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Blog

AI in Procurement

June 15, 2023

It’s all about the analytics! AI ( artificial intelligence ) can be deployed in numerous area to increase performance, lower supplier risk and decrease costs in procurement operations. Here are some key areas where procurement practitioners can utilize AI to make a significant impact in their operations: Overall, AI can significantly improve performance and lower […]

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Vendor Management – Now More than Ever!

Vendor management has been getting increased exposure among large businesses lately. Some of that can be attributed to the times we are in and the increased focus on those critical suppliers and vendors in your supply chain. Now more than ever it is critical to manage key vendors by insuring compliance and supporting vendor health. […]

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Compliance

Back Office Word of the Week 11/4/19 In business, Compliance is defined as the confirmation that a provider of a service or a manufacturer or supplier of goods, adheres to all the requirements, regulations, legislation and specific standards of a contract. Ongoing maintenance and tracking of expiring certificates, licenses, permits and contracts is necessary to […]

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Vendor Packet

Back Office Word of the Week 10/21/19 A vendor packet is a collection of forms and documents that a buyer sends to a potential new vendor in order to start a relationship. The packet includes all the necessary information needed to set up a new vendor for payment and compliance. Vendor packets can be relatively […]

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Supplier Onboarding

Back office Word of the Week 10-14-19 Supplier onboarding, or vendor onboarding, is the process of gathering the documents and data needed to set up a company as an approved vendor and to enable your organization to efficiently conduct business, purchase goods and services, and make payments to that company.  A supplier onboarding or vendr […]

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Vendor Management

September 16, 2019

Back Office Word of the Week – 9/16/19 Vendor Management (sometimes called Supplier Management) is the process by which a buyer formalizes a relationship with their vendors and suppliers and manages that relationship through its lifecycle. The first step in a Vendor Management is typically procurement, where a buyer sources and negotiates a contract with […]

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Supplier Portals

Back Office Word of the Week – 9/9/19 A Supplier Portal (or Vendor Portal as some people call it) is a web-based, supplier management solution that allows you to collaborate with your suppliers in a secure, online environment. Among the functions a Supplier Portal can provide is to allow organizations to streamline the Supplier Onboarding process via supplier […]

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TIN CHECK

September 5, 2019

Back Office Word of the Week 9/2/19 – TIN CHECK When On-boarding a new vendor, a TIN Check is an important component of ensuring compliance. A TIN Check verifies that either a Social Security Number (SSN) or an Employer Identification Number (EIN) is valid and matches a person’s or company’s name in the IRS Database. […]

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Top 4 Pain Points of Vendor/Supplier Management

January 14, 2019

Vendor/Supplier Management has become increasingly complex. Technological systems and solutions can increase efficiency and reduce some of the “pain” companies experience when trying to manage their hundreds or thousands of mission critical vendors. Check out ICG’s Vendor Management Tools. COMPLIANCE The complexity of vendor/supplier relationships increases as the vendor/supplier base grows in size. Vendors/suppliers may […]

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