As hinted by the title of the webinar, there’s great savings opportunity in your complex payables such as energy, telecom and waste. Utility expenses are a company’s third largest budget item, and because they are not tied to a PO and vary greatly across providers, they have greater cost implications like rate errors, late fees, and other processing costs. Last but not least, is the volatility inherent in water, electricity, natural gas, waste and telecom that can make forecasting and budgeting a real challenge.
On December 14, Ecova and the Association of Accountants and Financial Professionals (IMA) co-hosted an Inside Talk webinar on the hidden value of complex payables. Hosted by Patrick Jones, product management director for Ecova, and myself, Joy Fryer, product manager, Expense and Data Management for Ecova, “There’s Gold in Your Complex Payables” set a new attendance record for an Ecova webinar – over 1,100 registered attendees! We were enthused about this level of interest and audience participation.
During our time, Patrick and I outlined the complexities and challenges of energy, telecom, water and waste bills. One of the greatest complexities is identifying errors and opportunities amongst varied bill formats and cycles. From the Ecova vendor database in North America, there are more than 25,000 waste, utility and telecom vendors with more than 100,000 different bill formats and charge elements.
The key to gaining efficiency is the consolidation of this data through a combination of technology and processes that can more accurately capture data, assist in process flows, mine data for trends, and report on the data to quickly highlight risks and opportunities.
Properly managing complex payables builds a foundation to deliver bottom line savings. A combination of new processes and technologies can help you find the gold in your complex payables.
You’re invited to watch this invaluable webinar at the link below and contact us to learn more about how Ecova can help you find value in your complex payables.
Visit our Expense & Data Management for Complex Payables page for more information and access to Ecova’s rich library of related resources.