Client Challenge

A bank, struggling with an out-of-control telecom budget following its ambitious US acquisition strategy, faced an enormous challenge after the 9/11 disaster, where its major NY operating center and all telecommunications records were lost. The firm could not even provide a list of accounts or locate many of the carrier invoices, which after 9/11 were sent to numerous new location addresses in NY and NJ. Many replacement services were verbally ordered, creating extensive duplications, and incorrect billing. Even though buildings were destroyed, old circuits and services continued to bill.

Shaheen Solution

We consolidated billing, created a physical inventory to reconcile billing against actual services, and identified duplicate and obsolete circuits. We discovered a rampant carrier double billing by sending duplicate invoices to many old and new locations and also found tariff errors, charges for redundant services, and services no longer in existence. Within the first six months of our audit engagement, Shaheen negotiated low 7-figures of cash refunds.

At that time, the client realized the permanent solution was a comprehensive audit, which Shaheen was awarded in late 2003. The audit included creating a comprehensive database of carrier services, covering 750 accounts and 10,000 circuits. Shaheen negotiated an additional low 8-figures of  vendor refunds and generated high 7-figures of annual savings.