What is overpayment prevention?
AP teams configure basic controls in their ERP systems to prevent overpayments created from rules, which are usually applied against a single ERP system without the ability to compare across multiple systems. This module enables the identification of payment variances for criteria that are not predefined, spanning across multiple ERP systems, and evaluates not only for a single transaction but from a view of payments across time. Algorithms are enhanced by continuous learning each time a potential duplicate or payment error is identified and assessed.
Companies with the best processes in their AP departments usually average 99.9% accuracy, resulting in a 0.1% error rate. The dollar impact can be surprisingly high. For every $1B in spend, you're looking at $1M in losses available to bring back to your bottom line!
Ways overpayment prevention can help your business
800+ algorithms identify more potential errors while minimising the majority of the false positive duplicates, usually achieving over 50% true duplicate identification.
Root Cause Analysis
Assignment of a root causes to monitor and analyse break down in business processes.
Detects transactions for potential errors, omissions, and fraud risk before payments are released.
Flexible and Easy to Use
User-friendly interface with minimal training required to use. Highly configurable to ensure it works with your environment.
Visualise the biggest drivers of payment errors at a quick glance.
Goes above and beyond standard ERP system controls by flagging errors occurring from data entry mistakes and cross-system posting.
Highlights duplicated or multiple related vendors, wrong vendor payments, currency differences, transposed dates or invoice numbers, appended invoice numbers, etc.
Slash Review Time
Expedites the research process, which minimises time spent reviewing data which can significantly reduce your resource needs by up to 75%.
Boost Your ROI
Greater transparency into your organisation’s overpayments, both real-time and historical, resulting in more than five times ROI from preventing overpayments.
Workflow and Resolution
Side-by-side invoice comparison, with differences highlighted, to enable immediate root cause resolution and preventative action.
Overpayment prevention highlights working capital recovery opportunities delivering cashflow to the bottom line.
Leading AP teams choose Glantus technology
Request a live demo
Demonstration of Glantus’ solutions in action with a product expert. A typical introduction demo includes:
Assessment of your unique needs and requests.
Case examples from your industry or similar use cases.
Demonstration of Glantus’ relevant software and solutions.
Frequently Asked Questions
Yes, and we will guide you through the data acquisition process.
We have pre-written scripts for most major ERPs, which we provide to your IT team, along with all instructions. Data is uploaded via secure file transfer protocol (SFTP).
We are ISO27001 / ISO27701 / ISO9001 certified and audited annually.
Glantus utilises the Microsoft Azure cloud environment as well as TierPoint Data centers to fulfill the needs of the business. In the EU, the Azure cloud platform facilitates hosting within the North Europe Region. In the US, hosting is facilitated by TierPoint within the Marlborough/Boston region.
There are two options. Either from your card provider which is level three type data (Visa VCF/Mastercard MDF). Or from your internal card program manager, who can generally download a data file online which is level one type data.
We prefer for data extraction to be fully automated. This can be done daily, weekly or monthly with daily being the most preferred option.
We will provide a small subset of potential duplicates you can investigate and recover. You’ll have two weeks to enjoy your complimentary subscription to DataShark for your team to review and recover the potential duplicates provided and access all other reports and metrics.
You will be assigned a Director of Client Success who will provide all user training at go-live. There will be regular follow-up training sessions provided for all new users.
Your ERP system will typically have a hard stop built in, but it only works if both transactions are exactly the same, everything has to match for the system to recognise it as a duplicated entry, and in some cases, it allows a user to override that stop to enter the transaction.
DataShark goes above and beyond by identifying errors occurring from data entry errors, duplicated or multiple related vendors, wrong vendor payments, different currencies, transposed dates or invoice numbers, appended invoice numbers, and many, many more error types.
Most companies use some type of process to catch duplicate payments, whether by importing transactions in excel and applying filters to try and weed out the duplicates or by using other tools where they create their own queries and algorithms to flag these transactions.
The problem is that these only get to a fraction of your overpayment errors due to the limited algorithms being applied to the data set. This also creates a lot of "false positive" transactions being flagged.
DataShark’s 800+ algorithms identify a lot more potential errors while minimising the majority of the false positive duplicates, usually achieving over 50% true duplicate identification.