May 24, 2016
APEX Analytix announces latest release of FirstStrike SmartVM
vendor master continuous monitoring and cleansing
Greensboro, NC -- APEX Analytix, an industry leader in auditing, recovering and optimizing profit and working capital in businesses’ global financial supply chains, has announced its newest release of FirstStrike SmartVM, the most comprehensive solution for cleansing, enriching and dynamically monitoring and updating supplier information in real time.
The SmartVM solution benefits companies by reducing overpayments, mitigating supplier risk and fraud, improving buying decisions, supporting working capital and cash management strategies, and by reducing the cost and risk of noncompliance.
“SmartVM uses direct interfaces, APIs (application programming interfaces), RPA (robotic process automation) and cognitive learning as part of its automated process,” says Danny Thompson, vice president of product management. It accesses more than 2 billion records in more than 200 government lists, tax authorities and agencies, and authoritative third-party sources. It also taps tens of millions of proprietary, high-quality vendor records that have been built over 28 years of interacting directly with suppliers as part of thousands of recovery audits and software implementations for Global 1000 companies.
“Each record has been scrubbed, validated, enriched, classified, analyzed and scored for accuracy. We call this our FirstStrike SmartVM Agent,” says Thompson. “Every time we encounter a supplier, we use the SmartVM Agent to ensure we have the most accurate vendor record possible.”
Just a few of the processes SmartVM conducts are standardization of name, global address and phone numbers, identification of duplicate records, validation of multinational tax and bank information, assignment of standard industry classification codes and risk scoring of vendors with more than 100 discrete analytical tests on vendor and invoice attributes (based on high-risk receipt or commodity, credit percentage, business risk, invoice patterns and employee/vendor match).
Exclusive to the APEX Analytix SmartVM solution is the ongoing development and improvement of the supplier database through millions of interactions with Global 1000 clients and their suppliers. In 2015 alone, APEX Analytix audited $2.6 trillion in spend, accessed and improved 7 million supplier contacts, completed 3 million calls and 700 thousand conversations with suppliers, and sent 4 million communications to suppliers. Available as a one-time or continuous cleansing and enrichment service, SmartVM leverages all those interactions and uses a rules-based engine to integrate with any enterprise resource planning (ERP) system via APEX Analytix’s configurable Secure Open Adapter.
Current clients of APEX Analytix—whether conducting a recovery audit, implementing FirstStrike Controls, Supplier Registration or Dynamic Discounting modules—have the foundation already in place for implementing SmartVM on demand.
“Whether you are already working with us as a recovery audit provider, using our best-in-class FirstStrike software applications, or if SmartVM is your first APEX Analytix solution, the APEX Analytix mission is always about efficiently driving measurable value to you,” says Steve Yurko, chief executive officer. “We are very excited about this newest SmartVM continuous monitoring innovation that leverages our massive scale and experience communicating with the world’s suppliers, and in real time can efficiently transfer that information to our clients to enhance their controls and optimize their working capital and cash management strategies.”