Revenew International
Revenew's in-depth turnaround, outage and infield construction audits deliver contract compliance, cost validation, reporting, cost avoidance and recovery for its clients. Revenew ensures costs are properly incurred, identified and allocated. The company provides greater transparency in reporting and cost control. Prime contractor and sub-contractor contracts as well as billing practices are tested and evaluated to industry best practices. Field testing and observations occur in a real-time environment, producing authentic data. High-risk and high-dollar activities are subject to stop-and-go or intermittent audits with review throughout the construction period. The results are produced through improved transparency in cost and budget calculations and assessments. The results are hard-dollar recovery of prime and sub-contractor overcharges. Real-time audits reveal detrimental practices that need to be replaced with best practices.
The audit process
Revenew conducts a thorough review of all expenditures, with a review of each individual contract's terms and conditions on selected agreements with key suppliers and contractors. This review includes line-item analysis and review of invoices, monetary transactions, purchase orders and related documents, validation of price and volume, and confirmation that contract provisions have been accurately translated. Thereafter, cost reduction and contract improvement opportunities are identified and presented along with identification and recovery of overpayments and business concessions that translate to prospective savings.
Revenew's audit programs ensure its clients are accurately charged and receive their full entitlements under established supplier agreements. The typical auditing process involves price verification against purchase orders, contracts and price lists with very little supplier interaction. The way Revenew approaches auditing is with precision, detail and the customer's best interest in mind. The Revenew auditing approach includes due diligence and best candidate selection, in-depth review of all commercial terms, work performed on-site, over 140 audit tests performed, price verification, indexed pricing and assistance with negotiation.
An important part of the Revenew auditing process and approach is its detailed breakdown of invoices and line items. All components of each invoice line item are analyzed as well. The components include cost-based pricing validation, personnel classification, labor cost build up, payroll tax reconciliation, incorrect markups and margins, incentives, discounts, rebates, cost-sharing, and third-party charges and reimbursables.
Minimal time, resources required
The programs offered by Revenew are conducted with minimal impact on or involvement of an organization's valuable resources. Whether on-site with suppliers for contract compliance reviews or off-site for supplier payment reviews, Revenew's technology and streamlined processes maximize efficiency and minimize the use of its clients' time. Revenew's team of experienced professionals performs all tasks related to its services, with oversight from clients. Revenew also provides a secure client portal, which allows its clients to safely access real-time information on current projects at any time during the process.
Improved supplier relationships
Revenew respects and values the relationships clients have with suppliers. The goal of Revenew's processes is to improve those relationships to the benefit of all parties involved. The key is transparency. With transparency between both parties, the doors open to more clearly defined deliverables and well-aligned expectations for both clients and vendors.
The benefits
Revenew's cost recovery and cost containment services deliver monetary recoveries and cost reduction benefits. The programs offered by Revenew help ensure compliance with commercial terms, recover lost monies, and provide best-practice recommendations for contractual and operational improvements. With one client, Revenew helped the company to recover over $17 million in less than three years of implementing Revenew's services and programs.
For more information, visit www.revenew.net or call (281) 884-9867.
