Integrating with a Supplier Network can be the key to unlocking the highest ROI from your financial automation tools.
Nowadays; many organizations are looking for new ways to benefit from their supplier relationship through reduction of costs and prioritizing saving objectives. However, the key to successful improvement of supplier relationships should not be limited to these financial components. We should also take into consideration improvements of order placement, payment, and dispute resolution systems if the supplier relationship is to reach new levels of quality and efficiency.
In this sense, the supplier network presents itself as a powerful ally, which is supposed to strengthen and improve your supplier relationship. Here are some of the most important ways a supplier network can significantly transform your existing supplier relationship in a positive way:
5 Benefits of a Supplier Network
Streamlining Data Entry
Your supplier network will work hand-in-hand with your various automated systems, which simplify the process and minimize required time, including other expenses associated with the daily activities of your organization. A supplier network provides a software infrastructure that connects your suppliers electronically and allows them to be more efficient and productive.
Reduction of Purchasing Cycles
As soon as the providers are linked electronically in the network, the process of placing and receiving orders becomes much quicker, simpler, and efficient. On the one hand, we have buyers who can quickly execute orders by using automated electronic protocols. On the other hand, suppliers only have to sign into their supplier network to receive and evaluate all relevant information and updates.
Easier Catalog Content Management
Undoubtedly, one of the most time-consuming aspects of supplier relationship management is associated with supplier catalogs. Thanks to the supplier network you can implement a fully automated catalog management system. All necessary catalog and pricing-related updates run smoothly and provide you with an instant overview of the current situation in real time.
Ensuring Contract Pricing Compliance
The modern business environment makes it very hard to keep track of all supplier negotiated contract terms and requirements. Additionally, you are often required to conduct business operations with many subjects and handle demands coming from many locations. A supplier network will allow you to ensure compliance with vendor contracts thanks to its powerful software infrastructure and numerous access points.
Reduction of Payment Cycles
A fully automated supplier network can dramatically influence the reduction of your payment cycles. How? Well, with the help of a network your suppliers only have to load an invoice or “flip” a purchase order into an invoice. The invoices will be then immediately and automatically sent back to the customers themselves. Additionally, your suppliers can check and track all relevant payment statuses online. This means more time for you to focus on other tasks because you’ll get less payment-related calls.