Technology Innovation and Investment: Requirements for Effective Expense Management
What differentiates you as an expense management consultancy?
We hear this question often.
Of course, we have industry experts with over one hundred years’ combined subject-matter experience and expertise in categories such as uniform rental, waste and recycling, pest control, and guard/security services. That is no small advantage.
But what solidifies Fine Tune’s market advantage is our proprietary software solution, eMOAT℠.
For those of you unfamiliar, eMOAT℠ stands for “Expense Management Optimization and Auditing Technology.” It is a proprietary expense management software used by and in tandem with Fine Tune’s world-class category experts, assuring clients’ bottom-lines are protected through a combination of continuous monitoring, auditing, and proactive management of complex expenses.
So why is eMOAT℠ such a critical force in the expense management space?
Most of our clients have highly skilled and experienced in-house professionals who successfully handle sourcing and contract negotiation. And yet, concerning the expenses we specialize in, the one thing these professionals have all learned through the years is that you don’t necessarily get what you sign up for.
For example, there are a whole bunch of factors that tend to erode savings efforts after deals are negotiated. Suppliers know these and accordingly design practices to extract more profit from your account.
Which all leads to a tremendous gap between negotiation and execution.
But not with eMOAT℠.
At its core, eMOAT℠ is an auditing application that ensures our clients get what they sign up for; so when we built it, its main function was auditing supplier contracts for compliance. But over the years we learned that in order to truly optimize our clients’ Fine Tune-managed accounts, we need to go beyond auditing for “black and white” compliance.
Thus, eMOAT℠ ensures not only contract compliance, but overall program health using predictive analytics and machine learning—anticipating problems before they appear on invoicing.
eMOAT℠ is currently in use within the uniform rental category at Fine Tune and producing exceptional savings results for clients. And as reported in a recent press release, Fine Tune is making further investments in and enhancements to our technology, and expanding it for use in other managed categories, beginning with waste and recycling.