in significantly higher statement claims than traditional recovery audit approaches.
Lavante customers include Fortune 1000 companies across industries. Lavante delivers the following customer benefits:
- Drives continuous, increased recovery dollars – recovers an average of $600-$900K of credits per $1B in spend
- Produces immediate results – average time to cash is only 19 days
- Easy-to-use, non-invasive – requires minimal support from customers, with results presented to customers in an intuitive dashboard for reporting and processing
Founded in 2001, Lavante focuses on supplier-side recovery auditing and automation. Building on its experience with supplier communication and management, Lavante expanded its product footprint to include Supplier Information Management (SIM). With a single platform for both recovery auditing and supplier information management, Lavante offers the market a unique, self-funding combination for supplier AR reconciliation and quality supplier data.
“Lavante is filling a critical technology gap that has existed between companies and their suppliers. The ability to automate supplier communication and AR reconciliation is a game-changer for large corporations. The award of this patent validates Lavante’s visionary approach to technology and processes to the audit recovery market.” –Andreas Weiskam, Managing Director, SAP Ventures
“I’d like to congratulate Lavante on their patent award and thank them for helping San Jose remain the innovation center of the world. Our city consistently leads the nation in patent generation and has been the birth place of countless new products that have changed the world. We are proud to be the home of innovative companies like Lavante and look forward to seeing the progress of their new technology.” –San Jose Mayor Chuck Reed
“Lavante is the only automated vendor statement auditing solution in the market and we’re thrilled to have been granted a patent for our processes, technology and software applications. This patent developed out of my extensive work in the recovery auditing industry and the recognition that there was a massive revenue opportunity on the table for large corporations. Lavante has pioneered an automated solution for statement auditing that works as a stand-alone solution or as a complement to traditional AP recovery auditing solutions.” –Joe Flynn, Founder and CEO, Lavante
Lavante is the leader in on-demand supplier management solutions, including recovery audit and supplier information management applications. Built with advanced, patented technology, Lavante delivers to the financial arena a new standard in efficient technology-driven solutions that allow companies to quickly drive dollars to the bottom line, improve supplier communications, and assure high supplier data quality. Lavante solutions are deployed across Fortune 1000 enterprises including the hospitality, retail, and entertainment, manufacturing and medical industries. Headquartered in San Jose, Calif., Lavante is privately held and was founded in 2001. For more information please visit www.lavante.com.