Using Technology-Based Controls to Protect, Analyze and Manage Accounts Payable
This global pharmaceutical company has more than 40,000 employees and conducts clinical research, R&D and manufacturing in dozens of locations around the globe. Its products are marketed in 120 countries.
“The implementation was remarkably quick for a global deployment. Within 90 days the technology was ready to use and adjusted to meet our needs.”
– Director, Purchase to Pay
With a large global footprint to support, the company’s procure-to-pay operations are transaction intensive. Four regional shared services centers process and pay about 5 million invoices annually from 130,000 suppliers around the globe. The company looked for a global duplicate payment prevention tool that could provide more rigorous protection than the controls built into its SAP platform.
After a competitive RFP process, the firm selected apexanalytix firststrike®—a sophisticated software platform used by the world’s largest companies for overpayment prevention, fraud detection, vendor management, reporting and analytics. The selection was based on ease of use and on the strong recommendations received from other large global corporations. Just 90 days after a decision was made, the solution was ready to go live.
The company now has effective duplicate prevention controls that protect disbursements globally. Among the impactful outcomes:
• Prevented over $130 million USD in duplicate payments over a three-year period.
• Identified thousands of historical duplicate payments previously missed by their recovery audit provider.
• Reduced outside audit recovery fees related to duplicate payments by about 75 percent annually.
• Isolated the root causes of errors for remediation, such as inconsistent entry of invoice numbers and invoices processed against multiple vendor numbers.
• Benefitted from new global reporting, data analysis and metrics that are powered by the firststrike application—eliminating many months of manual effort.