Many organizations are operating with inefficient back-office operations because the technology they are using is outdated.
Financial back-office operations in many companies are failing to take advantage of new technologies available to them to help improve inefficient processes. Technologies such as vendor portals, supplier portals, business process management, advanced workflows, vendor onboarding, accounts payable automation, and a variety of other technologies available in cloud hosted configurations. The reasons companies fail to take advantage of these process improvement and vendor self-service technologies is for a variety of reasons:
- Reliance on ERP which leaves gaps in processing capabilities;
- Use of old products or versions that have not kept up with advances in technology, i.e., OCR, ECM, process specific applications;
- Lack of budget dollars for back-office, non-customer facing functions;
- Resource constraints in their IT organizations.
What many users are unaware of is that there are many money saving, process improving solutions available that require little IT involvement, fill those gaps left by ERPs, replace functionality of outdated technologies, and are available at costs that are easy on the budget. All of these solutions can be delivered in user and budget friendly cloud hosted configurations. So if your organization is suffering from inefficient processes or outdated technologies the good news is vendor portal based solutions are available that address functional areas such as electronic invoice submission, payment inquiry, dispute submission & tracking, dynamic discounting, AP automation, data capture, workflow, document assembly, document management, AR automation, vendor onboarding, deduction processing, and much more.
Learn more about how ICG’s solutions can help you to improve your processes, replace outdated technologies, upgrade your back-office operations and most importantly save you money! Visit our SOLUTIONS page to see how we can help you or CONTACT US to schedule a call or demo for you and your team.