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apexanalytix | Discovery Module

The Discovery module empowers an organization to identify and mitigate risks early by pre-qualifying suppliers before engaging in business with them.

 

After an internal team member completes an Inherent Risk Questionnaire, they can invite the supplier to pre-register online. The submitted information is automatically validated. If the supplier meets the established risk threshold, their profile is seamlessly stored in a searchable database for further engagement now or at a later time.

 

Our proactive approach minimizes a company’s exposure to non-compliant or high-risk suppliers.

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How it Works

Learn how in four steps apexanalytix can help your company find pre-qualified suppliers and minimize risk exposure.

Inherent Risk Questionnaire

  • Inherent Risk Questionnaire

  • Supplier Pre-registration

  • Supplier Database Creation

  • Streamlined Onboarding Experience

Inherent Risk Questionnaire

When integrated with our risk module, buyers or procurement teams complete an Inherent Risk Questionnaire (IRQ) to capture vital data and calculate engagement-specific risk scores. These tailored questionnaires provide a clear understanding of a supplier’s inherent risk level before inviting them to pre-register.

Supplier Pre-registration

After the IRQ is completed internally, an invitation to pre-register is sent to the supplier. Pre-registration can include verifying critical details such as tax ID, address, compliance certifications, additional risk questionnaires, and more. All submitted data is automatically validated, scored, and securely stored in the apexanalytix portal. For added efficiency, the information can also be routed for internal review when needed.

Supplier responses can also influence segmentation and risk scores, allowing clients to categorize suppliers based on unique risk profiles and trigger additional assessments for more accurate scoring.

Supplier Database Creation

Every time a supplier pre-registers, we store their information in a database of pre-vetted suppliers. When you’re ready to onboard a new supplier, leverage Discovery to search your custom database or access apexanalytix’s expansive network of over 250 million suppliers.

You can quickly find the best suppliers for your organization, ensuring they meet quality, reliability, and compliance standards. Optimize your search and locate trusted, pre-vetted suppliers in just seconds.

Streamlined Onboarding Experience

Transition approved suppliers and invite them to onboard and complete registration with a simple click using the Supplier Registration module. From there, your configurable business rules handle every aspect—data capture, validation, approval, and system integration—ensuring a smooth and automated process. Making supplier onboarding simpler while boosting efficiency, transparency, and compliance every step of the way.

With Registration + Risk modules, clients can continue to refine their risk management strategy by enhancing onboarding with additional risk assements and recommended remediation.

How is Inherent Risk measured with Discovery?

Assess supplier risk prior to onboarding suppliers to ensure that any risk exposure is minimized.

Inherent Risk Questionnaires (IRQs)

For every engagement type, we use Inherent Risk Questionnaires (IRQs). IRQs are typically answered by buyers or procurement personnel, capturing critical data to calculate engagement-specific risk scores. The risk assessment is consolidated into a dashboard, offering instant visibility of inherent risk scores.

 

Features that streamline the process:

 

  • Integration with APIs allows clients to import pre-existing risk data from other systems.
  • Automated data entry reduces manual intervention, making the process more efficient.
  • The dashboard presents a full breakdown of scores for review by risk approvers before extending interaction with the supplier.
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Examples of Inherent Risks

Cyber Risks

Build in your Information Security requirements to the discovery phase to ensure that critical requirements are met before a greater evaluation is made.

- Data security policies
- Compliance questionnaire
- IT Security questionnaire

Identity Risks

Validate the identity of your potential supplier and positively confirm that they are who they say they are.

- Tax ID, Address, Business registry
- Prohibited lists: OFAC, FBI, UNFLA, Interpol, PEP



Financial Risks

A supplier with financial instability or difficulties may impact their ability to deliver goods or services. Flag financial risks before onboarding a supplier.

- Credit score
- Bankruptcies
- Financial questionnaire

Discovery Module + Risk Management

Benefits

Proactive risk management starts at Discovery.

General Risk

Screen for Inherit Risks

Evaluate the risks when a supplier is first being considered. An initial risk assessment provides a baseline understanding of the potential risks associated with the supplier, allowing procurement teams to make more informed decisions.

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Allow Interested Suppliers to Connect With You

Easily identify new suppliers interested in doing business with you through the Discovery module. Publicize your portal sign-up page, send out online invitations, and even set up a real-time information kiosk at industry conferences.

Workflows

Customize A Pre-registration Process

Establish your own business rules for supplier pre-registration with the Discovery module. Suppliers will complete a concise form capturing company information and your rules will determine whether to route new profiles for approval or store them for future use.

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Search and Identify Top Suppliers

Built-in search capabilities let you use a variety of selection criteria to quickly identify the best, pre-vetted suppliers for your sourcing needs. Search your prospect database, current supplier records, and our comprehensive apexanalytix database.

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Access The Most Accurate Supplier Records

Discover apexanalytix's database offering top-notch vendor records for over 250 million suppliers. Leveraging millions of supplier communications annually, robotics, and machine learning, we tap into over 2 billion records from 1000+ global databases. The result is the most complete database of active and trusted supplier records on the market.

Onboard

Easily Convert Candidates To Approved Suppliers

Once you've identified a promising supplier, simply click a button to invite them to complete their full registration in your apexportal Supplier Registration module. Your customized business rules will handle data capture, validation, approval, and ERP updates.

Discovery Module + Supplier Management

Leverage A Comprehensive Supplier Ecosystem

The Discovery module is part of a robust supplier portal that integrates with other modules spanning the P2P lifecycle, including supplier registration, inquiry, dynamic discounting, and risk management. Seamlessly connect with all your supplier-related enterprise systems and ERPs from a single portal.

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Supplier
Discovery Module + Diversity Management

Discover Diverse Suppliers

Quickly identify and connect with diverse suppliers in your existing database or discover new ones that meet your business needs. Verify diversity status with confidence and seamlessly integrate it into your procurement workflow. Track and optimize your diversity spend in real-time with our user-friendly dashboard, making it easier to achieve your supplier diversity goals.

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