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Overview

This multinational company is one of the largest automakers in the world and a pioneer in large-scale manufacturing, with dozens of plants worldwide. The company’s North America division turned to apexanalytix for help in isolating and recovering overpayments, missed credits and more.

apexanalytix's top strengths are their professionalism, technology and people."

- Accounting Director

Challenge

The automaker relies largely on evaluated receipts settlements (ERS) instead of invoices to pay suppliers. Executives wanted a partner experienced in ERS to audit payments, ensure compliance with negotiated contract prices, identify and recover overpayments and improve its business processes.

 

Solution

apexanalytix has placed a resident team of experts on the company’s premises. These highly experienced auditors use apexanalytix firststrike® technology to monitor ERS transactions, evaluate pricing compliance, mine electronic records for deal details and ensure accurate payments. The team is fully integrated into the automotive manufacturer’s culture—helping them adapt audit processes to changing business needs and to keep recoveries high.

 

Results

• North America claims recovered exceeded $180 million USD over nine years (2006 to 2016)

For the most recent year:

• Analyzed nearly 12 million invoices totaling $85 billion

• Conducted statement reviews involving nearly 7,200 suppliers

• Recovered approximately $30 million, including production pricing errors (88% of total), statement discrepancies (11%) and duplicate payments (1%)

• Identified root causes of errors and recommended process changes to shore up controls and benefit the company’s bottom line

• Established a feedback loop between purchasing and accounts payable and partnered with them to recommend best practices-based improvements.

• Conducted a risk analysis to help the manufacturer identify risky vendors

• Provided benchmarking insights and guidance that have helped the manufacturer measure its performance and progress against other best-in-class firms

Product Mentioned
Audit & Recovery
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