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Challenge

Relying on outdated, manual processes exposes your organization to fraud, fines and inefficiencies.

Traditional supplier onboarding and management methods, relying on email exchanges, paper forms, and spreadsheets, are prone to errors, discrepancies, and delays. These manual processes not only are time consuming, but can have severe consequences, including costly fines, fraudulent payments, and wasted resources.

62

%

Inefficiencies found during onboarding

Procurement managers reported too many inefficiencies in their supplier onboarding process.

1International Journal of Productivity and Performance Management

6

 months

Average time to onboard a supplier

Onboarding new suppliers is a time-consuming process that can take up to six months at many large organizations.

2A Remedy for the Supplier Onboarding Problem HBR 2023

$

750

B

Annual amount loss to payment fraud

These fraudulent activities involve altering or manipulating checks and digital payments, leading to substantial financial losses.

3apexanalytix analysis of ACFE data

Solution

A Path to Compliance and Efficiency.

apexanalytix replaces time-consuming, error-prone manual onboarding processes with a supplier-facing portal filled with automation and configurable workflows. Reducing the administrative burden on staff and creating a better experience for suppliers.

 

All of your complex compliance requirements, as well as adherence to various local, state, and federal regulations, can easily be configured in your portal. When laws and regulatory requirements change, your team can easily update them in real-time, maintaining the integrity and transparency of your procurement process.

 

To ensure accurate vendor data, apexanlytix is integrated with 1000+ trusted data sources to automatically validate supplier data (e.g., tax ID, bank account ownership, FBI watchlists) at onboarding and continuously monitored throughout the lifecycle.

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Benefits

Transforming Supplier Management:
Touchless, Secure & Efficient

Experience the efficiency of an automated onboarding platform that enables suppliers to self-onboard in their preferred language, supported by robust validations that ensure regulatory compliance and protect your agency against fraud.

Our tool enables your agency to:

Centralize Supplier Management

  • Centralize Supplier Management

  • Validate Everything, Continuously

  • Enforce Compliance & P2P Policies

  • Minimize Risks & Prevent Fraud

  • Onboard Faster to Deploy Critical Goods & Services Faster

Centralize Supplier Management

Government agencies often struggle with siloed procurement, finance, and risk management teams, leading to duplicated efforts, inconsistent data, and miscommunications that hinder progress and make supplier record-keeping more difficult. Combine that with multiple supplier types, multiple business units, or multiple ERPs.

Our supplier-facing portal with data validation and highly configurable business rules ensures that everything you need from suppliers is captured, validated, and routed for approval. Workflow and requirements can vary based on supplier type, region, or other characteristics.

Bi-directional integration with your ERP keeps all updated supplier data synced, creating a single source of truth.

Validate Everything, Continuously

apexanalytix validates supplier data through integration with over 1,000 global government, regulatory and authoritative third-party databases.

As suppliers enter data (global Tax IDs, bank accounts, veteran status, etc.), apexanalytix validates the data in real-time to ensure accuracy prior to onboarding. Some errors are automatically corrected, some prompt the suppliers to correct invalid data, and others, like OFAC exceptions, are displayed only to the buyer’s approvers.

Verifying supplier information at onboarding creates a foundation of accurate vendor records. The apex platform continues to monitor compliance for new information entered to ensure confident risk management throughout a supplier’s lifecycle.

Enforce Compliance & P2P Policies

There is no better opportunity to communicate and enforce supplier-related policies and drive strategic initiatives than during supplier setup.

Leveraging apexanalytix’s configurable business rules, different programs can be targeted to specific supplier segments based on various requirements such as payment terms, required insurance, diverse vendor certification, electronic payments, and more.

apexanalytix makes driving your procure-to-pay strategy business as usual.

Minimize Risks & Prevent Fraud

Catch fraud before it happens. Verify supplier identity, validate their bank information, and screen against FBI Watchlists to protect your organization.

Throughout the supplier relationship, protect your agency from fraud with the highest level of security and portal access controls (Passkeys, MFA), validate bank account ownership at every bank account change attempt, and monitor prohibited lists continuously.

Discover how apexanalytix can help safeguard your organization from fraud. Explore our Fraud Detect solution to learn more.

Onboard Faster to Deploy Critical Goods & Services Faster

Say goodbye to manual paperwork, never-ending email exchanges, language barriers, and extensive verification processes with a supplier-facing portal. Alleviate burned-out employees and frustrated suppliers with a supplier-facing portal that eliminates onboarding bottlenecks.

Bottlenecks in the onboarding process can lead to delays in getting critical goods and services to those who need them, which can have serious consequences in areas such as healthcare, education, national security, and emergency response.

Forrester TEI Study

$2.1M recovered. 168% ROI. Six-month payback.

