Are Vendor Billing Errors costing your company thousands?
On Wednesday, UK regulator Ofcom reported that they had fined mobile network provider EE £2.7m for overcharging tens of thousands of its customers.
Some calls to EE’s customer services number were billed at more than 6 times the correct rate, resulting in at least 32,145 customers being overcharged around £245,700 in total.
This case represents just one vendor billing mistake in a highly regulated country - how much are they costing your organisation all around the world? Can you be sure all of your business' hard negotiated rates filter through to the bills you receive? Are you being billed for services you are meant to receive free of charge? Without the right technology, you will probably never know.
To make matters worse, the EE case highlights that even if a regulator steps in, there’s no guarantee the overcharged amount will be reimbursed:
‘Ofcom recognises that the majority of customers have now been refunded. However, EE was unable to identify at least 6,905 customers, who were more than £60,000 out of pocket in total.’
Fortunately, there is a way for businesses to identify these discrepancies for themselves. MDSL's Automated Invoice Processing (AIP) simplifies and enhances the way Telecom and Finance departments are able to process billing through the entire invoicing lifecycle. Large bills and complex formats can be processed to completion in minutes, with fully actionable alerts raised where necessary for measurable cost savings.
An automatic alert from MDSL's AIP
Using MDSL’s specialised interfaces, the AIP system reads billing from any carrier down to CDR level, normalises and validates the bills against your inventory, contracts and budgets and accurately allocates costs – automatically generating actionable alerts where mismatches appear.
AIP can then generate a report for you to send to your vendor.