Ultimate Supplier Management

apexanalytix’s research has shown that 25.73% vendor invoice terms are better for the supplier than the original negotiated terms. This podcast dives into how payment terms get changed and financial impact to working capital. And, more importantly, how every supplier can be assessed against previously negotiated terms and opportunities for extensions, baseline date changes, or payment schedule changes.

Listen to the podcast for:

• Research on financial impact of unenforced payment terms
• A granular payment terms standardization and extension project process flow
• EU & UK regulation updates that can impact payment terms
• Mistakes that companies typically make during a payment terms extension project
• Payment terms that world class companies currently have

Webinar slides: https://bit.ly/3sjV5fY
Webinar video: https://www.apexanalytix.com/video-ssl-push-dpo-envelope-webinar

Speakers:

• Alfonso Ricotta, Global Finance Change Management Lead at Indeed
• Danny Thompson, SVP, Market & Product Strategy at apexanalytix

Processing over 8 million invoices in the US is a lot. More than a lot. PepsiCo knows that even if they are the best run accounts payable (AP) operation, they will make overpayments. So every year PepsiCo has apexanalytix perform an AP recovery audit.

PepsiCo spends a minimal amount of time approving claims, gets substantial returns, and receives data-backed insights on why those overpayments were made.

Recently, a higher percentage of recoveries were associated with duplicate payments. What is a key factor? Duplicate vendors in the vendor master.

PepsiCo does not want to accept this as “part of the business” anymore and deployed apexanalytix’s smartvm solution to identify and remove duplicate vendors. Listen to the podcast to hear Julie Becker, Accounting Operations, Sr. Manager at PepsiCo, and Akhilesh Agarwal, SVP, Global Business Partner Technology Solutions at apexanalytix, discuss:

• PepsiCo Intro: $60 billion in spend. 3 ERP’s across 50+ entities. A lot of suppliers.
• Time required for an apexanalytix recovery audit
• Why address duplicate vendors?
• Process to remove duplicate vendors
• smartvm: How it identifies duplicate vendors and validates supplier data

Webinar slides: https://bit.ly/3jU1Mlq
Webinar video: https://www.apexanalytix.com/video-don-t-get-duped-pepsico-gets-rid-duplicate-vendors-and-duplicate-payments

The FBI reported $26.2 Billion dollars lost to Business Email Compromise (BEC) fraud in the past three years.1

If defrauding companies was legal, the hackers would be on the cover of Forbes for being innovative.

Teams of hackers have invested time, money and resources to trick accounts payable professionals – smart people who are specifically trained not to get tricked – into giving them money. But the hackers are good…ready to pounce on any misstep…and already sitting behind expensive, corporate firewalls.

To help stop them, Early Warning Services was formed by seven US-based banks (including Well Fargo) to validate that payments are going to the legitimate recipients and flag suspicious transactions before they occur. Billions of transactions get analyzed every year and billions of dollars are flagged as high-risk transactions.

For this podcast, we’ve brought together experts from across the payment fraud spectrum (except the hackers) to discuss:

• Current state of payment fraud: trends, types and targets
• Fraud tactics that get by accounts payable controls
• What makes the Early Warning National Shared Database unique
• An overview of a real criminal shared services center dedicated to fraud
• And, as advertised in the title, How to Stop Payment Fraud Even If Your Systems Have Been Hacked!

Speakers: 

• Beth Probst, Global Product Manager for AVS at Wells Fargo Bank
• Anil Khilnani, VP & Fraud Prevention Consultant at Wells Fargo Bank
• Danny Thompson, SVP, Market & Product Strategy at apexanalytix

Webinar slides: https://bit.ly/3g3SKRw
Webinar video: https://www.apexanalytix.com/video-not-if-when-how-stop-payment-fraud-even-if-your-systems-have-been-hacked 

1 Sources: The 2020 AFP® Payments Fraud Controls Report and The Federal Bureau of Investigation, Internet Crime Compliance Center (IC3)

Mike Cadieux, Founder of Procurement Foundry, was joined by Amy Platis, Program Director of Finance at Northwestern Medicine, and Akhilesh Agarwal, SVP of Global Business Partner Technology Solutions at apexanalytix.

Ms. Platis shared how Northwestern Medicine transformed their vendor data from a listing of providers to a data-rich wealth of knowledge. The procure-to-pay team is now able to leverage this data across the enterprise to benchmark critical KPI’s and gain a greater ROI on procure-to-pay initiatives.

Topics that were discussed include:

• Obtaining vendor data and keeping it clean
• Protecting against payment fraud
• Identifying and onboarding diverse suppliers
• Designing and gaining engagement in early payment programs
• Controlling supplier risk in a supplier portal

Webinar slides: https://bit.ly/3yRgtMj
Webinar recording: https://www.apexanalytix.com/video-procurement-foundry-transforming-supplier-data

Jeff Heinrich, Global Process Lead for P2P at General Mills, is a champion of procure-to-pay best practices. General Mills continuously refines SAP to catch duplicate payments then the AP team runs an internal review as a secondary pass. The company also relies on apexanalytix to complete a 90-day rolling statement audit and an annual duplicate check analysis to find anything that has fallen through the cracks.

General Mills’ recoveries are well below the industry average because of good process controls. But a recovery audit still makes financial sense. The last review returned nearly half a million in duplicate recoveries and $1.75 million in statement recoveries, adding valuable working capital to the business and pinpointing problem areas.

Listen to the interview with Jeff to learn:

• The four-step process to identify duplicate payments and statement credits
• The business case for an objective third-party rolling statement review versus adding headcount for an internal recovery audit
• Common reasons for duplicate and statement recoveries (e.g., no PO, unidentified volume rebates, return credits)
• Expansion of the AP review to other countries and why
• How feedback from the audit is great training material for their AP processing team

Webinar slides: https://bit.ly/2XrQ1uJ 
Webinar video: https://www.apexanalytix.com/video-how-general-mills-puts-cash-table-ap-reviews
Speakers:

• Mark Brousseau, President at Brousseau & Associates
• Jeff Heinrich, Senior Global Process Specialist – Accounts Payable and Expense Reporting at General Mills
• Phil Beane, Senior Vice President, Global Field Operations at apexanalytix