Read Forrester's Total Economic Impact™ Study
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Features

Get Supplier Data Right. And Minimize Risks.
From the Start.

Our platform transforms how government agencies handle supplier management by addressing onboarding bottlenecks and mitigating risks at onboarding.

Onboard

Automated Supplier Onboarding

Simplify and accelerate onboarding with a branded, self-service portal that empowers suppliers to input and update their information.

Questionnaires

Pre-built Supplier Questionnaires

Best practice, pre-built supplier questionnaires in ethics, IT, financial standing, business continuity planning, and highly configurable templates.

Validations

Real-Time Data Validation

Verify key supplier information like tax IDs, bank account, address, prohibited/PEP lists and more using 1,000+ trusted data sources.

Integration 02

Foundational Agnostic Technology

Seamlessly integrate with any Procure-to-Pay (P2P) solution to streamline administrative tasks and enhance the overall experience for both administrators and suppliers.

Workflows

Configurable Workflows

Create approval workflows that align with your specific policies and compliance needs. If requirements change, your internal team can quickly update workflows, allowing for seamless adaptability while maintaining compliance.

Trophy

Two-Way Communication with your ERP

Bi-directional integration with every ERP to keep all vendor data synced all the time. A seamless ERP integration provides a single source of truth for vendor data.

Continuous Validation

Continuous Monitoring

Stay ahead of potential issues and/ or risks with real-time updates and alerts, ensuring long-term security and compliance.

Fraud Prevention

Fraud Prevention

Protect your agency with robust fraud prevention tools like access controls, bank account ownership validation, continous monitoring, and more.

An icon suggesting a supplier being loaded into some software

Pre-populated W9

Eliminate paper W9 forms and requests by email. Our portal automatically generates a W9 form for suppliers once they've entered their required information (name, address, tax ID, etc.) and verified their identity, making it easy to collect and store accurate documentation.

How It Works

Fully Integrated Supplier Onboarding Process

Whether private or public, every organization is different and has specific requirements. Please contact us for a personalized, industry-specific demo, and we will show you how apexanalytix can protect your agency from fraud, fines, and errors.

Let's talk
Step 1

Invite Suppliers

Invite your suppliers to register on your branded online portal by simply providing contact info and supplier segment.

40+ languages are currently supported, including all major langauges spoken in the United States, with a roadmap to include more.

Invitation
Step 2

Onboard Suppliers

Every supplier is onboarded based on their segment-specific requirements and required fields are dynamically adjusted based on their answers.

Registration
Step 3

Validate Everything

Supplier data is validated in real-time through the integration with 1000+ trusted data sources.

All of your supplier data is accurate - including address, tax ID, bank account, diversity status, prohibited/PEP list checks, insurance and more.

Validation
Step 4

Approval Workflows

Configurable approval workflows are triggered based on supplier characteristics and validation results.

Once the supplier is approved, the vendor record is automatically created in your ERP and other procure-to-pay systems.

Approvals
Step 5

Continuously Monitor

After onboarding, all suppliers can easily update info via their online dashboard and all information is continuously monitored for risk.

In the end, you have a single source of truth for every supplier to drive all of your procure-to-pay initiatives.

Activation

  • Invite

  • Onboard

  • Validate

  • Approve

  • Monitor

Related Solution

Third-Party Data Validation & Enrichment

Keep all of your customer and vendor data accurate with continuous monitoring—new bank information, updated insurance certificates,  addresses, and a lot more.

Learn more
06 Data_desktop
amy-platis-thumb
apexanalytix has elevated the way we work with suppliers.
Amy Platis, Director of Finance, APM at Northwestern Medicine Hear Amy's Story
john-k-small
Time to onboard a supplier went down significantly.
John Kalina, VP Administrative Services at Independence Blue Cross Hear John's Story
Case Study: Bank Account Validation

Fraud to Zero:
Blocking Increasingly Creative Fraudsters With Technology That Replaces Manual Processes

“Bank account validation is an evolving practice. We’ve got to find technological advances to help us drive improvement initiatives and help us bring additional value to the company by deploying resources to other areas to create greater value.

apexanalytix gives us the ability to do that.”

Director of Finance & Procurement at a $100B Company

Read the case study
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Resources

Want to learn more?

Hundreds of product overviews, reports, customer-led webinars and on-demand product demos.

View All Resources
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Webinars

AI Makes Supplier Management Touchless at Independence Blue Cross

Read More
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Webinars

End-to-End Supplier Management

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The-2023-Gartner-Market-Guide-for-Supplier-Risk-Management-Solutions
Reports

2023 Gartner Market Guide

Download Report
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Ready to Roar?

Fill out our contact form and we will be in touch shortly to discuss how the apex platform can solve your supplier onboarding problems.

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