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Overview

This global industry leader in machinery, rental and logistics provides services in 180 countries and routinely processes millions of payment transactions. The company chose apexanalytix to deliver recovery audit services and to support quality improvement initiatives that impact its bottom line.

Challenge

Costs are a critical factor in the industrial and manufacturing sector. This company decided to realize savings by downsizing its accounts payable staff and outsourcing the recovery audit function. A data-driven Six Sigma initiative was launched to ensure continuous operational improvements during a time of transition and change.

We truly appreciate the apexanalytix team. They worked well with us to identify opportunities within our very diverse group of affiliates/subsidiaries."

— Accounts Payable Manager

Solution

apexanalytix helped the company maximize the productivity of its smaller accounts payable team by providing comprehensive support. We delivered recovery audit services to identity and recoup overpayments and a Vendor Risk Analysis to assist in detecting fraud. apexanalytix firststrike® software was used both as an automated recovery audit tool and to deliver continuous, ongoing protection against payment errors.

Results

apexanalytix produced significant results that have made a positive impact on the company’s bottom line:

• Prevented more than $20 million in overpayments to date

• Recovered $4.3 million in past overpayments

• Provided executives with ready access to reports and performance data to support their Six Sigma initiatives

• Made recommendations for augmenting internal controls to prevent future disbursement errors

Product Mentioned
Audit & Recovery
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