Cost Management
Cost Management
TEOCO’s Cost Management solutions include industry-leading invoice automation, payables processing, cost auditing, and claims management
Our Cost Management Customers Average 5-12% Annual Savings
Invoice Automation
Powered by our patent-pending pattern recognition technology, XTrak, our invoice automation solution processes over 840,000 invoices annually, facilitating the audit and analysis of billions of dollars in current due for our customers.
XTrak is far superior to scanning-based solutions and is the only solution guaranteed to provide a 100% accurate representation of what is contained on paper bills. Scanning approaches rely on optical character recognition (OCR) technologies, which routinely require hands-on intervention to correct misrepresented characters on complex invoices. The XTrak technology mines the original electronic formats which produced the paper to create files for loading into cost management solutions.
By eliminating the tedious, costly and error-prone task of manual invoice data entry you will now be able to:
- Increase Productivity - by redirecting the focus of your human resources back to their core competencies
- Reduce Costs - by increasing the number of disputes filed and resolved and by reducing late-payment charges
- Improve Reporting & SOX Compliance - by improving detail and timeliness of reports
Payables Processing
TEOCO’s world-class software manages the full life-cycle of invoice payments including account coding, management review, A/P interface, and payment reconciliation.
Our payables processing solution provides visibility into and control over nearly all aspects of your payables processing workflow by giving you access to an end-to-end view of network costs on a single, easy-to-use platform. It also provides you with comprehensive tools to manage and analyze invoices and network cost data.
By utilizing our payables processing solution to manage your payables workflow you will be able to:
- Improve processing time and efficiency – by automating much of your existing payables processing workflow
- Automate cost allocation procedures – with our two-way A/P feed
- Support regulatory compliance – through operational visibility provided through key management reports
Cost Auditing
TEOCO’s industry-leading experts will audit your invoices comparing rates, inventory, and usage with other source data to identify and recover additional savings and share findings for ongoing returns.
Last year alone, we saved over $56 million for our customers. In 2008 our expert team audited over $400 million in invoices per month and expects to double that in 2009.
TEOCO offers contingency-based audit services that are specifically designed to identify and recover costs quickly and efficiently. We are paid for our services only after bringing value to your organization.
TEOCO's audit services offer you:
- Short-term results - including findings on over and/or under billings, and dispute and reconciliation opportunities
- Long-term results - including review of your audit process, supporting Sarbanes-Oxley compliance, and providing program recommendations
Claims Management
TEOCO’s comprehensive management of claims from creation through resolution allows for generation of claims using vendor specific formats, the capture of all correspondence, and the ability to review, approve, and track claims to resolution.
Key Features:
- Improves operational efficiency with centralized management of all dispute claims
- Incorporates a best practices workflow that can be readily tailored to your business processes
- Expedites the negotiation of dispute claims resolution and the receipt of credits
- Increases productivity of claims analysts with automation such as capture and matching of e-mail correspondence
- Facilitates accruals with forecasting of run rates and projected wins
Our claims management solution allows you to manage claims creation, filing and resolution. The web-based application provides designated users throughout your company with access to claims tracking. This enhanced visibility increases the frequency at which claims are addressed and improves your claim win percentage by tracking and escalating claims in an organized and timely manner.
