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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?
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.
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What is Digital transformation & how is Discover Dollar enabling organisations to be future ready?
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.
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?
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.
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?
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.
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?
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?
To learn more about how Discover Dollar can help you prepare for the future, or to schedule a discovery call, click here