NotableTalks 
​Microsoft ISV Series

Conversations with Subu R, CEO at Discover Dollar Inc, about: How to Prevent Revenue Leakages, Digital Transformation, Finance Management, Metaverse, Crypto Currencies and a variety of more hot topics.

Co-presented by: Value Prospect Consulting

Index:

Discover Dollar helps enterprises to identify, & resolve overpayments, & leakages by analyzing a vast amount of data including unstructured data like emails, & contracts using machine learning and AI.

How does Discover Dollar enables organizations to save millions of dollar?

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Discover Dollar

​First of all, we have been waiting to ask you what exactly Discover Dollar did to create a $20 million impact on your customer's P&L? Seriously, that's revolutionary. Also, could you tell our audiences more about the mission you have as Discover Dollar and how you enable organizations to achieve their business goals?

I'll begin with a vision and mission statement and then discuss how we patch 20 million P&L for one of our customers. Discover Dollar as the name says, the vision is to discover value in terms of dollars. Thus, what is the difference between dollars directly impacting the bottom line and cash flows harnessing AI and adopting a data-first approach? That is our overarching vision. 


You've probably heard it multiple times recently. Data is a new type of oil. And people tell us that if there is data, we can accomplish a great deal. And we truly live by all of these words. Thus, we approach our customers and tell them to simply provide their data and we will convert them into dollars because there is a lot of actual value that is not being realized to its full potential simply because they do not know how to use the data properly at the moment. I'm currently speaking from a very, very high 30,000ft altitude. Permit me to delve a little deeper. Thus, the data we are collecting at the moment is focused on the procure paid side of things for large enterprises. As a result, very large enterprises have a large number of suppliers and negotiate prices, promotions, and discounts with each supplier. All of this is accomplished onboard. 


And as you can see, all of these negotiations take place via emails, contacts, and phone calls, all of which are data-driven. And what we've seen is that even when businesses make those deals and negotiate, not all information is available to all teams within the business. For example, when the finance accounting team needs to use it, they can't access it because it's sitting in a massive amount of emails or hundreds of contracts signed each time a payment is made. 


Thus, what we've accomplished at Discover Dollar develop some proprietary natural language processing algorithms that can shift through all of these contracts, emails, and negotiations, determining the best price available and determining the actual discount available for that specific product, price, or item. Ascertain that you accomplish all of this without leaving any money on the table. That is precisely what occurred with that customer.

You inquired earlier, "How did we come up with that $20 million?

Indeed, that was the world's largest beverage company, with a portfolio that included Budweiser, Hogarden, and even Corona beer. Thus, what transpired with them. When we approached them and said, "Hey, we'll help you recover overpayments and leakage," they were skeptical. They informed us that we have the best ERP systems and that the best consulting firms such as McKinsey assist us with our processes. 

I don't believe there is any leakage. These were their exact words. Thus, it is all fine; we understand. We will only come and give it a try, and you will not be charged anything until we determine its worth. And, because we were confident they would agree, the innovation team agreed to collaborate with one of their European business units. 

And within a few weeks, we were able to locate a million dollars for them. They were defeated. And this occurred as a result of duplicate payments. Their systems captured a portion of it, but not all of it. It was a blind spot they were unaware of. Duplicate payments were made. It was a quantity discount. It was a list of cash discounts for which they were eligible. 

However, this information was stored in our database, which they were unaware of due to the 10,000+ documents they had to verify to get here. However, earning a million dollars in a matter of weeks was thrilling. Clearly, they desired to scale it across multiple zones and business units. We worked in Africa, India, a number of different zones, and North America. And we were able to save them $20 million in PNL Impact in pandemic. Furthermore, there is a YouTube video. I should not be discussing it. My customer is supposed to speak about it. Therefore, you can visit the ABN Web website to learn more about that possibility and how we were able to bring them that money. 

Right? That is, indeed, the story. It took slightly longer. Apologies, but this explanation was necessary.
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To learn more about how Discover Dollar can help you prepare for the future, or to schedule a discovery call, click here

What is Digital transformation & how is Discover Dollar enabling organisations to be future ready?

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Digital Transformation

​Today, more companies are realising the importance of adopting digital transformation and are implementing AIs in their workplace. First, we would like to know what digital transformation means from a Finance Technology perspective and what makes your AI-driven Discover Dollar platform so powerful that makes global leading firms, such as SAP, Target, and Spencer’s choose Discover Dollar over other FinTech companies?

