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.
Your P2P expert that knows everything, guides human behavior and takes immediate action on your behalf.
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Our purpose-built and configurable platform brings together everything your company needs to optimize your supply base.
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To positively impact the lives and careers of our associates, customers and partners.
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
Executives turned to apexanalytix for technology-enabled audit services that it hoped would boost profitability.
This global company provides innovative equipment and technology to the oil and gas industry. It also owns and operates the world’s largest land-based fleet of drilling rigs.
The company had never audited accounts payable. Financial services executives decided to review five years of data to identify and recover any overpayments and credits due.
More insights. More expertise. More supplier intelligence. More recoveries than any other provider in the world.
apexanalytix conducted simultaneous recovery and statement audits, supported by powerful firststrike® software. The synergies of conducting both audits at once allowed auditors to work quickly and efficiently – analyzing six million invoices representing over $18 billion in auditable spend and submitting statement requests to nearly 3,600 vendors.
Both audits have benefited the company’s bottom line and have been a catalyst for transformative changes in its operations. Among the impactful outcomes:
• $6 million was recovered – 96 percent attributable to statements and 4 percent to duplicate payments. Half of all statement recoveries were related to unclaimed rebates.
• Auditors identified over $50 million in duplicate payments that were corrected on the same day they were paid. Each was analyzed to determine why the underlying error occurred.
• Audit reports gave the company baseline metrics for benchmarking and quality initiatives, including vendor and invoice stratification, cash flow, days payable outstanding, aging credit memos – and more.
• The audit team’s root cause analyses have helped the company make moves to protect against future losses – establishing more rigorous accounts payable policies and controls, carefully tracking contract-related rebates, adopting an internal vendor statement review process and establishing a regular schedule for future audits.
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