As we are all coping with the new realities the COVID19 pandemic has created we also must start to look towards the future. While we are certainly going to enter a recession, the depth and length of such a downturn to our economy is unknown. What is known is that as we come out of the worst days of this pandemic we face some strong headwinds in our economy. With this in mind companies are already starting to focus on ways to cut costs and become more efficient in their operations. One area where most companies will look first is back-office operations.
In good times companies put all of their focus and resources into customer facing, customer acquisition activities and systems. But when people and companies stop buying, that focus rapidly shifts inward. Be prepared to offer up solutions to streamline financial and procurement back-office operations. The good news is there are solutions out there that can help your organization to reduce costs and increase efficiency. And even better news is that these solutions can be implemented rapidly so you can start helping your company’s bottom line in this challenging economic environment.
ICG can help by offering rapidly deployed, cloud hosted back-office solutions for finance and procurement such as:
- Accounts Payable focused Vendor Portal (Supplier Portal)
- Web based invoice submit
- Payment status inquiry
- Payment disputes submission and tracking
- Vendor communications and collaboration
- Vendor Onboarding (Supplier Onboarding) Portal
- Data and document acquisition
- Compliance
- Expiration tracking
- Diversity
- W9/W8, Insurance COI’s
- AP Automation & Workflow
- non-PO
- PO matching
- Online Forms
- Exception processing
- Data capture and Document Assembly
- OCR
- Document assembly tool for electronic invoice via email
- Heads Up Data Entry
- Scan
- Dynamic Discounting
- Offer deep discounts for early payments
- Buyer controls who and how much
- Helps promote a healthy supply chain
It is never to early to start planning to help your company weather the challenging times ahead. Contact ICG today or request a demo of any of our solutions. Be safe!