August 19, 2009 – New Software Previews Power of Lavante Strategic Recovery
Leverages extensive Lavante knowledge-base and software technology to estimate the benefits of a recovery engagement.
San Jose, Calif. – August 19, 2009 – Lavante, formerly AuditSolutions, the leading provider of on-demand profit recovery and vendor information solutions for Fortune 1000 companies, today announced the release of the Lavante ProForma Estimator which provides a preview of a client’s potential recovery. The new Estimator utilizes sample data from a prospective client, history from the Lavante Supplier Network of over 1.8 million vendors and Lavante’s analytics to estimate a new client’s likely recovery results. Additionally, the new software tool provides an estimate of the number of updates to the client’s vendor file that a Lavante audit would produce.
With the ProForma estimates, prospects gain visibility into what type of recovery results their actual vendors have historically yielded, and can predict what type of recovery trend to expect from an audit engagement. To date, no dedicated estimation tools have been developed for the industry. Most estimate techniques have relied solely on the combination of the industry’s average historical recovery ratio and a company’s spend volume. Previous methods have not properly considered vendor trends nor have they considered specific accounting practices of individual vendors. Leveraging Lavante’s software and extensive knowledge-base of the Lavante Supplier Network enables a more sophisticated assessment of the value of pursuing a recovery audit.
The new software also provides insights into identifying duplicate and related vendors in addition to estimating the number of vendor records that will be updated with vendor-verified contact information. This is important since accurate, up-to-date and insightful vendor records are important prerequisites to preventing transaction errors. As an example, clients who have been through a Lavante Strategic Recovery audit and used the Lavante Vendor Information Management system report cleaner master vendor files and a faster, more accurate procure-to-pay cycle.
Benefits and Features
- Determine the Need—Lavante’s pre-audit estimates help companies more effectively commit appropriate resources for their recovery audit.
- Avoid False Starts – Some traditional audits don’t live up to expectations, causing problems for both auditor and client. By setting realistic expectations, the Estimator can help avoid wasting valuable time for both parties.
- Vertical Acceleration — Prospective clients in an existing Lavante vertical market can benefit immediately from Lavante’s recovery insights and familiarity with vendors in their vertical. Lavante has experience in a number of major verticals including Healthcare, Transportation, Retail, Grocery, Manufacturing, Pharmaceuticals, Government, Casual Dining, Fast Food, Travel, Entertainment, Motion Picture, and more.
- Efficient Delivery — Lavante’s Estimator requires only basic vendor file data to begin. Because of the flexible architecture and the reliance on Lavante’s Supplier Network, the Estimator can generate substantive results in a matter of hours.
- Simple Audit Transition — Prospects using the ProForm Estimator who then engage with Lavante’s recovery audit and vendor file management services are a step ahead in the process. They typically average less than 14 days until they are presented with their first vendor-verified recoveries. Vendor file updates begin immediately on the first day of the engagement.
“With this new product, we’re leveraging our unique software platform, our vendor network of nearly two million companies, and our extensive audit experience to predict the benefits of an audit like no one else can. We’re now able to deliver superior results even before an audit begins.”
Joe Flynn, Founder and CEO, Lavante
Lavante, formerly AuditSolutions, is the leading provider of on-demand strategic profit recovery and vendor information management software solutions. Lavante helps Fortune 1000 companies enhance cash flow, productivity and control. Lavante’s innovative software automates the collection of information from a company’s vendor community and applies analytics to uncover, clarify, and map vendor relationships. The company’s Strategic Recovery process combines this knowledge and vendor accounts receivable records with intelligent accounts payable audit algorithms to maximize cash recoveries associated with transactional errors. Lavante’s SaaS-based offering provides on-demand visibility into the audit process and helps prevent future profit loss. For more information, visit www.lavante.com. Follow us on twitter at www.twitter.com/lavanteinc.