Many finance and procurement teams find it difficult to stay on top of communications with suppliers. In a previous blog post we discussed how the current economic climate, filled with uncertainty since Brexit, provides an ideal opportunity for organisations to maximise efficiencies. This can be achieved by moving away from manual processes, such as accepting proposals and negotiating agreements from suppliers via email or phone.
A Supplier Network, such as the PROACTIS Supplier Network helps organisations to keep up with the accelerating pace of business by connecting buyers and suppliers in ways that improve efficiencies for both parties.
Here are five ways your organisation could benefit by leveraging the capabilities of a cloud-based Supplier Network:
- Improved integration – a supplier network combines the capabilities of a transaction hub, buyer and supplier portals, and eCommerce connections into a single entity for all aspects of engagement and commerce. It connects buyers and suppliers in ways that remove time, cost and risk for everyone thanks to fast, low-cost, electronic methods.
- Streamlined communication – suppliers can register and maintain their information within the portal and compete for your business without any heavy administration by the finance team. This makes it easier to connect with suppliers every time there is an item that requires action e.g. a tender, questionnaire, contract etc.
- Transaction automation – all transactions between buyers and suppliers are automated, from online PO posting and acknowledgement, to online invoice submission and self-service account status checks.
- Lower costs – a supplier network that integrates with internal Spend Control solutions, such as purchasing or sourcing, can transform procurement and payment processes into a streamlined savings engine.
- Greater loyalty from suppliers – your suppliers will save time, reduce costs and be able to respond to business opportunities faster as they have the tools to interact with you more easily and effectively.
For further information, call us on +44 (0)203 866 8800 or download the, 'Supplier Network: A Guide to Getting Started with Electronic Commerce' whitepaper:
