A new game plan for corporations’ procure-to-pay process has been released by APEX Analytix, a company that provides working capital optimization solutions.
In an announcement on Wednesday (April 27), APEX Analytix revealed a four-step cash management strategy to combine data analytics and supplier management tools. Accounts payable departments can use the strategy set to identify dynamic discounting opportunities, optimize their payment terms, streamline reporting and data capture and access supply chain finance.
In a statement, APEX Analytix Software Product Management Head Danny Thompson said the toolset aims to provide treasury managers with a more holistic solution as departments in the enterprise begin to collaborate.
“Accounts payable and procurement are partnering with treasury to look at cash management more holistically,” the executive said.
The company’s strategy includes its FirstStrike products, a set of reporting and analytics solutions. The key focuses are payment term optimization, active management of discounts, establishment of terms on the front end and open supply chain financing.
The features include increased visibility into the multiple systems used to manage contracts with suppliers and linking business partners with a supplier portal for a clearer payment term agreement process.
APEX Analytix also identified dynamic discounting as a key way corporate buyers and procurement departments can optimize their cash flow.
“Beyond helping companies identify missed discounts outright, FirstStrike analytical reporting groups vendors and performs spend analysis to isolate cases where suppliers offer discounts inconsistently to a buyer across the enterprise or across similar products or services,” Thompson explained, adding that the tools also uncover why invoices are getting paid late.
The suite of solutions includes APEX Analytix’s supply chain finance solution to connect companies with third-party financing.