SUPPLIER RISK AND MAINTENANCE PROFILING
"Savvy AP departments closely manage their supplier files to weed out duplicate suppliers, inactive suppliers, incorrect addresses, and other common problems that can lead to fraud, duplicate payments and other payment errors.” – Institute of Financial Management
The importance of supplier maintenance remains a critical component of an organisation’s risk management programme. Until identified and resolved, errors within the Master Supplier File (MSF) will continue to proliferate. Current finance processes and staffing levels cannot protect against all risks, and typically ERP and accounting packages will only carry out simple checks which need to be reinforced.
NXG Forensics® intelligently analyses your MSF, allowing you to efficiently cleanse your supplier data looking for a wide range of issues or errors. It scrutinises the MSF across various levels of risk ensuring only real issues are highlighted.
The benefits of NXG Forensics:
- Saves purchase-to-pay (P2P) time by identifying incorrect suppliers
- Reduces duplicate payments by detecting incorrect or fraudulent suppliers
- Supports compliance ensuring only the correct data is used
- Increases efficiency by safeguarding master data integrity
- Identifies supplier risk by helping spot data entry anomalies
- Reduces fraud by cross-checking supplier and transaction data