Case Study Expense Audit Cost Recovery Consulting
Spotlight on success—see how we have helped financial companies reduce expenses, recover costs and refund overcharges.
Case Study #3 Expense audit and cost recovery consulting analysis with Guaranteed Results (with contingent fee project pricing).
Making sense out of dollars and cents.
After a period of significant change in the financial services industry, a relatively new management team was charged with the task of improving performance in an atmosphere of continued economic challenges. They felt pressured to keep the financial institution’s customer service commitment strong while improving efficiency, reducing costs and improving profit margins. Unfortunately, they didn’t have time or internal resources to deliver.
With our help, the solution became clear.
We agreed to provide our services on a contingent fee pricing basis, where we would be paid based upon the results we produced for the organization. We performed an expense audit and cost recovery analysis and identified areas for improvement. We then conducted financial analysis and developed business cases for key areas of opportunity. We reviewed business unit expenses, external spending, expense category management strategies, breadth of procurements, and span of management to identify specific opportunities to reduce costs, manage expenses and increase income.
Once we connected all the dots, we were able to show the business a clear-cut path to improving profitability and financial operations —while boosting its bottom line.
The results? Our consultants helped them recover over $400,000 in overcharges and missing funds. In total we identifed over $40 million in expense savings opportunities and helped them realize millions in both expense reduction and cost recovery. The project, delivered on a contigent fee basis, was a win for all. Our analysis helped the financial services company understand its key challenges it faced, and grasp the financial value of implementing our suggestions. Lower expenses, increased profitability, improved financial controls and insights into areas of financial risk—all with guaranteed results—that’s what we call a return on investment for everyone involved.