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Challenge

Manual processes are creating opportunities for fines, fraud and inefficiencies.

Onboarding suppliers through email exchanges is far from ideal. This process requires numerous manual tasks to gather the necessary information to pay suppliers and ensure compliance. Unfortunately, handling thousands of suppliers manually is prone to failure— resulting in OFAC fines, fraudulent payments and wasted hours on data entry.

62

%

Inefficiences found during onboarding

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

1International Journal of Productivity and Peformance 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

Right. From the start.

apexanalytix replaces time-consuming, error-prone manual onboarding processes with a supplier-facing portal filled with automation and configurable workflows.

 

All of your compliance requirements can easily be configured by supplier segment so suppliers are onboarded based their requirements. When requirements changes, your team can easily update them.

 

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

Registration_monitor_BG
Highly Configurable

  • Highly Configurable

  • Validate Everything

  • Enforce P2P Policy

Highly Configurable

Most large companies operate in complex environments, whether multiple regions, multiple ERPs, multiple business units or multiple supplier types.

Highly configurable business rules let you make sure everything you need to operate your business is captured, validated, and routed for approval. Plus, workflow and requirements can vary based on supplier type, region or other supplier characteristics.

Validate Everything

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, diversity 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.

Enforce P2P Policy

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 segments of suppliers based on a variety of 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.

Features

Experience a 100% touchless onboarding solution for 100% of your suppliers.

A touchless alternative to time-consuming and error-prone manual onboarding processes. Your suppliers onboard themselves in their own language through a simple portal branded with your company’s logo.

Onboard

Faster Onboarding

Remove the collection of data via email exchanges with a supplier-facing portal.

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

1000+ trusted data sources to validate tax IDs, bank account, address, prohibited/PEP lists and more.

Integration 02

Foundational Agnostic Technology

Integrate any P2P solution to simplify the admin and supplier experience.

Workflows

Customized Workflows

Ensure compliance with highly configurable workflows that can be easily updated by the P2P team.

Trophy

Single Source Of Truth

Bi-directional integration with every ERP to keep all data synced all the time.

As seen in Gartner's Market Guide

Gartner lists 7 key risk factors. We manage all of them.

Read Gartner's Market Guide for Supplier Risk Management Solutions
The-2023-Gartner-Market-Guide-for-Supplier-Risk-Management-Solutions
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
How It Works

Fully Integrated Onboarding Process Flow

Every company is different and has specific requirements. If you would like a personalized demo for your company, then please reach out to us and we will show you how apexanalytix can protect your company from fraud, fines and errors.

Let's talk
Step 1

Invite Suppliers

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

40+ languages supported 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 the truth for every supplier to drive all of your procure-to-pay initiatives.

Activation

  • Invite

  • Onboard

  • Validate

  • Approve

  • Monitor

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
Hacker in the dark at a laptop
Third Party Data Validation & Enrichment

Start Strong. And Continously Improve.

Keep all of your customer and vendor data accurate with continous monitoring. New bank information, updated insurance certificates, diversity status, addresses, and a lot more.

Learn more
06 Data_desktop
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Customer Stories

Peak performers
pick apex.

Whether long-form webinars or in-person conference presentations, our clients love to share best practices - what drives measurable value - with their peers.

View All Customer Stories

7x

faster average supplier onboarding
Independence Blue Cross Logo

“Game changing speed. Now we can do same day onboarding.”

Chuck Stefanosky, Supplier Diversity Director

53%

increase in supplier discounts taken annually
2560px-Northwestern_Medicine_logo

“apexanalytix has exponentially changed our whole supplier onboarding process.”

Amy Platis, Director of Finance
Read Customer Story
Resources

Want to learn more?

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

View All Resources
Webinars-thumb
Webinars

AI Makes Supplier Management Touchless at Independence Blue Cross

Read More
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Webinars

End-to-End Supplier Management

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

The 2023 Gartner® Market Guide for Supplier Risk Management Solutions

Download Report

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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