New Year, New World… Are You Ready?

While we celebrate the coming of 2021, many challenges remain before us. At ICG, we are optimistic about the weeks and months ahead and with the proper planning and preparation opportunity abounds in this new year and new world.

2021 Financial Back Office Themes:

  1. Do as much as possible remotely in a secure and compliant fashion
  2. Become as efficient as practical
  3. Drive more processes to a vendor self-service model so your people can focus on value-added activities

Tools at your disposal to help you prepare:

Cloud-hosted portals offer many tools that support remote operations, drive efficiencies, and promote secure vendor self-service programs. Wherever your responsibilities lie on the procure-to-pay spectrum, these tools can help:

AP Automation

ICG’s cloud-hosted accounts payable automation solutions are designed for rapid deployment in a remote processing environment to support business continuity in a highly secure environment.

  • Data and Document Capture: Turn everything incoming into actionable data for your back office. Our data and document capture tools are designed to accommodate large and medium-sized AP operations that receive a wide variety of invoices/payment demands from multiple sources and formats.
  • Workflow: Effective business process management (BPM), commonly known as workflow, can improve business performance, increase revenue, and decrease the time it takes to complete a task.

Vendor Portal

A Vendor Portal is a web-based, vendor self-service solution that allows you to communicate, collaborate, and transact with your vendors in a secure, online environment 24/7.

  • ERP & System Integration: ICG takes an agnostic approach when it comes to integrating with your back-end systems. Our customers all have their own set of back-end financial and related ERP systems in place, and we interface with each one. Our ERP-agnostic method allows us to move faster and work with minimal or zero customization required.
  • Vendor Onboarding: Vendor onboarding is gathering documents and data needed to set up a company as an approved vendor. It also mitigates risk by providing numerous compliance and validation steps to avoid fraudulent vendors and ensure your vendors are healthy and compliant with all of your requirements and federal, state, and local regulations.
  • PO Dispatch & Update: This solution allows you to automatically dispatch purchase orders to the appropriate company and contact. The contact receives a URL that allows them to access the PO and perform many actions. You can also proactively request real-time vendor updates on the status of PO fulfillment.

Get Started

In this new year and new world, ICG provides a full suite of cloud-hosted solutions in a secure, single-tenant environment. Our solutions also promote remote processing and facilitate vendor self-service. And even more importantly ICG can provide the experience and expertise to ensure you are following best practices. Contact ICG today for more information, or click here to schedule a demo of our world-class solutions.

Posts you might like:

Innovative Vendor Management

Clinging to outdated vendor management practices is a surefire way to fall behind. Embracing innovation with your vendors isn't just about adopting the latest technology; it's about fostering stronger relationships, mitigating risks, and driving greater value. Let's...

Strategies to Enhance Back Office Quality

The back office is where crucial administrative and support functions like data processing, accounting, IT support, and compliance take place. While not directly customer-facing, the efficiency and accuracy of back office operations profoundly impact the entire...

ERP Agnostic Technology

Today, businesses rely on a complex ecosystem of software and technology solutions to operate efficiently. One crucial component is the ERP, which integrates core business processes like finance, HR, and supply chain management. However, not all technologies work well...

Finding Hidden Back-Office Costs

When it comes to costs, organizations frequently look to the back office when looking for places to save money; however, this is likely due to not understanding all of the functions that the back office is responsible for. This isn’t to say that there aren’t areas...

Choosing the Right Technology: Cloud-Hosted Solutions

In the world of back-office technology, finding the solutions that best fit your organization is incredibly important. One factor many organizations must decide on is whether to opt for on-premise or cloud-hosted solutions. Although the cloud is increasingly emerging...

5 Helpful Vendor Portal Features

Vendor portals are incredibly helpful for organizations that have to deal with more than one vendor, complicated onboarding processes, and more. Vendor portals are a great way to centralize communication, collaboration, and transaction management with your vendors....

Technology That Prevents Vendor Fraud

Vendor fraud is a serious threat to businesses of all sizes. From inflated invoices and phantom vendors to outright bribery, the potential losses can be devastating. While vigilance and strong internal controls are crucial, leveraging the right back-office technology...

ICG Consulting Is Now ICG Innovations

Exciting news for our organization: we have rebranded! ICG Consulting is now ICG Innovations. This isn't just a new name; it reflects a fundamental shift that started years ago in our approach to delivering tangible results for our clients. For those unfamiliar with...

Outsourcing vs. Automation in Document and Data Capture

Efficiently capturing and processing information from paper documents and various digital sources is crucial for smooth business operations, informed decision-making, and maintaining a competitive edge. Many organizations must choose between outsourcing their document...

How to Improve Accounts Payable Performance

A smooth, efficient accounts payable process ensures timely vendor payments, maintains good relationships, and contributes to a healthy bottom line. However, a sluggish or error-prone AP department can lead to late payment penalties, strained vendor relationships, and...