Duplicate Payments
Duplicate Payments occur more often than anticipated by Organizations. As per a survey, a medium sized company with 100-Million-dollar payments per year, may incur up to $ 100,000 of duplicate payments in a year.
On an average, about 0.05% to 0.1% of invoices paid are payments made in error. The issue of duplicate records have been known for years.
Challenges with Duplicates
Organizations believe they have better internal controls in place and thus they are prone to duplicate payments. On the contrary survey shows duplicate payments occur more often than they expect. It is a challenge for companies as they identify these duplicates too late in the game.
Key reasons for Duplicates
- Multiple Payment source systems
- Data entry or OCR reading incorrect
- Duplicate vendors
- Manual Check Requests
- Travel and re-imbursement
- Open Purchase Orders
The Solution
Smart Bee helps overcome these challenges
A comprehensive tailored dashboard solution which compares, identifies and isolates potential duplicates using Levenshtein distance algorithm.
Machine Learning is integrated, where Smart Bee will derive the reasons for duplicate by observing and learning from end user
Smart Bee is a dashboard with multiple tiles which provides Client an advantage of utilizing the data extracted for multiple reports
