Equipment & Labour Supply
in the Mining Industry
Contract Compliance Technology and Contract Compliance Audits
Organisations find it challenging to automate invoice compliance against contract terms across all spend categories. With Profectus’s Contract Compliance (CC) technology and services, invoices are checked at line-item level and validated against the contract pre- or post-payment.
The CC technology also provides clients access to low-level data for reporting and highlighting spend optimisation opportunities. BHP engaged Profectus to audit key service suppliers to validate contract compliance.
Profectus performed an in-depth analysis on the BHP invoice data for the 12 months prior, reconciling the invoice data against agreed contractual rates, machine-hour details, and internal BHP gate records.
Through Profectus’ Contract Compliance Audit, overcharges of 7.1% of BHP’s total annual contract spend was uncovered, equaling to $237k in value of errors identified.
Cost of Errors Identified
Profectus offers an ongoing compliance framework validating future invoices prepayment and reviews recent historical invoices.