Managing vendor contracts is the first step in ensuring that the rates promised during the sourcing and proposal process are actually delivered. Vendor contract management ensures your organization that any rate changes and discounts flow through to its bottom line.
In ExpenseLogic, our business intelligence SaaS platform, all vendor contracts can be digitalized for easy desktop retrieval. Contract rates are used to audit each line item on an invoice. ExpenseLogic can set a limit for any line-item detail identified, resulting in one of the most thorough, continuous audits in the industry.
Vendor contract management is simplified by ExpenseLogic’s Contract Management database. This database ties services, devices, and assets to a vendor contract, and gives management and AP staff a view of the actual contract document. Email notifications 90 and 60 days prior to expiration date ensure that contract expiration dates won’t be missed.
Contract Management is easy with ExpenseLogic’s Contract Management database. The Contract Management database ties the service or devices and equipment with the contract and gives the capability to view the actual contract document. Email notification 90, 60 days prior to expiration ensures that your contract expirations won’t be missed.
Examples of credits/savings obtained for our clients
- A financial services firm avoided $2,700 in monthly charges on a water invoice. ExpenseLogic identified the problem at the meter level: there was a leak at the location. The vendor agreed to recredit the difference with normal usage.
- A salvage parts dealer had 800+ phone lines not their long-distance plan: moving these lines to the correct plan resulted in $10K+ in monthly savings.
- A nationwide retailer of eyewear (glasses and contact lenses) with 800 locations saved $203K+ though an optimization of their electric and gas service contracts in deregulated states.
- A transportation company was charged $1.4MM in erroneous billing by their wireless carrier, under incorrect data plans. Credits were applied to the invoices and the plans were corrected.
- AT&T recredited a client some $500K+ previously billed for contract rates overages.
- A healthcare client obtained $52K+ in credits on phone lines the vendor had erroneously forgot cancelling.