Vendor management is very complex, and with the increasingly important role of stable supply chains, this complexity will only increase. Technology-based systems and process re-engineering can improve efficiency and reduce some of the pain of complexity. However, with...
Does your company view vendor management as just another back-office function administered by procurement and accounts payable? Is your company putting your organization’s supply chains at risk with unstable suppliers? Are you missing out on opportunities for...
The financial back-office – accounts payable, accounts receivable, procurement, payroll, etc., is often considered necessary but not strategic. As a result of this view, the back office doesn’t get the executive exposure needed to unlock the value hiding...
The signs are all here: supply chain disruptions, increasing interest rates, high levels of inflation, and layoffs in certain companies and industries. A financial slowdown, perhaps even a recession, is here, and for those of us who have been doing this for a while,...
An important part of smooth operating supply chains is onboarding and managing the vendors that are key to your organization’s success. Once onboarded, all key stakeholders from procurement (purchasing), finance (accounts payable), and the vendor must...
Vendor portals, especially tailored ones, are powerful business tools that can address numerous pain points in your current accounts payable operations. Vendor portals can provide a platform for vendor self-service that can have immediate financial and human resource...
What are Vendor Packets? A vendor packet is a collection of forms and documents that a buyer sends to a potential new vendor to gather the required information to establish a business relationship. These packets generally include all the necessary information to set...
Document and data capture has long been one of the most discussed and researched technologies in the financial back-office and accounts payable worlds. The need to automate the digitization of documents and the capturing of data from those documents was the driver of...
Workflow and process automation are an ongoing part of the business in most organizations. Companies are continuously looking for ways to improve internal and external processes to accomplish many goals. Here are some examples of goals that workflow and process...
Importance of Vendor Management Now more than ever, it is critical to manage key vendors by ensuring compliance and supporting vendor health. Maintaining a healthy supply chain is vital where demand exceeds supply in many industries. We have seen an increase in...
