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How can efficient supplier payments boost your business?

Wednesday, July 25th, 2018

An efficient and reliable procure-to-pay system is key to smooth structural processes. Organisations that deal with vendors, goods and services regularly need a swift and hassle-free payment procedure. What counts as a secondary process is actually one of the key processes for a structurally sound internal management system. The benefits of structured supplier payments range from a systematic financial system, less stress on internal resources to a seamless payment system.

Why is it necessary to have a supplier payment system?

A well-organised supplier payment system ensures no duplicate payments, payments which are made without appropriate approval, regular vendor updation leading to better sourcing and the incorporation of a system that ensures payments are made in a timely manner.

To ensure supplier payments in respect to your organization are managed efficiently, it would be an intelligent move to take advice from experts in sourcing and supplier payments. As the dynamics of the business world change and new practices become trends, it’s important to understand what your business needs.

How can a sourcing solutions organization help?

The primary task of a sourcing solutions organization is to understand the needs of your business, the limitations of current processes and henceforth suggest policy and internal changes for new procedures. In an ideal scenario, the experts will take over these processes and act as the bridge between your business and vendors. All supplier payments go through them which significantly eases the stress on your resources.

The primary challenges of an inept supplier payment system is lack of organization, scattered processes and lack of ownership. The finance management team of any organization is focused on a series of things, adding the burden of supplier payments only makes the process more complicated.

Other benefits

A well-management system offers a new perspective to existing processes and organisations can gauge the shortcomings as well as the advantages of the current system. Any new addition to this process will only make for improvements and a more robust payment system.

 

Studies have shown that structured back-end business process can save up to 45% of expenses and also ensure incremental savings. Reduction in manual labour, automatic processes, limited scope of error and an intelligent system are only some of the benefits from efficient supplier payments.

Where should you start?

Analyse, understand and act. It’s important to first understand the shortcomings in your current business processes and subsequent improvements that can be implemented. An objective overview of business processes not only opens processes to evaluation but ensures a better way of working and a wide scope for improvement.

To understand more about efficient supplier payments, get in touch with our consultant at

www.vpurchase4u.com

How will outsourcing Vendor Management help your organization?

Tuesday, June 5th, 2018

The simplest answer to this is that it will give you time to concentrate on your core business! Vendor management is a time-consuming process with multiple layers that demand attention. Vendor compliances, quality management,
payment structure, operational accuracy are key areas that need your attention.The attention that you can divert towards your core business if you outsource this function.

How can a sourcing solutions firm help?

1. Deal with one vendor instead of many

A sourcing solutions organization will ensure that you don’t have to deal with many vendors but instead the sourcing solutions organization becomes your main vendor. GST and other mandatory compliances are fulfilled by the said organization and you need to undertake paperwork only in regard to them.

2. Quality through the clutter

Understanding your organization’s needs and sourcing vendors to fulfil those requirements is the responsibility of your sourcing solutions firm. As an organization, you only need to validate the vendor’s quality and make
appropriate changes.

3. Payment structure
Paying ten vendors versus paying only your sourcing solution firm eases pressure on your financial structure as well as reduces liabilities. The decreased paperwork also ensures that no process is slowed down and
everything functions smoothly.

4. You can reach Special Economic Zones

All organizations want to expand through logistics are not always in your favor. A sourcing solutions firm ensures that your business reaches all corners of the country including SEZs. SEZs have different rules and compliances which are mandatory to fulfill. The time and energy consumed in fulfilling these compliances and ensuring hassle-free service may impact the core process of your business.

If you are starting out or are an established business looking to bring in operational efficiency, it’ll be great to invest in a sourcing solutions firm.
Get in touch with our consultants here.

How to improve vendor management for your business

Monday, June 4th, 2018

Vendor Management is crucial for the growth of any organization. An integral part of the business strategy, it is not simply a good and services procurement department anymore. A well-defined vendor management process can drastically help businesses scale at minimum costs.

A visible and clear work flow

Verification of vendors, compliance of rules and final execution are a few key areas of vendor management and each as significant. To implement a step-by-step work flow, it is necessary to recognize problem areas and anticipate future issues in order to address them appropriately. If you are a large organization or a growing one; it is a great idea to outsource vendor management to reliable agencies.

Not only does this save money and time, it gives you clarity and more resources to invest in the core areas of your business.

Hold on to good vendors

The process of evaluating and verifying vendors and subsequently their goods and services is a tedious one. For a hassle-free work flow, it is an intelligent strategy to work with a few loyal vendors. You are assured of good work and reliable services as well as an uninterrupted service, especially during an emergency.

Swift onboarding process

If your organization is paperwork reliant and process heavy, there is a chance that onboarding vendor management takes more time than necessary. To have a faster onboarding process, you can cut down unnecessary paperwork and create a smooth administrative process.

If your core business is getting affected with the slow vendor management, you can hire a third party service to address administrative processes.

Remember the values of your brand

The working of your organization is in sync with the mission and the vision of your organization. It is important that the same is communicated to your vendors. From environmental responsibility to highest standard of goods and services – your vendors need to uphold the same values. This is necessary since your vendors are indirectly representing your brand.

If you’d like to explore more and understand how vendor management in your organization can be improved. Get in touch with our consultant here.

Save money, time and energy with operational efficiency

Thursday, May 31st, 2018

Maximum output on minimum investment is an ideal state for a business to function. For any business which is not operating at the highest operational efficiency will soon be out of finances to grow or to even sustain.

From the planning stage to the execution stage, a number of steps have to be taken to ensure that the best business practices are being implemented for the success of your business. Invest in tailor-made solutions rather than run-of-the-mill practices that may or may not work for your business.

1.Vendor management

If your business is highly dependent on vendors, it’s imperative to put into effect a system that not only helps you track the progress of vendor roles and payments but also vendor efficiency. It may be the case that vendor management puts a lot of stress on your resource pool and drastically leads to an increase in input cost if your organization solely handles vendors.

For a growing business or an established business on the path to growth, it’s an intelligent decision to invest in a third-party vendor management organization. The outsourcing of vendor management reduces time spent as well as minimizes the use of resources.

Benefits:

  1. No misappropriation of funds
  2. All compliances are met
  3. Manual work is reduced

2.Reduce your over-head costs by 80%

The long chain of transactions and many layers of paperwork and processes lead to an increase in tail spends. To achieve economies of scale with cost cutting measures – it is essential to employ a method where a third party enables your organization to maximize core business potential.

A sourcing solutions organization acts as an intermediary between your business and vendors. They also prepares a strategic and goal driven approach which helps in obtaining measurable results at low costs.

3.The right people at the right time

The right people in your organization can make all the difference in creating a sustainable and progressive business structure. It is essential to create an effective and nurturing environment for the smooth functioning of your organization. Talent acquisition for temporary roles, internships and project based roles can be pillars of strength. To maintain Human Resource efficiency – reduce your paperwork, create a natural work flow system and strive for an action-driven approach.

4.Optimal use of funds

Financial security for an organization is of prime importance; along with optimal utilization of those funds. Understand where your business is spending more than necessary and put in place a strategy to reduce those spends.

From vendor management, to effective procurement of goods and services to reduction in tail spends – an optimal financial eco-system will have a long term on your business goals.

To understand how to achieve operational efficiency for your business, you can speak to our consultant.

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