Large amounts of data are produced every minute across the corporate world. In any individual corporate, very large volumes of data – financial as well as non-financial –are being generated, validated and stored. Every organisation spends disproportionate amount of time and effort to ensure that the processes in place are robust and proactive in ensuring right payments and correct recoveries.
Despite best efforts, it is proven worldwide that the duplicate / excess payments and under recovery / lower invoicing are prevalent across organisations. It is recorded that the duplicate/excess payments range between 0.1% to 0.2% of total expenditure i.e., USD 1 to 2 Million lost on a payment base of USD 1 billion. While individual amounts or instances may be small or insignificant at times, the cumulative impact is sizeable.