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Legal, Procurement, Merchandise and Sales teams spend time and effort in drafting contracts that dictate the terms of engagement with a business partner. As the number and complexity of agreements increase and the invoices start rolling in, the execution of the contract needs to be scrutinized at every step. Contract Compliance (CC) products from Australia based compliance firm, Profectus Group, identifies irregularities and ensures transactional compliance. Profectus have a unique and dedicated focus on transaction certainty and accuracy. The company's automated compliance technologies and services are targeted to manage complex agreements, identify rate and service type errors in the invoices, allowing clients to validate them at line-item level against the agreed contract terms. Robert Visentini, CEO & Chairman, explicates, “We deliver best practices in procure to pay and compliance processes through technology.”
The Contract Compliance solution (CC) from Profectus delivers a full compliance framework to identify and prevent overcharges and over-payments and automate invoice validation and processing. CC is a secure web-based (cloud) system that stores unlimited contracts (including rate cards, schedules, product lists, rosters) and invoices.
The CC technology is predominantly used for GNFR (goods not for resale) vendors and is finding an error in at least 1 in every 200 invoiced line items. The technology checks 6000 invoice fields per second. The solution automates supplier query workflow and transaction approval process with the click of a button. In fact, the system goes further than helping customers recover their past overcharges by identifying opportunities in optimizing the contract terms and reducing cost through analysis of the spend data.
Profectus has developed market leading powerful and flexible audit tools to enable clients and Profectus to audit retail data in real time. Profectus' AUDIRE technology is built to deliver automation solutions for large retailers.
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Profectus delivers best practices in procure to pay and compliance processes through technology
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