A resilient and efficient supply chain can significantly impact a company’s bottom line, customer satisfaction, and overall business performance. As supply chains become increasingly complex, maintaining their health requires a multifaceted approach. In this blog post, we’ll discuss establishing and maintaining healthy supply chains. Why Supply Chain Health Matters Supply chains are the backbone of […]
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Your back-office operations play a crucial role in achieving efficiency. To streamline processes, enhance data management, and foster growth, selecting the right software is essential. But what sets a great back-office solution apart? There are many answers to this, but in this blog, we will focus on the importance of customization. The One-Size-Fits-All Myth Gone […]
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Vendor onboarding is a critical process for financial institutions, but it can also be a complex and time-consuming task. With the increasing number of vendors and regulatory requirements, it’s essential to streamline the onboarding process to minimize risks and improve efficiency. Common Challenges Strategies for Overcoming Vendor Onboarding Challenges By addressing these challenges and implementing […]
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AI’s new roles in the financial back-office Traditionally, the financial back office has been filled with manual, time-consuming tasks. It relied heavily on processes such as paper-based record keeping, manual data entry, and labor-intensive reconciliation tasks; however, the emergence of artificial intelligence (AI) is rapidly transforming how the financial back-office works. One prime example of […]
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AP Automation Best Practices Is your accounts payable (AP) department drowning in paperwork and manual tasks? You’re not alone. Traditional AP processes are often slow, error-prone, and a drain on valuable resources. But there’s a solution: automation. Although automation is nothing new to AP, new techniques and technologies continue to improve automation results. By leveraging […]
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Debunking AP Myths to Improve Your AP Systems Despite advancements in technology and changes in best practice, there are several misconceptions in the world of accounts payable that persist. These common accounts payable myths can hinder efficiency, lead to errors, and even impact the bottom line of businesses. Let’s debunk four prevalent myths in the […]
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Procurement processes are the backbone of any organization’s operations, ensuring that goods and services are acquired efficiently and effectively. Two common methods of procurement are Purchase Order (PO) and Non-Purchase Order (Non-PO) systems. Each method has its own set of advantages and disadvantages, which can significantly impact a company’s bottom line and overall efficiency. In this blog, we’ll delve into the pros and cons of both PO and Non-PO procurement to help businesses make informed decisions about which approach best suits their needs.
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Simplifying the procurement process In the fast-paced environment of procurement and sourcing, efficiency is paramount. Every process must be optimized to ensure smooth operations and timely deliveries. Among the many processes involved, purchase order (PO) delivery and updates play a critical role. Traditionally, these tasks have been labor-intensive, prone to errors, and often delayed. However, […]
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All workflow solutions are not created equal. Rules-based workflows and ad hoc workflows represent two different approaches to managing processes within an organization. Understanding the goals of the business process(es) that need a workflow solution is key to making a good decision. In this blog we will address some of the high-level features and functions […]
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Back-office efficiency and flexibility is essential! The economy appears to be entering a period of substantial economic growth. Stabilizing inflation and lower interest rates are seen as signs of future accelerated growth. In times of economic growth the spotlight often shines on the forefront of businesses – the customer-facing interactions, products, and initiatives. However, lurking […]
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