Frequently Asked Questions
12th Tech is the leader in Real-Time Intelligent Auditing serving the Wholesale Finance industry and associated dealers. 12th Tech brings more than 40 years of combined auditing industry experience and provides innovative technology solutions that helps organizations mitigate risk, reduce cost, and helps dealers manage their inventories more effectively.
Currently auditing is done via a very labor-intensive, manual process of auditors walking around lots doing physical audits. While the RTI System can easily support traditional auditing methodologies, the RTI Auditing System transforms the process into a mainly automated one utilizing a choice of Dealer Self Audits, Dealer Clearing Audits or using electronic verification of assets enabling real-time intelligence to be collected, analyzed and presented from within a cloud-based system that is available globally and on nearly any device.
As a wholesale financier, your risk is lowered because you will know exactly the “where, what and how many” pertaining to dealer’s assets. You’ll get the verification--and transparency--you need with significantly increased frequency and accuracy of results – at a fraction of the cost of traditional methods and legacy systems
Traditional audits have been done sending a staff or third-party auditor out to a dealer location on a monthly or periodic basis, complete an inventory, and send the results back to a legacy back end system. If discrepancies are found in the audit, the auditor may be sent back to the dealer location. Such an approach can have both high labor and travel costs along with the cost of paying for legacy proprietary systems. 12th Tech takes advantage of the AWS Cloud along with mobile, imaging and networking technologies to increase accuracy, reliability and security while lowering system cost. 12th Tech provides the ability to reliably employ Dealer Self Audits, Clearing Audits or electronic asset identification to get asset information and audit results in real time, in tandem with physical staff or third-party audits when necessary. Effective planning of audits using a mix of auditing methodologies can easily result in cost savings of over 50%.
Yes, 12th Tech works with third party audit service providers and is willing to license our system to enable them to bring important new capabilities and help them increase audit frequency and accuracy while reducing the cost per audit for their clients.
The 12th Tech system is designed for any wholesale finance customer, including banks and captive finance companies, and their dealers, including:
- Recreational Vehicles
- Manufactured Housing
- Consumer Electronics
- All locations and corporate get real time results leveraging mobile devices and cloud based systems
- Actionable Alerts Anywhere, Anytime on Any Device
- Real-Time Electronic Identification/IOT
- Photo/Document Capture with GPS and time stamps
- Chat Feature with ability for clients to resolve discrepancies in real time.
This capability allows the dealer to perform the audits which can dramatically reduce your auditing costs but still have complete integrity of the data with multiple safeguards included in the mobile auditing solution. Due to advanced monitoring features you can now have the dealer perform the audit with confidence. A combination of GPS, Image Identification, and time tracking allows for the same confidence in a Dealer audit as a audit performed by internal staff or outsourced to a third party audit service company.
The Dealer Clearing Audit (DCA) allows finance companies a streamlined and easy process enabling dealers to ‘clear’ unresolved items from an original audit such as Sold Units, Other Location, Rentals etc. This allows the dealer to either key in needed information, take pictures or update the status of the asset and enables finance companies to significantly lower their cost associated with re-audits or sending personnel out to the dealer location.
No, clients can use the 12th Tech RTI Auditing System with whichever audit method meets their needs or preferences. Clients can choose physical audits using internal staff, physical audits using third party auditing service providers, Dealer Self Audits, Dealer Clearing Audits, or electronic identification and verification - or any combination of these. The 12th Tech system allows clients to evolve their methodologies over time and incorporate new technologies and processes when they choose.
With multiple auditing options available there are multiple ways to perform the audit from traditional in-person to dealers performing the audit or electronic identification
The entire application can run on a phone, tablet, laptop or desktop.
Setup and System Integration
They are multiple methods of receiving data into the 12th Tech system.
We can integrate with any service provider you choose to use including use of internal staff, third party service providers or a mix of both. We also have a partnership with a nation-wide audit provider that can deliver the complete suite of audit capabilities and services leveraging 12th Tech’s system.
Our system is built on today's cloud-based AWS technology that is both scalable and secure. All aspects of client data transmission are encrypted and password protected.
Our system was built from the ground up to provide industry leading ease of use so that most users can use the system with little or no training. There are both online tutorials and an auditing wizard-based process that typically requires no training to use.
12th Tech has focused on North America initially and will be expanding into additional geographies in mid-2021.