Is it a strategic part of your organization? Does your company view vendor management as just another back-office function to be administered by procurement and accounts payable (AP)? Is your company putting your organizations at risk, or at very least missing out on opportunities for more efficient supply chains, by not taking a strategic view […]
As managers search for areas of opportunity to shore up the bottom line in these economic times, one area of hidden value that is often overlooked is the financial back-office.
The time is now to drive efficiencies in your back-office operations The signs are all there: supply chain disruptions, increasing interest rates, high levels of inflation and now we are starting to see layoffs in certain companies and industries. An economic slowdown, perhaps even a recession, is here and for those of us who have […]
There has to be a better way! A vendor packet is a collection of forms and documents that a buyer sends to a potential new vendor in order to gather the required information to establish a business relationship. These packets generally include all the necessary information needed to set up a new vendor for payment […]
As we head closer to 2022 the new year promises a time of continued challenges and lots of opportunity. With the emergence and wider adoption of new information management technologies like Blockchain, Robotic Process Automation, Big Data or IOT, companies have more options for managing actionable data than ever before. While these technologies may not […]
Obtaining and sharing critical supplier information between different functional areas in an organization can be a very frustrating task, particularly between the procurement and finance operations. Siloed organizational structures, disparate systems that don’t communicate with each other, corporate culture, and differing business objectives are factors that contribute to this situation. These differences impact not only […]
Vendor Management covers many different areas of how companies identify, onboard, and transact with vendors and suppliers who supply goods and services to their organization in exchange for payment. The processes involved in managing these vendor centric activities can vary greatly by industry, company, and even departments within a company. Companies that rely heavily on […]
Today as cloud based applications are becoming more ubiquitous, AP automation, including many of the sophisticated technologies that were out of reach in the past, has become more affordable and available to many more companies.
More and more companies are tracking their companies “diverse” vendor population and reporting on purchase percentages and total spend dollars with these diverse vendors. In these current times many companies have redoubled their efforts, or started new initiatives, to insure their organizations have diversity within their vendor and supplier populations. In fact, many large corporations […]
Getting it right from the start will pay big dividends in both money saved and securing your supply chains with a strong vendor community!