In part 1 of the series we looked into the list of common issues and errors related to accounts payable processing that are found in most organizations. Part 2 of the two part series will look into how Supplier Information Management (SIM) can help address some of the issues related to Accounts payable within organizations.
Supplier information is often distributed in different parts of the organization. Supplier Information Management allows an enterprise to aggregate, collect and maintain the information from all distributed systems within the organization, thus enabling a consolidated view of supplier data, process status and relationships. This arrangement especially benefits the Finance department (Account payable) and the sourcing professionals to find insights and opportunities. The insights on offer go a long way in risk assessment and managing supplier performance but of most importance is how it contributes towards developing a sustainable supply chain.
Centralized Supplier Information addresses the issues around lack of cross functional collaboration by providing the information to all the concerned. It allows buyers & other concerned stakeholders to update key information of suppliers.
Having a centralized system enables accurate, timely & unduplicated payments to suppliers as per contract terms. Speedier processing of invoices because of a centralized supplier information system enables organizations to avail cash discounts on early payments. SIM also provides organization with better spend visibility & reduces on the operational cost for organizations.
Supplier Information can be used in a variety of ways in the organization. Let us consider some of them:
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Know More: Accounts Payable Automation Software