GREENSBORO, N.C. – June 15th, 2017: APEX Analytix, the industry leader in technology solutions across the global financial supply chain, today announced the launch of APEX Archimedes™, its digital innovation system integrating IBM Watson® to drive continuous financial improvement for its clients. APEX Archimedes combines artificial intelligence software capabilities including machine learning, robotic process automation, and natural language processing running on the APEX Cloud—the fastest, most compliant, and secure advanced technology platform in the P2P industry. Integrating the latest in cognitive technology into APEX Analytix’s software and services enables clients to harness the future of P2P technologies through smarter recoveries, controls, analytics, and working capital.
Cognitive technologies such as machine learning, robotics, and predictive analytics have already been embedded into APEX Analytix’s products, including their overpayment audit and protection software FirstStrike® and supplier management software, APEX Portal™. These technologies help APEX Analytix to protect $2.6 trillion in spend annually, for clients in over 100 countries on six continents.
The announcement of the Archimedes system, in conjunction with IBM Watson, marks a new era for technology innovation in the supplier portal and AP Recovery Audit industry. The Archimedes Centre of Excellence, created in APEX Analytix’s North Carolina and Bentonville, Arkansas, offices will build on its established expertise in machine learning and predictive analytics.
IBM Watson is being integrated into APEX Analytix software to act on unstructured data and natural language. For example, off-contract pricing agreements buried in emails can be quickly identified and incorporated in merchandise and pricing audits. Images and attachments provided by suppliers can be digitally interpreted to ensure compliance, without human intervention. And users around the world can get the specific information they need more quickly using their own natural language.
Danny Thompson, Senior Vice President of Market and Product Strategy at APEX Analytix said; “This is an exciting time for the P2P industry as it looks to embrace a new wave of digital transformation. The creation of the Archimedes Centre 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; and we are also delighted to work with IBM to further safeguard our clients’ financial futures and accelerate digital transformation.”