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Procurement, Finance & Vendors

Partner for Success – stronger supply chains, efficient processes, and automated operations

The opportunities that are available to companies when procurement, finance and vendors communicate and collaborate are plentiful. Utilizing tools and solutions that insure you are onboarding vendors that are healthy and in compliance with company, industry, and governmental regulations is the start to a efficient procure-to-pay process. Vendor portal based vendor onboarding (supplier onboarding) solutions provide the platform for communication and collaboration between all the stakeholders in this business relationship. Procurement can insure they are bringing on healthy, compliant vendors while insuring accounts payable can process payments to suppliers who have passed all relevant validations and are in full compliance.

Once a vendor has been onboarded and ready to supply goods and services to your organization, automating the the PO dispatch & update process can provide a level of automation that benefits your organization while facilitating a proactive channel of communications with your vendors to surface any issues that may arise with the purchase order itself or in the execution of the order. For instance, ICG’s PO Dispatch and Update solution allows the vendor to communicate via the portal any issues they may have with the PO you dispatched to them so those issues can be resolved quickly. Additionally, for critical orders ICG’s solution allow you, the buying company, to proactively initiate communication with your vendor on critical orders. This is accomplished by automatically requesting the vendor validate orders and delivery dates will be met and if not, provide updated information on those orders. By taking this proactive, highly collaborative approach, you insure your purchasing activities are efficient and your supply chains operate without unnecessary disruptions.

Now that the vendor has been onboarded and orders placed and verified, finance and accounts payable come into the picture. Having been provided with banking, remittance, contacts and other important information from the onboarding function, the AP department can now communicate, collaborate and transact with the vendor. AP automation solutions such as workflow, data capture and vendor portals provide the finance team a vehicle to communicate and transact with the vendor. With a supplier portal as the main platform available to all stakeholders, the vendor can:

  • submit invoices online:
    • PO flip
    • web form
    • billing file upload
  • inquire on the status of a payment
  • submit and track payment disputes
  • initiate early payment of invoices through dynamic discounting

Utilizing the comprehensive suite of procure-to-pay solutions that ICG Consulting provides you can establish a highly collaborative and efficient vendor management program that promote a high level of communication in real time between procurement, finance and the vendors. This level collaboration insures smooth and efficient operations, strong supply chains and economic advantages for all parties.

To learn more about how you can increase the level of communication, collaboration and transaction with your operation contact ICG today or click here to request a demonstration for you and your team.


Posted on October 11, 2021