Profit Recovery Partners’ (PRP) revenue grew 25 per cent in 2013.
With demand for the company's cost-reduction and supplier management services expected to continue, the company is targeting to grow another 29 per cent in 2014.
One factor driving significant demand for PRP's services is the changing regulatory environment, which has focused intense scrutiny on companies' internal controls.
A recent report by the Public Company Accounting Oversight Board found internal controls to be lacking in roughly 30 per cent of the audits it inspected. As a result, external auditors are requesting more detailed documentation from companies to show that they have the proper controls in place to protect against fraud and financial misstatements. 


"This is an area where PRP can help alleviate some of the pressure our clients are facing," says Don Steiner, PRP's president. "Our team can not only negotiate more favourable contracts with their vendors, but can also ensure that those contracts are properly documented and executed, and that the vendor is complying with all the terms."
After an initial review of a client's spend history, vendor contracts and invoices, PRP delivers a four-part analysis that evaluates potential savings, how the client ranks compared to industry benchmarks, whether vendors are providing the best service and contract terms, and an assessment of staff resources. PRP then actively negotiates for its clients and provides ongoing support to ensure that savings achieved during the initial review are maintained.
To date, PRP has completed more than 1,000 client engagements, resulting in cumulative savings of more than USD2.3bn.
