Leading tech company Profectus Group has signed an agreement with Transport for NSW to help the organisation streamline the compliance of complex supplier contracts.
“Any organisation with multiple suppliers understands how difficult the process of compliance can be, particularly when that process is manual,” Profectus Group CEO Chris Hutchins said.
“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.”
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Hutchins reveals that Profectus will help the agency streamline its process with complex contracts and agreements by automation. The company will also provide the CPO and their team granular visibility over complex contract terms and associated costs.
Transport for NSW, a state government agency responsible for delivering safe, efficient, and reliable transport services across New South Wales, develops and implements policies, plans, and programs related to transportation to improve the overall efficiency of the transport network.
This, along with its task of managing and overseeing the state’s public transport system, including buses, trains, light rail, and ferries, put itself in a position where it has supplier contracts with many companies.
These procurement contracts usually include technology, materials and parts, maintenance, cleaning and other suppliers that are critical to the upkeep, safety and on-time running of the network.
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Thanks to the new agreement, Profectus will be responsible for the cross-referencing of contract terms with invoices to identify instances of undercharging or overcharging.
Profectus, the leader in automated compliance, audit and recovery solutions, will look at historical charges and provide Transport for NSW 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 Transport for NSW’s largest suppliers.