Using the Power of Prevention to Protect Billions in Annual Disbursements
Global Communications Provider
Overview
This publicly traded mobile communications company delivers wireless voice, messaging and data services across a broad geography. The firm turned to apexanalytix for continuous protection against accounts payable errors.
“We immediately identified a $198,000 duplicate payment that wasn’t caught by our own software or ERP platform.”
– Accounts Payable Supervisor
Challenge
With more than $15 billion in annual disbursements, financial services executives place a priority on protection against dulicate payments. Internally developed software searched for potential duplicates uploaded to the company’s paperless accounts payables system. In addition, an ERP platform protected against precise duplicates as supplier payments were keyed. But costly mistakes still happened. The company looked for a more comprehensive layer of protection.
Solution
Executives chose apexanalytix firststrike® software to provide continuous protection. Comprehensive software analytics review pending payments and flag likely instances of errors and fraud. apexanalytix auditors also used firststrike to conduct a requested review of past disbursements.
Results
apexanalytix firststrike has had a profound impact on financial shared services and on the mobile carrier’s bottom line. The software:
• Achieved almost 100% ROI the day it went live
• Helped auditors identify and recover $9 million in historical duplicate payments
• Protects against ongoing duplicate payments—$20 million in its first two years of use
• Identifies where process controls needed to be strengthened.
• Provides instant access to reports and data for better-informed business decisions