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Using Technology to Minimize Disbursement Errors

Using Technology to Minimize Disbursement Errors

Global Technology

Overview

This tech company is a global leader in technology-enabled business solutions and services to support “digital transformation” initiatives. It serves clients in more than 60 countries and generates more than $8 billion in annual revenues. The firm attributes its success to helping companies modernize their processes, applications and infrastructure.

“No other company could offer us the technology that apexanalytix brings to the table. Their software is irreplaceable and keeps us up to date.”

– Director of Finance Operations

Challenge

With annual disbursements in excess of $1 billion, executives knew there were ample opportunities for payment errors that could take a toll on the firm’s profits. They also knew the value technology could bring to critical business processes and hoped to find a software-enabled solution that would deliver the protection they needed.

Solution

After a thorough analysis of options, executives adopted the apexanalytix firststrike® platform for continuous protection against disbursement errors. They decided to complement their new software with regular disbursement audits conducted by apexanalytix experts.

Results

An audit of 150,000-plus invoices and over $1 billion in annual disbursements uncovered just one duplicate payment—attributed to a team member overriding a warning of a possible duplicate.

• firststrike analytics helped the firm totally eliminate duplicate payment losses associated with:

- inconsistent invoice coding

- inconsistent invoice dates

- multiple related vendors

- invoices paid on multiple payment platforms.

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