Bad News:
AI Alone Won’t Fix Your Invoice Errors
According to Copilot, AI’s #1 use for businesses is “automating repetitive, manual, and multi-step tasks,” followed by “massive data analysis.” So, the process of reviewing an invoice, comparing it to a contract, and identifying errors should be an easy layup that any self-respecting chatbot could score.
But complex contract language, extreme invoice complexity, multiple data sources and even plain human error create variables that today’s large language models are not adept at solving. With 1 in 15 invoices containing errors, the need for Contract Billing Validation using experienced auditors armed with advanced technologies to find and fix invoice errors and procure to pay (P2P) processes remains significantly strong. Companies with high CapEx and MRO costs especially need revenue leakage prevention. These and similar environments and classes of purchases include a variability of inputs that pose significant risk to compliance within the P2P process.
Good News:
CPRS Active Invoice Review™ Corrects Invoices Prior to Payment
While AI alone won’t fix your invoice errors, a new service from industry leader CPRS is correcting invoice errors BEFORE the invoices are paid. Already in use at several Fortune 500 companies, CPRS Active Invoice Review™ combines AI-powered data ingestion and identification, contract intelligence, and the most experienced auditors in the industry to test invoices against contract terms and correct them prior to payment, eliminating errors and overpayments.
Designed with doctorate-level university researchers using Machine Learning and proprietary agentic AI models, CPRS Active Invoice Review™ automates the process of finding, flagging and fixing potential invoice errors DURING the payment cycle. Commonly, CPRS finds 2-4% of spend reviewed to be non-compliant, creating a 100% retention rate of findings while improving business processes. Active Invoice Review™ optimizes workflows with a minimal impact on P2P cycle time.
Real-Time Error Detection
Active Invoice Review™ is designed to streamline your processes with real-time invoice review, regardless of the complexity of your Enterprise Resource Planning system (ERP) or P2P process. CPRS Active Invoice Review™:
- Efficiently digitizes vast amounts of line-item data.This data can be stacked inside 50, 100 or more pages of invoice PDF documentation.
- Creates terms and conditions based on vendor contracts and automatically audits for those potentials. It’s like holding the contract in one hand and the invoice in the other to compare them.
- Runs tests using a massive, proprietary database built over thousands of audits and matched to each individual vendor’s risk profile to identify incorrect charges.
- Uses touchless processing to flag discrepancies for immediate auditor review and rejection.
A system-agnostic approach, CPRS Active Invoice Review™ is an emerging best practice for real-time invoice auditing. Active Invoice Review™ can be implemented within your current P2P process and driving payment-error recoveries and efficiencies within a 30-day window.
Other benefits of Active Invoice Review™ include:
- Real-Time Invoice Validation: Invoices are reviewed immediately after submission and prior to approval.
- Optimized Selection Criteria: Invoice selection criteria are customized and continually optimized to meet your evolving needs.
- Targeted Use Case: Especially effective in CapEx or maintenance environments.
- Staff-Level Execution: Performed efficiently by CPRS and your skilled staff, freeing management for other tasks.
- High ROI: A process designed to deliver significant returns on investment.
- Minimal Disruption: Seamless integration with minimal impact on your P2P cycle time.
- Retention Rate: 100% retention of audit findings, ensuring no value is lost through protracted post-payment claim negotiation.
- Process Improvement: Supports continuous, real-time process improvements.
Over decades of providing Cost Recovery to enterprise-level clients, CPRS has found that recovery efforts have the best outcomes when taking place within payment terms related to an invoice. Using advanced data analytics, our proprietary tech stack and the industry’s most-experienced audit team, CPRS Active Invoice Review™ migrates overpayment findings and duplicate payment recoveries to a pre-pay review that occurs in real time, prior to payment of an invoice.
Contact CPRS, the bulldog recovery audit firm, for a demonstration of our groundbreaking, AI-powered Active Invoice Review™.
