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Procurement Meets Finance

For many organizations obtaining and sharing critical supplier information between different functional areas can be a frustrating task.  Siloed organizational structures, disparate systems that don’t communicate with each other and differing business objective are factors that contribute to this situation.  In fact, other key areas that have a stake in supplier relations such as supply chain, IT, legal, risk management and security can be affected by this unstructured approach to vendor management as well.  In many companies, the most glaring example of where this lack of sharing vendor data exists is with procurement and finance. While these two areas have different missions and goals, they also have a need to share much of the same information. There is no longer any reason for this disparity with some of the technology available today to help procurement and finance collaborate and share vendor information.

The use of vendor portals, or supplier portals, that are accessible both externally to the vendors and internally to ALL affected stakeholders allows organizations to collect, disseminate, update, and most importantly, collaborate with shared supplier data in real time!  The procurement folks can utilize portal based vendor onboarding (supplier onboarding) and vendor information management to achieve their goals.  Accounts Payable can use information obtained in the vendor onboarding process in their AP automation systems and vendor setup activities. Legal, risk management, supply chain and security can be alerted through notifications or workflows when new suppliers are being onboarded or to significant changes that may occur affecting existing suppliers.  Likewise, the accounts payable department will need data obtained in the on-boarding process to be able to setup suppliers for payments, remittance, and ACH activities.  The finance and treasury people will want to be kept up to date on vendor contracts and payment terms and may even wish to act proactively by setting up dynamic discounting or supplier finance programs.

Once onboarded, ICG’s vendor management tools can help both procurement and finance to track compliance, notify vendors and buyers of upcoming expirations, and collaborate to update contracts, NDA, MSDS, and other critical areas of compliance.

For over 30 years ICG has been providing solutions that address the needs of companies ability to communicate, collaborate and transact with suppliers, customers, partners and each other!  ICG’s comprehensive suite of portal based vendor and information management tools brings together all the internal and external stakeholders using portals to collect, update, share, and store data across functional areas in a secure environment.

Contact ICG Consulting today for more information or request a demo for your team and see how procurement and finance can lead the way in collaboration in your company.