First “SIM” solution designed to specifically assist Accounts Payable in onboarding suppliers, ensuring compliance, capturing savings, and optimizing the supplier helpdesk resources
London, England (June 17, 2013) – HICX Solutions, the leading global provider of Supplier Information Management solutions, unveiled today the first Accounts Payable Supplier Management package specifically designed to overcome the supplier information challenges inherent within “traditional” platforms.
As corporations continue to expand operations, whether geographically or by business units, the Accounts Payable function has grown in both importance and influence on meeting corporate objectives. In addition to often holding responsibility for the “supplier master” (the core supplier data attributes), they are challenged with: increased federal compliance regulation (e.g., segregation of duties, W-8/W-9 collection, etc.); managing payment schedules that maximize early payment discounts and/or optimize working capital; managing erroneous banking information; being the frontline contact for supplier payment help; and, navigating through, often, multiple systems and multiple duplicate records in order to identify which supplier is to be paid.
“Within the cost justification models we’ve seen our customers put forth over the years, on Supplier Information Management, the savings potential with the Accounts Payable function, alone, has been consistently significant,” stated Doug Markle, HICX Solutions’ Executive Vice President. “We recognized that the market didn’t address their needs, without having it bundled within a larger project, and we are excited about being able to serve their needs in a cost-effective manner.”
Traditional systems were not designed to handle the organizational model complexities of today’s global organization. As a result, even the simplest of tasks, such as onboarding a supplier, is both inefficient and prone to error. Supplier Information Management systems tackle these inefficiencies head-on; however, many companies suffer from difficulties in getting consensus from all stakeholders, or even gridlock when considering moving core processes outside of their ERP investments.
HICX Solutions’ Accounts Payable Supplier Manager was designed to leverage existing investments, eliminate paperwork, minimize errors and maximize efficiencies – at an affordable price. Upon deployment within their department, AP managers will be empowered with the ability to:
- Ensure segregation of duties
- Onboard suppliers:
- Core supplier information (addresses, accounts receivable contacts, internal contacts, etc.)
- Negotiated payment terms
- Applicable rebate volumes
- Banking information and validation (e.g., SHIFT, etc.)
- Tax information and validation (e.g., SS#, W8/W9, VAT, etc.)
- Enforce a single system of record, while having visibility across all supplier relationships / addresses
- Collaborate with suppliers:
- Negotiate and gain agreement to alter payment terms for increased working capital
- Negotiate and gain agreement to accept early payment discounts (and for what discount percentage)
Whether leveraging a batch data transfer, or capitalizing on HICX Solutions’ Integration Framework directly into the customer’s ERP system, Accounts Payables can extend the efficiencies to also:
- Enable suppliers use a single point of contact to submit invoices
- Match invoices to purchase orders
- Receive alerts of when volume discounts and/or rebates become applicable
- Provide suppliers with automated helpdesk capabilities where they can submit questions, view/modify their profile, or check status on payments
During the unveiling, Konstantinos Xyloyiannis, HICX’s Chairman and Chief Executive Officer said, “Studies have shown that payment fraud is costing organizations hundreds of thousands of dollars per year. The technology environment that AP has had to traverse in keeping payments going out consistently has been burdensome. Our goal is to provide a cleaner process, one that finds efficiencies for the department, but also stops the leakage that is regularly costing organizations’ their hard-earned revenue.”
Nearby, Roger Maris, the Senior Vice President of Business Services at Newmark Grubb Knight Frank, added, “I appreciate HICX’s approach in identifying and quantifying the pain that their customers may experience, then attacking the problem. They ensure that their innovation efforts are always directed towards solving meaningful problems. This is one of the reasons why our organization has embraced HICX as one of our strategic suppliers as we continue to expand our efforts globally and increase our reliance on forward-thinking supplier management solutions.”
Prior to undertaking this initiative, HICX Solutions surveyed customers to estimate the cost savings of this package, in order to ensure they were addressing the specific needs of Accounts Payables. Preliminary estimates on a mid-sized AP department (4 to 6 people and 10,000 suppliers) displayed savings of over $560,000 per year.
More information on HICX’s Accounts Payable Supplier Management can be found at: https://www.hicxsolutions.com/accounts-payable-supplier-manager/
About HICX Solutions Ltd
Founded in London in 2004, HICX is the global leader in providing Supply Base Management (SBM) technology and Business Process as a Service (BPaaS) solutions that help customers, across the globe, reduce costs and mitigate risks. Our integrated suite of technology solutions for Supplier Onboarding, Supplier Information Management, Supplier Master Data Management, Supplier Risk and Performance Scorecarding, Supplier Compliance, and Supply Chain Mapping are successfully used by organizations across a wide range of industries. HICX Solutions maintains regional headquarters in London, Chicago, and Dubai. For more information, visit http://www.hicxsolutions.com.
HICX Solutions Limited
+44 (0) 203 008 8726
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