The enterprise solutions market is brimmed with solutions that are built upon the notions of automation and efficiency; although they deliver, they do so as siloed functional outputs. Managers, in their pursuit of knitting those outputs spill a great deal of money on operational management. They helplessly resort to storing data generated by incompatible software on paper, PDFs, and spreadsheets, thereby increasing the manual overhead, chances of confusion, and miscommunication, which in turn takes a toll on the overall efficiency. New York-based aXpire envisions to change this by offering a leak-proof, cloud-based spend management system, Resolvr, for the higher dimension of asset and “processes” management across all industry verticals. An industry-first, Resolvr leverages and packages the proven worth of blockchain and machine learning technologies to deliver on its promise and to impart a bird’s-eye view of enterprise spend management.
What is the unique value proposition that Resolvr imparts to enterprises?
Resolvr allocates expenses across different internal departments within a company in a similar approach to expense appointment across various funds within asset managers. The platform’s machine learning technology enables users to make intelligent invoicing decisions through a growing reference of approved and denied transactions. The robustness of the blockchain enables Resolvr to develop fool-proof fund-tracking and trail reports. Resolvr can be integrated with a plethora of other applications that are used by fund administrators, accounting, and finance teams, easily; this not only ensures minimal human “touch points” in the spending process but also eliminates the daunting tasks of document and information management. Furthermore, functionalities for interdepartmental communications, audit trial projections, and generating compliance reports, all through an intuitive dashboard, make Resolvr a one-stop-shop solution with dedicated AXP tokens for payments.
What were the factors that spurred the conception of aXpire? Please walk us through the company’s evolution.
The story of aXpire can be traced back to our efforts in early 2017 toward addressing the spend management predicaments of our first client who is one of the largest hedge fund players in the world. They wanted us to replace their current resource and time-heavy procedures with a slick web platform.
Resolvr facilitates seamless, auditable workflows of digital expenses management, review, apportionment, and allocation according to the fund or funds to which every dollar should be associated
They explained their requirements, which was to provide an e-billing and manual billing platform, that will enable administrators to assign submitted invoices to reviewing attorneys, allow reviewing attorneys to review bills electronically, collaborate as necessary, apportion expenses to appropriate funds by percentage automatically, then share with the accounting team that reviews, checks, and updates as necessary and sends payment and fund apportionment details via the automated AP data stream.
As the aXpire team developed the core applications in tune with the client’s requirements, we saw the void that existed in the asset and process management space from a spend standpoint. We soon identified the potential and impact that an offering such as Resolvr could impart. At the end of the day, the client was able to enjoy real-time visualization and management of payment processing workflows across legal, fund accounting, administration, finance, and compliance departments. Resolvr was soon be re-rolled out as a suite of powerful offerings built primarily around spend management. Today, Resolvr facilitates seamless, auditable workflows of digital expenses management, review, apportionment, and allocation according to the fund or funds to which every dollar should be associated. There are accounts reconciliation, oversight, and control mechanisms built in to ensure all stakeholders can share information, make adjustments, send annotations, attachments, and other communications before the final product is handed over to a client’s finance department.
How does aXpire’s client onboarding process work? How do you enable your clients to go up and running with your offerings?
We don’t walk in with a box and say, here you go! We take a consultative approach, by engaging in a deeper fashion. We understand our client’s needs at a quite granular level. During the initial stages of engagement, we identify how the company functions internally, what the optimized model should look like, and how the company’s current processes measure up in efficiency. Most of our staffs are certified six-sigma professionals. We will try and dovetail into our customer’s existing IT infrastructure.
Could you throw some more light on MatchBX, the other prong of your offerings for end consumers?
aXpire is also developing MatchBX, a freelance marketplace powered by the blockchain ecosystem, which, is essentially a P2P offering. Businesses tend to churn out hefty amounts for immediate tasks such as logo design, or writing promotional video scripts for example. On the other hand, the freelance ecosystem is booming with a number of talented individuals with whom businesses can connect directly. MatchBX essentially bridges freelancers with businesses, wherein payments can be done with our AXP token.
How does the future look like for aXpire? What are your terms of expansion or any new feature roll-outs that you plan to bring?
Having provided Resolvr’s potential even in its post-embryonic phase, we will continue to strategically and technically widen the capabilities of the offering in areas such as analytics. We are also testing on a blockchain-based e-bidding functionality. Customers can put on projects in Resolvr for e-bidding and can utilize AXP tokens to facilitate vendors submitting their bids on the different types of services that are going to be provided in the B2B place for the Resolvr platform. Further down the line, we’ve also got data analytics coming into play.