Accurate vendor information is the foundation for ERP implementation, data migration, spend analysis, optimal pay terms, vendor file maintenance and prevention of duplicate payments.
In today’s dynamic business environment, organizations frequently change names, acquire and merge. Over time, this can lead to unreliable data, misapplication of credits and duplicate payments.
AP Recovery can help.
Knowledge Exchange does all the heavy lifting by utilizing fuzzy and phonetic logic to uncover near matches such as Bill vs. William. We then identify relationships that exist between seemingly unrelated vendors so you can clean, validate and standardize your vendor master.
We also provide a report that scores each vendor group. The scrub delivers visibility into most favorable terms, preferred payment methods, consolidated spend and more. This allows you to direct your internal resources where the greatest corporate impact can be realized to limit loss and risk.
A client was seeking to incorporate a recent acquisition, outsource AP to a new partner and consolidate multiple payment sources, business disciplines, divisions and locations to a new ERP platform. A critical business priority was daily visibility into payment activities of the new outsource partner.
After a three-year relationship and millions in recovered funds, this company had an established baseline of trust for AP Recovery’s abilities. AP Recovery was enlisted to deliver tools to ensure the data populated in the new system was not contaminated or redundant. Control points, visibility and management reports for the initial consolidation and ongoing implementation were also delivered.
Knowledge Exchange gave management instant access and greater overall visibility across multiple business units, disciplines and divisions which enhanced control of the vendor file, its content and data capture while improving vendor discounts, cash management and payment activity.
Duplicate Records Cleansed
Reduction in Duplicate
Payments & Lost Credits
Increased Payment Terms
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