Profectus Group, a tech-driven services provider of compliance and recovery solutions, has signed a deal with Transport for NSW to help the firm streamline the compliance of complex supplier contracts. Transport for NSW (TfNSW) is the state govt agency responsible for delivering safe, efficient, and reliable transport services across New South Wales.
Why did Transport for NSW turn to Profectus Group?
TfNSW oversees the state’s public transport system, including buses, trains, light rail, and ferries. The agency also develops and implements policies, plans, and programs related to transportation, in order to improve the overall efficiency of the transport network.
It has supplier contracts with many companies, including technology, materials and parts, maintenance, cleaning and other suppliers critical to the upkeep, safety and on-time running of the network. Following the deal, Profectus is responsible for cross referencing of contract terms with invoices to identify instances of undercharging or overcharging.
What does the partnership mean for Profectus Group?
“Any firm with multiple suppliers understands how difficult the process of compliance can be, particularly when that process is manual. When the firm is as large and important as TfNSW, stretching across a state and featuring hundreds of complex contracts and agreements, and the task becomes more complex,” said Chris Hutchins, CEO, Profectus.
“Our role will be to remove the manual nature of the process while providing the CPO and their team granular visibility over complex contract terms and associated costs,” Chris said.
Profectus will look at historical charges, and provide Transport for NSW with intelligence to assist with the identification of undercharging and overcharging as they happen, to avoid these instances in the future. The agreement with Profectus includes an initial plan to verify the contract compliance process for 20 of Transport for NSW’s largest suppliers.