Error Detection and Correction is NOW!
“Scan and bag” while you shop technology, smart phone loyalty cards, and Peapod’s “shop while you wait for your train” are improving the customer experience while requiring less of their time. So while your customers are enjoying the benefits of real-time technology, why are you relying on last year information for your recovery audits?
Legacy recovery audits are literally last year (or the year before that). And like VHS recorders, the days of expecting vendors to accept 12-18 month-old claims is coming to an end.
The NOW Generation
Forward-thinking grocers have tossed the legacy recovery audit process like a pair of worn out sneakers and replaced it with near-real time error detection and correction technology. Weis Markets CFO Scott Frost adopted ATG’s RecoverNOW™ solution in 2009. Frost stated, “I really don’t know why any retailer would want to continue with traditional recovery auditing. I believe the traditional post-annual recovery audit will be non-existent in the next 10 years.”
“Moving the recovery audit closer to the transaction date allows Weis to address errors sooner. Our vendor partners can rectify inaccuracies in the same funding year, not one or two years later. It has definitely improved the category manager/vendor relationship. And we get our money sooner,” said Frost.
Bridging the Needs of Finance and Merchandising
HyVee also reports improvements on many levels. Prior to his retirement, Hy-Vee then Vice President of Purchasing and Marketing Mark McQuistan reported, “Implementing a near real-time audit process is helping us eliminate the negative aspects of recovery audits. Traditional post-annual recovery audits were a disaster for vendor relations. Buyers are now enjoying less recovery work. The buyers and venders are happier. ”
“We are getting all the money we deserve and getting it faster. And that makes everyone happy. I see no negatives to near real-time error detection and correction,” said McQuistan.
Everyone Wins When You Get it Right Sooner.
ATG’s RecoverNow™ technology provides near real-time error detection and correction within 90 days of the transaction. Near real-time recovery audits can increase recoveries by as much as 30 percent because errors are detected and presented as adjustments to individual invoices close to the transaction. Rather than old, larger aggregated claims, vendors are presented with timely individual invoice adjustments eliminating age-related rejection by vendors.
Tops Friendly Markets took “now” to a new level as ATG’s first client to adopt monthly recovery audits. Its merchandise managers, vendors and accounting firm are seeing impressive benefits. Tops’ CFO Rick Mills reports, “Since moving our recovery audit process in-house to existing staff with near real-time technology, we are on track to reduce our recovery expense by almost half. These changes will accelerate our recovery by at least one year. The faster turn-around time for our cash is extraordinary.”
How Does NOW Work?
ATG’s RecoverNOW™ reduces the human resources required to perform a recovery audit, so it is a cost-effective solution that both digs deeper and can do so more frequently. RecoverNow™ replaces the annual audit process with monthly reviews.
RecoverNOW™ can be implemented in a few as eight weeks. It is available as both an outsourced and in-house solution.
What Do We Know About NOW?
ATG was founded as a recovery audit firm for the grocery sector. Today, ATG is a technology company providing recovery audit and analytics solutions for all large retail entities.
ATG continues to be the only demonstrated, near real-time audit service provider to retail. We leverage technology to do 12 times a year what our competitors do once or twice a year. Of yeah, and we do it without offshoring jobs.
So…I guess you can say we perfected NOW.
Out with the old (ways). In with the new (money).
Legacy recovery audits are passé. Why wouldn’t you want your money today rather than 18 months later?
If you want to explore joining the NOW generation, contact ATG Vice President Paul Dinkins at email@example.com or (224) 206-5807.