Global Financial Services
This large financial services firm has 275,000 employees in 59 countries who generate $100 billion in annual revenues. Each year the company’s procure-to-pay team processes more than 8 million invoices for 70,000 suppliers, spanning three ERP platforms.
“We benefitted from excellent collaboration between APEX Analytix and our own internal business, project and technology teams. We now have a central supplier data management solution that syncs with our three ERP platforms and gives us a 360-degree view of supplier information globally.”
VP, Accounts Payable
The company relied on cumbersome, manual processes and multiple, stand-alone tools and forms for vendor setup and updates. Team members had to manually validate the information provided. Procure-to-pay executives knew their processes and controls were inefficient and that accuracy was suffering. They looked for a better solution for onboarding and for establishing and maintaining accurate supplier information.
The company chose an APEX Portal for touchless supplier registration in 59 countries around the globe. The portal supports the 15 languages the company requires for global commerce and is easily configured to respond to complex, location-specific requirements. Tax numbers, banking information, addresses, insurance certificates, certifications and more are readily entered and uploaded by suppliers and then automatically validated by the portal. Approved records are automatically transferred to the company’s three ERP platforms.
Moving to the APEX Portal has transformed the way the company manages supplier information—providing a single, trusted version of the truth and a strong foundation for strategic procure-to-pay initiatives. Among the broad outcomes:
- A single, global tool for onboarding and compliance enforcement
- Significant time and resource savings by automating supplier registration, maintenance requests, data validation and ERP database updates
- 180,000 easily configured business rules to ensure compliance with payment regulations in every country.
- A reduction in supplier fraud and in the risk of working with prohibited companies
- Extensive new search capabilities for ready access to supplier information, with automated reporting and integrated email functionality
- The company also is exploring the potential for additional operational efficiencies by implementing the APEX Portal’s supplier self-service inquiry model—significantly reducing the workload of its shared services helpdesk.