Workflow Workflow, sometimes referred to as Business Process Management (BPM), in the accounts payable world, is the required tasks needed to approve a payment to a vendor or creditor based on a predetermined set of rules. These rules can range from highly complex to fairly simplistic depending on the nature of the AP process. These […]
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Vendor portal based vendor onboarding and maintenance, or supplier onboarding as some people refer to it, can be a very manual, time consuming process. However, ICG has a set of tools that provide organizations with powerful self-service, cloud hosted applications to help them onboard and manage vendors and suppliers. Every aspect of vendor onboarding from […]
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Vendor Onboarding Vendor onboarding, or supplier onboarding, is the process of gathering the documents and data needed to set up a company as an approved vendor and to enable your organization to efficiently conduct business, purchase goods and services, and make payments to that company. A vendor onboarding or supplier onboarding solution should offer functionality […]
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Data Capture Is the process of “capturing” and converting information from documents (paper or electronic) into a form that can be handled electronically, and preferably with little or no human intervention. In an Accounts Payable (AP) environment this information is extracted from invoices of varying formats and file types so the invoices can be processed […]
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Invoice Matching Invoice matching is the comparing and linking of a supplier invoice with the underlying data on which the cost is based, such as a contract or purchase order (PO). Usually companies will perform a 2 or 3 way match. A two way match compares the invoice amount to the corresponding PO. If the amounts […]
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PO Flip A PO Flip, is essentially a conversion of a purchase order into an invoice. Usually done electronically or through an automated solution such as a Vendor Portal or Supplier Portal. In a PO Flip scenario the vendor would enter a PO number into a web form and the the buying company’s systems would […]
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VENDOR SELF SERVICE Vendor Self Service is a benefit of Vendor Portals and Supplier Portals. Vendor Self-Service Portals allow a vendor to provide and access information without intervention from the buying company. This data may be necessary for vendor onboarding, compliance or payment or may be the results of payment status or payment dispute inquiries. […]
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Vendor/Supplier Management has become increasingly complex. Technological systems and solutions can increase efficiency and reduce some of the “pain” companies experience when trying to manage their hundreds or thousands of mission critical vendors. Check out ICG’s Vendor Management Tools. COMPLIANCE The complexity of vendor/supplier relationships increases as the vendor/supplier base grows in size. Vendors/suppliers may […]
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One of the components of vendor management program that is often either overlooked, or over killed with a system that provides lots of complex data to help you “manage” your spend, is spend analysis. For many companies the trick to managing their spend (their colleagues buying behavior) and their vendors performance is to simply look at […]
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Financial back offices in the food manufacturing, food distribution, food service and related industries are full of complexities due to their dynamic nature – pricing, costs, allowances, rebates, deductions and other information that needs to be up-to-date and accurate. Some of this information can literally change hour to hour. Operational and financial decision makers need […]
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