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Dubbed Trust Your Supplier, the blockchain network enables businesses to more efficiently validate and onboard their vendors while maintaining a secure audit trail of buyer-supplier interactions down the supply chain, reports in ZDNet said Monday (Aug.
Key Strategies for Effective Spend Management Below are proven strategies for CFOs to enhance spend management, complemented by our firsthand experiences of supporting businesses with these approaches. Before proceeding, we conducted a 6-month historical audit and uncovered $250,000 in billing errors from the supplier.
For B2B buyers, they include the human error of manual data entry, the risk of fraud and a transparent audit trail; for the vendorsmanaging accounts receivable, those challenges include delayed payments or long payment cycles. Sound familiar? Indeed, these are issues facing companies of all sizes across all markets today.
Supplier management is an increasingly important part of the AP process, though can be more difficult to automate. New automation capabilities from procure-to-pay solution provider Zycus aim to support a streamlined vendormanagement process, including contract management.
Typically, these include banks and other capital providers, investment advisors, key software vendors, insurers, benefits and retirement services brokers, HR/payroll service providers, and audit and tax experts. Other than client relationships, these are often among a company’s most important business relationships.
“The tools they have are to go tear up the floorboards and assess those organizations — to send out a team of people to do security audits, inspections, questionnaires. “Usually, within the banks, it’s the procurement function that’s accountable for managingvendor risk,” Clare explained.
SirionLabs provides multinational companies with a way to manage and analyze supplier contracts and provide auditing and other solutions with the information. “Traditional procurement technology doesn’t cut the ice; managing the vendor after signature is the order of the day.”
There are security costs, theft risk, tracking of how cash is used, vendormanagement, the lack of payroll infrastructure in place, the 10+ percent premium charged for paying taxes with cash, cash courier services and the sheer amount of time required day in and out to manage the flow of paper bills. “At
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