Protect your company’s reputation and revenue from the first time you engage with a supplier and throughout the supplier lifecycle.
Protect your company’s reputation and revenue from the first time you engage with a supplier and throughout the supplier lifecycle.
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Icon is an exclusive conference attended by leaders of best-in-class, global financial shared services, accounts payable, procurement, post-audit and supplier governance, and risk and compliance organizations.
March 16-18, 2025
A journey of best practice starting with accounts payable recovery audit and ongoing with a new approach to supplier management.
This successful full-service restaurant company operates locations around the country and has around 50,000 active suppliers. Like many apexanalytix clients, they’ve been on a solution journey for many years – 15 to be exact.
The partnership started with a recovery audit to provide immediate cash back to the business. At the same time, they conducted a vendor risk assessment to identify fraudulent activity hidden in their supply base. Then, looking for a way to improve the quality of their vendor master and improve supplier management, they implemented Supplier Onboaring.
Now, suppliers can see the payment status of invoices and ask questions any time, any day. Suppliers or the company can update supplier information like contacts, address or tax information. Suppliers can even request early payment for eligible invoices. And it is all done through a secure website that prevents fraud and validates information in real time.
While major food distributors are procured centrally, restaurant managers are treated like owners of their businesses, so they are free to pick their vendors for non-catalog items like landscaping, repair and maintenance.
With nearly 2,000 restaurants adding vendors, the back office was having some challenges obtaining complete and accurate information on the new vendors. The setups and validations, such as tax identification numbers (TINs), bank and address were manual, using paper processes, online research, and phone calls.
To get a vendor paid on time, set up must be quick, and that some times meant wrong addresses and incorrect TINs. Vendors were also set up without banking information, so the company was mailing out paper checks…sometimes to the wrong address.
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To support the independence of the restaurant managers, while making sure that vendor data was accurate and complete, the company’s accounts payable team implemented apexanalytix’s supplier onboarding solution, payment status and early payment programs.
Today, as more and more of the company’s suppliers can access their portal, they can answer their own questions and make their own updates to their records. All the while, information that is entered is automatically validated against government, regulatory and trusted third-party data sources. Besides better supplier management, the company continues to receive value from cash brought in by the recovery audit, overpayment prevention and fraud detection.
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