The agreement aims to automate compliance checks for up to 20 supplier contracts and enable Transport for NSW to identify and address financial irregularities
Melbourne, Australia, February 27, 2023 – Profectus Group, a leading technology-driven services provider of compliance and recovery solutions, has signed an agreement with Transport for NSW to help the organisation streamline the compliance of complex supplier contracts.
Transport for NSW (TfNSW) is the state government agency responsible for delivering safe, efficient, and reliable transport services across New South Wales. It manages and oversees the state's public transport system, including buses, trains, light rail, and ferries. The agency also develops and implements policies, plans, and programs related to transportation, in order to improve the overall efficiency of the transport network.
It has supplier contracts with many companies, including technology, materials and parts, maintenance, cleaning and other suppliers critical to the upkeep, safety and on-time running of the network. Profectus is now responsible for cross-referencing of contract terms with invoices to identify instances of undercharging or overcharging. Profectus will look at historical charges, and provide TfNSW with intelligence to assist with the identification of undercharging and overcharging as they happen, to avoid these instances in the future.
The agreement with Profectus includes an initial plan to verify the contract compliance process for 20 of TfNSW’s largest suppliers.
“Any organisation with multiple suppliers understands how difficult the process of compliance can be, particularly when that process is manual,” said Chris Hutchins, CEO, Profectus Group. “When the organisation is as large and important as Transport for NSW, stretching across a state and featuring hundreds of complex contracts and agreements, and the task becomes more complex.
“Our role will be to streamline this process and remove the manual nature of the process while providing the CPO and their team granular visibility over complex contract terms and associated costs.”