For multi-site companies, managing complex bills like energy, telecom, water and waste can be challenging. These bills are more complex than others, but are also ripe with savings opportunities if managed correctly. Watch this short video to learn about how ENGIE Insight’s Expense and Data Management solution for complex payables can reduce costs and set your organization up for long-term success.
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Complex Payables Video Transcript
Market forces and technology combined with increasing stakeholder pressures from customers, employees, investors, and government regulations, are forcing businesses to rethink how they consume resources. Sustainable resource management is how successful organizations plan, manage, and optimize resource consumption, to achieve outcomes aligned with business growth and transformation. And successful resource management starts with data captured from energy, water, waste, and telecom bills. However, the sheer number of invoices hitting energy, IT, facilities and accounts payable departments, coupled with the wide variances in format and frequency across a geographically dispersed portfolio, make these complex payables more challenging to process than other standard payables.
With a limited number of staff who have knowledge of contracts and what drives expense variances, companies struggle to analyze consumption patterns and ensure their bills are accurate to their contracted rates. As a result, it is difficult to identify opportunities to reduce consumption, secure the best rates from suppliers, and determine where to integrate renewables into their portfolio.
On average, 6 to 9% of bills contain errors, and require an understanding of the individual nuances of each bill type and vendor, as well as a rigorous audit process to be able to identify those errors in the first place. However, the data collection and auditing process required to uncover errors and ensure the correct amount is being paid can be both labor intensive and cost prohibitive to manage internally.
For many companies, missed invoices, late fees, and shut offs are an all too frequent occurrence, and can exceed 3% of their total spend. As a result, companies are forced to balance paying bills on time with data capture, auditing, and creating accurate budgets and accruals.
ENGIE Insight’s Expense & Data Management solution is a full-service resource data management and payment service that combines technology and automation with over 20 years of expense management expertise, to deliver detailed data capture, robust reporting, and best-in-class analysis of a business’ complex payables.
Within this full-service solution, ENGIE Insight offers both near-term ROI and long-term savings opportunities. By finding and resolving anomalies and errors prepayment, and ensuring bills are paid on time, clients have achieved an average ROI of 385%.
ENGIE Insight’s Expense & Data Management solution provides value that extends far beyond paying a bill. The standardized data captured in ENGIE Insight’s online platform can be used by facility, energy, and sustainability leaders, to compare sites, analyze trends, identify outliers, measure performance, and uncover new opportunities to reduce resource consumption and meet sustainability goals.
Currently, over 800 of today’s leading companies utilize ENGIE Insight as an extension of their team for expense and data management. With over $3.2 billion of identified savings for our clients over the past five years, and over $21 billion in annual resource spend managed, ENGIE Insight is a trusted partner to over 25% of today’s Fortune 500.
We help multi-site businesses lower costs, drive efficiencies, and reduce their environmental impact, with industry-leading sustainable resource management solutions.