Using a Supplier Portal to Drive Compliance, Reduce Fraud and Improve Working Capital
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) transformation initiative. year it processes more than 8 million invoices from 70,000 suppliers.
"apexportal is really elevating the conversation and changing the way we do business. We’re now focused on things we weren’t paying attention to before, like supplier terms and discount rates and optimizing our payment and invoicing methods."
– AP Manager
The health system established aggressive AP transformation goals. Executives wanted to standardize and scale their operating model across multiple hospitals, go paper-free, maximize working capital and achieve greater data visibility—all while delivering exceptional customer service. They decided to automate supplier interactions as an important step in the transformation process.
The team selected apexanalytix to support their initiative. A HIPAA-compliant apexportal® now provides touchless registration and data validation, e-invoicing, early pay discounting, self-service inquiry and supplier collaboration tools. The portal’s flexible business rules support a fully automated, custom compliance process that aligns with complex federal healthcare regulations. In addition, apexanalytix smartvm® predictive analytics were used to clean and enrich 22 million existing supplier records. apexanalytix specialists also conducted an accounts payable audit—quickly recovering enough funds to pay for the portal implementation.
• 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
• Enforcement of preferred business practices (electronic payments, etc.)
• Built-in reporting for system-wide data visibility and better-informed decisions