Firms join forces to help financial institutions automate invoice auditing to improve efficiencies, protect bottom line from erosion
SRM (Strategic Resource Management), an independent advisory firm serving financial institutions, today announced that it has partnered with Rochdale Paragon Group (Rochdale Paragon), a provider of ERM and vendor management services and software solutions for financial institutions.
Rochdale Paragon will include SRM’s automated vendor invoice auditing offering into its vendor management services portfolio to provide a more robust vendor risk solution. SRM’s automated vendor invoice auditing service utilizes machine learning, robotic process automation and an algorithm-powered audit engine so that invoices in any format can be audited with complete accuracy. Each invoice is audited against the fee structure in the contract and prior invoices.
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“Partnering with SRM is a natural fit for our organization, as offering its vendor invoice auditing technology helps to bolster our vendor management solution, and most importantly, increases value to our clients,” said Stuart Girk, chief sales officer at Rochdale Paragon. “While it’s an important aspect of vendor management, the thorough auditing of complex invoices is often overlooked. By equipping financial institutions with SRM’s automated offering, we’ll be able to help our clients lower overhead, identify cost savings and reduce human error all while adding measurable value to their bottom line.”
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“Our proprietary research indicates that a minimum of one in ten high-value vendor invoices contains material errors that can cost financial institutions millions of dollars annually,” said Michael Carter, EVP of SRM. “To audit these invoices manually requires hours per invoice and the end result will likely have significant human error. By combining the expertise of our companies in financial services with sophisticated algorithms and artificial intelligence, financial institutions can recover savings, improve productivity, increase quality and ensure the invoice is correct before they pay it.”
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