Adopting a Shared Services Model for Greater Efficiency and Improved Controls
Global Air & Freight Services
Overview
This multibillion-dollar package delivery organization manages the flow of goods, funds and information in more than 200 countries and territories worldwide. apexanalytix was selected to recommend and implement a broad range of process changes and controls to reduce risk exposure, consolidate processes and better align resources.
"apexanalytix professionalism in the statement recovery arena has made a positive impression on our suppliers and fosters the spirit of working together toward a common goal."
– Global Controller of Shared Services
Challenge
The delivery organization was using multiple payment methods, including key entry, automated invoice management systems, third-party portals and procurement cards. In addition, disbursements were being made by multiple payment systems. The organization struggled with incorrect payments, currency conversion errors, accounting and reporting issues, missed discounts and lapses in system safeguards. It was also important to protect relationships with valued vendors, many of whom were customers.
Solution
apexanalytix helped the client decommission multiple payment systems and consolidate accounts payable processes and sites, guided by best-in-class, sharedservices principles. We conducted a comprehensive audit of payables system, statements and credit card transactions, produced internal and external audit reports, analyzed historical data trends and tendencies, and identified critical areas for improvement.
Results
apexanalytix has made a significant impact on the productivity and profitability of the organization. Examples include:
• $14 million in audit recoveries
• Successfully protected valuable vendor relationships throughout the recovery process
• New efficiencies realized by streaming and aligning payables resources and decommissioning two redundant payables systems