Press release -
PRGX civil service research highlights untapped potential of recovery audit
PRGX UK Ltd., part of PRGX Global Inc. (Nasdaq: PRGX), the world’s leader in recovery audit, announced today the findings of a survey of UK civil servants entitled “Improving Procurement Data to Reduce Error, Price Disparities and Fraud”. More than 200 civil servants responsible for finance and procurement participated in the survey, conducted on behalf of PRGX by Dods Parliamentary Communications.
The survey explored attitudes towards recovery audit, with 53 percent of respondents aware that most commercial organisations instigate external audits to detect transactional errors. By contrast, only eight percent of respondents identified cash recovery for past overpayments as a route towards achieving targeted savings.
On the subject of fraud, 73 percent of survey participants undertake systematic reviews to detect fraud, but only seven percent said they had software to identify potentially fraudulent activity.
Asked about their access to data, 71 percent of the total respondents said that they could not easily retrieve the category or supplier spend details needed, with only 13 percent of senior grades saying they could find exactly the data needed.
In addition, over a third of respondents said they did not have the systems necessary to monitor supplier spend once the procurement decision was made.
Against this background, 19 percent of respondents cited “control of external expenditure based on improved information” as a key strategy for achieving targeted savings in the coming year.
PRGX Client Services Director Jon Francis said: “We believe strongly in the significant and immediate savings that can be generated from recovering overpayments and optimising supplier relations. PRGX has invested in analytics tools and capabilities across the procure-to-pay value chain to provide comprehensive visibility to spend detail, to help prevent and detect fraud, and most importantly, to recover overpayments based on missed contractual procurement terms.”
“This survey has provided fascinating insight into the way civil servants monitor government spending”, added Francis. “We commissioned the survey to find out how civil servants access spend data, and how that information is harnessed to achieve savings. What we found is that only a small minority of civil servants in our survey have identified recovery audit and spend analytics as key tools to deliver significant savings for the government.”
Detailed survey results can be accessed at this link.
Further details can be found at www.prgx.com
Topics
- Economy, Finance
Categories
- prgx ltd
- www.prgx.com
- jon francis
- recovery audit
Regions
- England
Headquartered in Atlanta, Georgia, PRGX Global, Inc. is the world’s leading provider of recovery audit services. With more than 1,400 employees, the company operates and serves clients in more than 30 countries and provides its services to over 75% of the top 30 global retailers. PRGX is also pioneering “profit discovery”, a unique combination of audit, analytics and advisory services that improves client financial performance. Beyond its core retail practice, PRGX is actively pursuing initiatives to expand into new markets, most notably healthcare and government.
Further details can be found at www.prgx.com
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