Having said that, we have encountered businesses that wish to collaborate with us in exploring blockchain and other emerging digital technologies. That is why the spectrum is so diverse. However, it is the best time I can describe in terms of the transformations occurring, which have been accelerated by the pandemic. To answer the second part of the question about why businesses choose Discover Dollar over other payment methods, I would say that Discover Dollar is quite unique in concept. I can confidently state that we are the world's pioneers in terms of how the business model was developed. Second, we are not in direct competition with other businesses. We are a complementary solution to the majority of digital transformation solutions. For instance, when we worked with ABN Web's predecessor company, which you mentioned, Deloitte was in charge of their regular processes' digital transformation. However, we were able to assist because when a business undergoes a digital transformation, there is a possibility of change, which can result in process change confusion, which can result in financial loss as well. We were able to ensure that did not happen during a financial transformation, a merger, or a system change, as there is a possibility of increased leakage.

However, having companies like Discover Dollar ensures that those losses are minimized and that transformation occurs. If you so desire for a business that has not yet undergone financial transformation, the digitization RPA manifest solutions enable them to determine whether they should do so, the cost of not doing so, and the financial losses that may result. By partnering with a company like Discover Dollar, they will be able to determine how much money they are wasting due to inefficiency. That is the primary reason businesses come to us. And SAP named us the most innovative solution in all of Florida and at the flagship event, primarily because we complemented the ERP solution perfectly. They recognized SAP's need for this natural extension. What Discover Dollar brings is that their ERP is built on structured data. Whereas we were an add-on that would collect unstructured data from various sources and feed it into the ERP system, which would become even more powerful as a result of our solution. Right?
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To learn more about how Discover Dollar can help you prepare for the future, or to schedule a discovery call, click here

How did Discover Dollar identified $419+ millions in overpayments and revenue leakages?

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Prevent Revenue Leakages

​It is estimated that up to around 5% of earnings before interest, taxes, and amortization (EBITA) flows out without being noticed by companies. With your company’s experience and insights of discovering over $419 million in overpayments and leakages, could you share some reasons why companies fail to identify their leakages and how Discover Dollar steps in for this prevention?

I can say that this is a critical and pertinent question. Thus, whatever you quoted, that 5% of EBITA is lost by companies unknowingly is cited by EY, a global leader in consulting and financial services. The first reason is that this is a blind spot for the majority of businesses. Thus, if you ask the majority of finance leaders, they would be unaware of many. At times, there are a few companies that are aware, but they are few and far between. I'd estimate that one or two people agree on this potential leakage in every ten conversations. To illustrate this, I'll use the concept of a blind spot. If you drive a car equipped with a rearview mirror that allows you to see your drive, what happens? However, this does not mean that everything is visible if you have a rear viewer. Additionally, there is a blind spot in the car that most people are unaware of. As a good driver is aware, there is a blind spot; however, an average or bad driver may believe he has all this ability to think and maneuver. Thus, the situation is identical here as well. As a result, many people are unaware that a potential blind spot exists. Simply because they have a cutting-edge ERP system or processes that have been vetted by a global consulting firm does not mean that everything is in order. No business is completely approved. And it is precisely because they overlooked this piece that this entire journey began. Previously, everything was manual, and when everything was manual, people had the expectation that everything would be fine. This much must be accomplished. As a result, there was never an expectation of 100 percent accuracy when it came to the account payable team's payment. Thus, 99 or 99.5 percent accuracy is a globally accepted standard. Thus, 99.5 percent became the new 100%. That is, in fact, the correct thing to do. However, even with 99.5 percent accuracy, you have zero.

For a billion-dollar company, a 5% error rate is null and void. A 5% error rate equates to a loss of $5 million. Which people did not see it previously due to the lack of technologies. It was impossible to enter that state of hyper-efficiency. However, as new technologies become available, a new realm of possibilities opens up, but not everyone is ready yet. As a result, people occasionally live in the old world. What we attempted to demonstrate and raise awareness about was the fact that it is possible to scan through all of your data and documents without requiring manual intervention. For instance, with one of our clients last month, we were able to scan 30 million documents in less than a month, which is physically impossible. It was only possible due to the use of technology. And out of the 30 million negotiations, or email contracts, everything 600 conversations were missed, indicating that there was a negotiated price, deal, or rate that they did not consider. Thus, 600 conversations, 612, to be precise, 612 conversations out of 13 million were overlooked for consideration. However, those 612 transactions amount to a loss of close to $15 million for that customer. Thus, you can see how it is able to extract the needle from his staff, which was previously impossible. It is now possible. That is how I can summarize our entire journey, and we are constantly working to raise finance leaders' awareness of this. And that is why we now offer our customers a success-based model in which they do not pay us anything until we discover your value. As a result, that's something we believe in as a company. And it's also something that customers cannot open up and say, "Hey, let me check my data controls, my systems." Are there some blind spots that we are unaware of?
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To learn more about how Discover Dollar can help you prepare for the future, or to schedule a discovery call, click here

What are the key challenges faced in finance management & how should businesses tackle them in 2022?

