Supply chain management company APEX Analytix is adding artificial intelligence (AI) into its mix of offerings to help companies optimize their global supply chains and the money that flows through it.
The company announced today (Thursday, June 15) that it is rolling out a new solution, APEX Archimedes, which taps into IBM Watson and uses artificial intelligence, machine learning, robotic process automation and natural language processing for greater efficiency in analytics, controls and working capital.
The technologies are already running on APEX Analytix software, the company said, adding that it has used these smart technology tools to protect $2.6 trillion in corporate spend across the globe for its SME clients. The company added that the integration of these capabilities into its offering is part of a broader effort to innovate in the areas of accounts payable, P2P, supply chain management and working capital optimization.
IBM Watson can manage and analyze unstructured data and natural language; APEX Analytix offered the example of off-contract price agreements that can be found “buried in emails.” With the IBM Watson integration, that information can be found and incorporated into pricing audits. In another example, APEX Analytix said, images provided by vendors can also be included in the data aggregation and analysis process to promote compliance.
In addition to the launch of APEX Archimedes, the company is establishing the Archimedes Center of Excellence to promote further progress in these areas.
“This is an exciting time for the P2P industry as it looks to embrace a new wave of digital transformation,” said APEX Analytix Senior Vice President of Market and Product Strategy Danny Thompson in a statement. “The creation of the Archimedes Center of Excellence brings together innovators from technology partners like IBM and from across our organization, focused on revolutionizing the way purchasing, accounts payable and working capital optimization get done.
“Clients are already benefiting from robotics and other cognitive technology in APEX Analytix’s product suite,” the executive continued, “and we are also delighted to work with IBM to further safeguard our clients’ financial futures and accelerate digital transformation.”