APEX Analytix helps companies audit, recover and optimize working capital across the global financial supply chain. The company provides solutions for finance and business services; energy, manufacturing, telecommunications and utilities; pharmaceuticals and healthcare; hospitality and retail sector.
To learn more we sat down with Steve Yurko, CEO of APEX Analytix:
Q: Steve, tell us something more about the company and your history?
A: APEX Analytix® was started 28 years ago by an AP professional who saw a need at his F1000 company to audit, identify and recover overpayments made by his own AP department. The process he innovated examined AP invoice data, vendor master data and payment data to identify overpayments and then work with the suppliers to recover the lost profits. It’s from these early beginnings that APEX Analytix was born. We’ve evolved from those early days of being an AP recovery audit service company to a provider of services and software technology solutions to audit, recover and optimize businesses’ global financial supply chains.
Q: What advantage does APEX Analytix have over its competitors?
A: Staying ahead of “what’s next” has been the secret to APEX Analytix’s success. For example, company leaders foresaw how the wave of technology would change their industry’s future and so the company moved from being an exclusively AP auditing firm to the first to bring automated AP auditing software to the market.
Since then, they have continually introduced services and software, all focused on safeguarding a client’s working capital against overpayments or fraud. Services and solutions introduced include:
A comprehensive vendor portal for automated supplier on-boarding, invoice inquiry, eInvoicing, and Dynamic Discounting/Supply Chain Financing initiatives.
Fraud detection and prevention software
Contract compliance analysis and recovery
Today, they are introducing Smart VM™, a software program that not only does a comprehensive cleanse of a company’s vendor master list, but is set up to guard from fraudulent or risky vendors entering the list. It continuously monitors vendor status changes and sends alerts. Why is APEX Analytix best qualified to offer this service? Because during their many years in AP auditing, they’ve built up the most complete vendor database in the world.
SmartVM automatically compares each field in your vendor master database to more than 2 billion records from hundreds of public and private sources. Those resources include records built by APEX Analytix to support the millions of direct contacts we have with suppliers each year.
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Q: Could you explain the function and advantages of your FirstStrike® Supplier Portal?
A: FirstStrike Supplier Portal is a powerful, easy-to-use solution that automates the supplier registration process, provides 24x7x365 self-service to suppliers, dynamically presents discounts and offers an e-invoicing and purchase-order-flip capability.
The newly enhanced supplier portal integrates seamlessly with APEX Analytix FirstStrike procure-to-pay controls and analytics technology to leverage its complex algorithms to market cash discount programs, identify and achieve savings via electronic invoicing and perform mass communications via voice, text and email. It also enhances fraud detection and prevention when incorporated with FirstStrike Fraud Detect software. The portal electronically registers key supplier information and keeps it current, facilitates FATCA compliance, dynamically creates required tax forms, and validates addresses, ID numbers and banking information. Completely customizable, the portal may also be used independently, ensuring accurate, complete and up-to-date information in the vendor master, as well as driving value for accounts payable with dynamic discounting and cost-reduction capabilities.
Traditionally, registering new vendors required untold man hours—inputting information, gathering required tax forms, validating banking information and more. But, the real danger is that inputting supplier information is fraught with the risk of human error. FirstStrike Supplier Portal not only cuts the cost of onboarding vendors, it provides a simplified system that drastically reduces the chance of incorrect information in the system.
FirstStrike Supplier Portal has incorporated a business-rules engine that makes it easy for users to change and configure how the software reacts and appears. Users have access to a library of more than 5,000 configurable “rules” that have proven valuable to clients with early access to the product. Branding FirstStrike Supplier Portal with the user’s company identification is also completely customizable via the business-rules engine.
Additionally, FirstStrike Supplier Portal offers:
international features, including support of 13 languages and counting;
bi-directional integration with user company’s SAP database;
e-invoicing and the ability for vendors to save time and reduce errors by flipping electronic purchase orders to invoices and
dynamic discounting, an automated trigger that provides discounts as authorized by the company user.
Because of the configurable rules engine, FirstStrike Supplier Portal can be implemented and populated in weeks, for a fast return on investment.
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Q: What motivates customers to stay with the company?
A: Solutions that add value. Because our client base contains some of the largest, most prestigious, and most innovative and forward-thinking companies in the world, we know we need to stay a step ahead in order to provide them with tools and solutions that positively impact their business. We leverage a customer advisory board made up of 12 of the 50 largest companies in the world that challenges us to maintain our focus. Customers stay with us because they know we focus on doing only the things we do (or can do) very very well, versus doing too many things marginally well.
Q: What are your plans for next six months?
A: Our goals have not changed since we were founded 28 years ago and won’t change going forward. We want our clients’ success rates to continue to grow as a result of their association with us. For our client’s success to grow continuously, we need our associates to succeed and grow continuously. And if our clients and associates are more successful over time as a result of their association with our company, then we trust our company will succeed as well. It’s a simple formula that involves a lot of hard work, but we absolutely love it.
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Q: Who are your clients?
A: Though we don’t disclose our clients’ names, we can tell you that we have more than 200 clients worldwide, representing more than $2 trillion in average sales with an average revenue of approximately $10 billion. We work with six of the top 10—and 80 total—of the Fortune 500. If you think of the largest companies in manufacturing, retail, food and beverage, consumer electronics, media and entertainment, telecommunications, pharmaceuticals, energy and utilities, banking, and even social media, there’s a good chance we’re serving them.
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