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Finance Management

​As the business landscape is rapidly changing and getting more complex, it is crucial for organisations to keep adapting to these changes. As an industry leader and founder at Discover Dollar, what do you think are the key challenges faced by the organisations today in 2022 in regards to financial management and what could be a roadmap to overcome those pain areas?

The magnitude of change that is coming is no longer comparable to a gentle breeze, correct? It is the massive winds of change that are causing such a stir. Thus, organizations no longer have the option of changing. It is necessary if all organizations recognize that they must make this change or perish. Having said that, the primary challenge for enterprises is determining which changes to make first and which priorities to build over. Therefore, I would begin by laying a solid foundation and identifying pain points and bottlenecks. That is one of the areas that has been discovered. All of this can help you identify bottlenecks and blind spots and bring them to the forefront. As a result, it becomes a component of your financial or digital roadmap. What we wish to accomplish with the enterprise. Several of the more obvious issues. What we observe is a lack of proper data management. In particular, on the source to pay for side of things, the processes are inefficient. There are very few digital footprints in terms of how the entire flow occurs, from sourcing the vendor to negotiations to procurement and payment. Thus, throughout this journey, we have witnessed the possibility of a significant overhaul on the customer side. Even from the initial conversation with the customer to the conclusion of the sale, and from contract renewals to collections, significant changes are possible. Thus, these are some areas where there are pain points caused by a lack of digital footprints that can be addressed. One example, I have is that we work with a couple of large enterprises, and these are some of the companies that were among the first to attempt enterprise-wide digital transformation. Thus, as they embarked on the journey of digital enterprise transformation, we happened to be having a conversation with them, and for them, it was critical to ascertain the priorities and landscape.

As a result of our collaboration with them throughout their journey, we were able to identify potential blind spots, opportunity areas, and most importantly, the priority sectors or segments on which they should focus their efforts immediately. That evolved into the exercise. What we did was assist them in determining the roadmap for the coming year and how to proceed with the digital transformation journey. As a result, we work with a large number of companies, as these Fortune 500 companies are among the first to embark on a digital transformation journey. Thus, we must consider a few examples, such as ABN Web. When they embarked on this journey as a result of their relationship with us, they were unsure whether they should invest in their procurement or rely on P2P financing for part of the journey. And when we went in and demonstrated the value in terms of how much money they were losing due to the lack of a contract management system, an efficient source of payment, and digital footprints, it aided them in developing that journey as a part of their roadmap and expediting it. Another one that I'd like to use as an example was at Target, which is one of the world's largest automotive retail companies. They do not have an open APR available for data consumption by third parties. However, when they built that for working with discovered that it was one of the biggest leaps in terms of frictionless collaboration with third-party vendors, enabling them to accelerate their journey significantly. And they also happen to be one of the leading companies right now when it comes to integrating with the tech stack and third-party products. Thus, these are some of the journeys I can describe in which we can assist businesses in enhancing their digital footprint and developing a strong digital roadmap.
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To learn more about how Discover Dollar can help you prepare for the future, or to schedule a discovery call, click here

How are metaverse and cryptocurrencies impacting business finances?

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Metaverse & Crypto Currencies

​With more buzz around the metaverse and adoption of crypto currencies across organizations, how do you see the management at financial levels getting impacted, how does the future look like?
Yes, these are the buzzwords that are prevalent in the market near the square, aren't they? As a result, I would argue that the metaverse is still evolving. I'm not sure how it will affect the financial world, but enterprises like Microsoft and Facebook are all coming together to figure out how to make enterprises work in the metaverse. That is quite exciting. It will open up various facets, from the enterprise to the consumer metaverse, and will undoubtedly result in the creation of an alternate world in which we can all experience another phase of ourselves. As a result, a massive amount of eCommerce will be created, which will require the support of new financial systems.
With that said, when it comes to cryptocurrencies, I am a firm believer in blockchain. Thus, cryptos are one of the manifestations of that. I would argue that enterprises must eventually embrace blockchain, and we are developing some use cases for it, most notably for seamless interaction between an enterprise and its suppliers or customers. Thus, those use cases will be extremely exciting as we progress, and we're excited to see who all of our customers want to do that and how we can help them do so as well.
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To learn more about how Discover Dollar can help you prepare for the future, or to schedule a discovery call, click here