Protect your company’s reputation and revenue from the first time you engage with a supplier and throughout the supplier lifecycle.
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.
Procurement managers reported too many inefficiencies in their supplier onboarding process.
Onboarding new suppliers is a time-consuming process that can take up to six months at many large organizations.
These fraudulent activities involve altering or manipulating checks and digital payments, leading to substantial financial losses.
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.
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.
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.
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.
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.
Remove the collection of data via email exchanges with a supplier-facing portal.
Best practice, pre-built supplier questionnaires in ethics, IT, financial standing, business continuity planning, and highly configurable templates.
1000+ trusted data sources to validate tax IDs, bank account, address, prohibited/PEP lists and more.
Integrate any P2P solution to simplify the admin and supplier experience.
Ensure compliance with highly configurable workflows that can be easily updated by the P2P team.
Bi-directional integration with every ERP to keep all data synced all the time.
Gartner lists 7 key risk factors. We manage all of them.
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.
“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
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.
A single, central supplier hub for every supplier, all of your policies and integration with 100% of your source-to-pay systems.
More insights. More expertise. More supplier intelligence. More recoveries than any other provider in the world.
Prevent fines, fraud and supply chain disruptions with continuous monitoring of your supply base – without the noise.
The fastest way to validate and enrich your third-party data with APIs tapping 1,000+ trusted data sources and 100 million company golden records.
Hundreds of product overviews, reports, customer-led webinars and on-demand product demos.
Fill out our contact form and we will be in touch shortly to discuss how the apex platform can solve your supplier onboarding problems.