FASTER RECOVERIES GUARANTEED
Retail is a high-stakes arena with large transaction volumes and razor-thin margins. That means problems like missed allowances and pricing errors can easily erode corporate profits. Until now, the common solution has been a lengthy, labor-intensive audit to uncover problems and recover funds. apexanalytix has used its extensive experience in retail recovery audits to develop firststrike® Retail – a software application that empowers internal audit teams to identify and recover claims in record time. Use the form to request a copy of our brochure.
No matter how expert the auditors, though, there can be significant shortcomings in a manual approach. First, a recovery audit is an after-the-fact event. Working manually, you may have to wait many months or even years to recover money that could have benefited your business much earlier. Secondly, when you present suppliers with old chargebacks long after their books have closed, you can damage relationships and harm future contract negotiations.
In an Aberdeen Group study , nearly half of retailers said their business systems are inadequate for today’s complex, fast-paced markets and the ways they currently do business. It is clear smart technology investments are needed—especially in the recovery audit arena. With new software tools, companies can identify and recover overpayments more quickly and improve their bottom line.
≈50% Nearly half of retailers said their business systems are inadequate
Common Retail P2P Error Causes
The retail procure-to-pay cycle is complex and error-prone. Merchandise deal types, promotions, vendor agreements and allowances are ever changing. Plus there’s intense competitive pressures to do more with less. These contribute to common errors in areas such as:
- Volume discounts
- New store allowances
- Incomplete shipments
- Pricing errors
- Rebates
- Incomplete or missing contracts
- Multiple distribution channels
- Currency conversions
- System changes
- Back orders… and many more!
NEW AUDIT BEST PRACTICES ARE EMERGING
- 38% Perform 360° claim reviews
- 56% Use real-time claim management
NEW AUDITS LEVERAGE AUTOMATION
- 69% of retailers use custom-built algorithms as part of their post-audit met
- 34% use data mining to uncover deal details
DESIGNED BY/FOR RETAIL EXPERTS
apexanalytix has used its extensive experience in retail recovery audits to develop firststrike® Retail—a software application that empowers internal audit teams to identify and recover claims in record time. firststrike Retail consolidates and analyzes data from each of your procure-to-pay platforms to identify missed promotional allowances, rebates, cash discounts, duplicate payments and more. You’ll have a single, consolidated view of what’s happening across your operations regardless of the source or type of data.
But firststrike Retail does far more than simply identify recovery opportunities. With the click of a mouse you can automatically generate a comprehensive claims package and track vendor responses. You can use firststrike Retail reports to analyze the root cause of recurring errors, predict recoveries and track key performance indicators.
You’ll also have an important tool for preserving and protecting valuable supplier relationships. No longer will companies receive claims packages months or years after their books have closed. Instead, you can correct errors quickly and take deductions as soon as possible—improving your profitability and minimizing the impact on your suppliers. And, as robotic process automation, artificial intelligence and cognitive learning strategies and technologies are transforming retail from the storefront to the back office, apexanalytix is incorporating these latest advances into firststrike Retail.
THE APEX ANALYTIX ADVANTAGE
- Improve the productivity and effectiveness of your internal audit team.
- Dramatically reduce audit cycle times.
- Achieve a single, transparent view into data from multiple procurement and payment platforms.
- Analyze the root cause of recurring errors and tighten internal controls.
- Automatically build claims packages and manage workflow online.
- Generate powerful reports in seconds to inform business decisions.
- Benefit from advanced retail audit technology and robotics and experts who help you get the most out of your technology investment.
