Results for "fraud"

AI is Your Next Fraudster!

The Wormy Version of ChatGPT ChatGPT, which stands for Chat Generative Pre-trained Transformer, is a large language model-based chatbot developed by OpenAI and launched on November 30, 2022. It does a pretty good job of understanding the question that a user asks, and responding with a clear, mostly accurate, well-written response. There’s controversy around it – concerns that students use...

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Establishing Overpayment and Fraud Controls Across Multiple Systems

Overview This private firm owns a diverse group of businesses serving multiple markets – from manufacturing and commodity trading to chemicals and biofuels. With a presence in about 60 countries, it employs more than 100,000 people worldwide. As the company transitioned to a new shared services model for accounts payable, it turned to apexanalytix for tools to strengthen global disbursement...

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Driving Down Fraud and Other Supplier Risks

Overview This Fortune 500 firm is one of the nation’s largest retailers in the transportation industry with nearly 150 stores in more than 70 markets. The company turned to apexanalytix for help in driving down supplier risks and uncovering costly fraud scams. “Thanks to apexanalytix experts, we now have better insights into our business processes and controls and the suppliers...

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Using a Supplier Portal to Drive Compliance, Reduce Fraud and Improve Working Capital

Overview This global leader in financial services has 250,000-plus employees in nearly 60 countries. EachaThis US health system and its 30,000-plus employees are committed to transforming the future of healthcare—earning high marks for the quality of care they deliver. Finance executives recently adopted an apexanalytix supplier portal to bring the same spirit of innovation to a new accounts payable (AP)...

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Fraud Detect Brochure

Today’s technology-driven business environment can be a haven for fraud perpetrators who are eager to strip unsuspecting companies of valuable financial assets. Nowhere are the challenges greater than in the procure-to-pay cycle, where unscrupulous vendors and employees can cost you dearly. apexanalytix firststrike® Fraud Detect can help by evaluating your risks and producing the actionable information you need to intervene....

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Driving Down Fraud and Other Supplier Risks

Challenge The retailer has more than 250,000 vendors and processes more than five million invoices annually, for total disbursements that exceed $15 billion. There are many lurking opportunities for risks to impact the company’s bottom line.   Solution The retailer chose apexanalytix as its strategic partner, tasked with delivering software and services to protect against fraud and other supplier risks....

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Establishing Overpayment and Fraud Controls Across Multiple Systems

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Protecting Disbursements Against Payment Errors and Fraud

Results firststrike has delivered the powerful control framework needed to protect disbursements companywide. Among the impactful outcomes: • In the first six weeks after implementation, firststrike prevented an average of $225,000 in duplicate payments a week. • The company now has the tools to analyze past disbursements and conduct its own recovery audits. • A cumbersome, time-consuming reporting process has...

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Using Analytics to Prevent Overpayments and Fraud

Results • Used firststrike to find and recover over $2 million in historical overpayments. • Dramatically reduced duplicate payments, far outperforming peer organizations. A subsequent audit of $20 billion in disbursements found just three duplicates that escaped controls, totaling less than $10,000. • Used data from firststrike for root cause analysis and continuous improvement. • Reduced risks by adding automated...

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Using a Supplier Portal to Drive Compliance, Reduce Fraud and Improve Working Capital

  Results • 50 percent improvement in supplier onboarding cycle time • 49 percent increase in early pay discounts • 43 percent reduction in check processing expenses • 40 percent reduction in supplier email and phone inquiries • Elimination of two full-time positions • Automated compliance screening and validation of supplier data before it is added to the vendor master...

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