SmartVM™ Vendor Master Cleansing and Monitoring
Create the Best Possible Vendor File
Maintaining a clean vendor master file can be a real challenge – especially for global organizations with thousands of vendors. But the business imperative is clear. One example: Auditors say nearly a third of the duplicate payments they uncover are triggered by duplicate records or coding issues in a company’s vendor master database.
APEX Analytix SmartVM Vendor Master Cleansing and Monitoring helps you minimize your risks. We not only clean your vendor master file from top to bottom, but also help you keep it in pristine condition. Our technology does the heavy lifting. We leverage open standards, direct interfaces, robotic process automation and advanced analytics to validate, scrub and append information automatically and route it for approval before updating your ERP platform of choice.
SmartVM automatically compares each field in your vendor master database to more than 2 billion records from hundreds of public and private sources, including 50 million records compiled by APEX Analytix during direct interaction with suppliers for Global 1000 companies. But that’s just the beginning. Our multistep process to supercharge your vendor master includes:
- Scrubbing records to identify duplicates and to standardize addresses based on global standards
- Validating records to ensure accuracy of tax identification numbers and banking information
- Enriching records by adding missing mailing addresses, contact names, phone numbers and email addresses
- Classifying vendors by industry codes and minority/diversity ownership
- Alerting you to suppliers on government watch lists or to those located in areas with high corruption perception index scores.
Our online SmartVM Vendor Master Cleansing and Monitoring workbench keeps you in the driver’s seat. You can easily review and approve suggested changes before newly scrubbed and updated records are saved to your ERP platform. Pair SmartVM with a supplier portal to engage suppliers in the review and update process.
The Benefits of SmartVM for Vendor Master Maintenance
- Remove duplicate records that can trigger overpayments
- Mitigate noncompliance and fraud risks
- Prepopulate data as new suppliers are brought onboard to reduce the risk of keying errors
- Validate the accuracy of each record at the data-field level
- Ensure regulatory compliance
- Improve spend analytics for better-informed strategic sourcing decisions and contract negotiations
SmartVM is available as a one-time, on-demand service for vendor master maintenance or can be used to provide continuous cleansing and enrichment of your vendor master database on an ongoing basis.
The APEX Analytix Advantage
- Advanced analytics based on years of experience in vendor master maintenance and management
- Flexible options for a one-time clean-up or continuous protection
- 50 million vendor records scrubbed, validated, enriched, classified and scored for accuracy
- Smart adapters for interoperability with your ERP platform of choice
Realize the Business Benefits of the Best Possible Vendor File
APEX Analytix audit experts say nearly 30 percent of all duplicate payments are the result of duplicate vendors or coding issues in a company’s vendor master database. That makes maintaining a clean vendor master an important business imperative. But it can take extensive time and effort unless you have the right tools and the experience.