Beating Fraudsters at Their Game: Insights on How Procurement Solutions Help to Curb Fraud (Published May 30th, 2019: MWUG Spring Newsletter) Fraud cases are on the rise. Today, many businesses fall prey to fraudsters, thanks to technological loopholes. Fraud has adverse effects on an enterprise regardless of the size. Among the main outcomes of fraud…
As the operator or purchasing manager of a business, it is your responsibility to forge solid vendor relationships. Whether you have worked with a supplier for decades or are in the initial stages of building a relationship, there is always room for improvement in the vendor relations arena. Below are five strategies to help you…
Many businesses strive to maintain good relationships with customers, however unfortunately forget their supplier relationships. They neglect suppliers and do not bother to establish good relations with them. Suppliers are a fundamental part of your enterprise that you should not overlook. Developing a great supplier relationship is a crucial part of business survival and success.…
Upgrading procurement departments with innovative cloud solutions is a growing trend among modern enterprises; streamlining the approval process for procurement-related documents is a big reason why. In an effort to explain, let’s examine how dynamic approval routing significantly improves procurement processes. P2P Software Market Growth Gartner shares some interesting details: The procure-to-pay suite market…
Technology has always been a part of building and improving supplier relationships with B2B partnerships; from the telephone to the fax machine, technology has helped businesses facilitate P2P processes and communications. This is still true today, yet the difference is the level of technology being used. In particular, the rapid advances with online technology…
Expanding you market reach with Digital Procurement While most modern B2B businesses are focusing on using digital technology to automate production, distribution, and client management processes, their procurement processes often remain stuck in analog mode. The immediate benefits of digitizing P2P processes, or digital procurement, may be harder to quantify than upgrading an assembly line…
The value of effective communication with your suppliers cannot be reinforced enough. Just as strongly as poor communication techniques can harm your business, effective communication can give you a major advantage. Integrating effective communication techniques will help develop strong supplier relationships by promoting trust, improving risk management, and supporting long-term goals. Build Trust…
The concept of improving supplier collaboration to improve those relationships isn’t a complex mystery, although achieving this common industry objective may seem to be at times. After a certain amount of collaboration fails, CPOs might finally ask: Is it as simple as upgrading AP departments and end-to-end P2P processes with automated digital solutions in the…
As markets connect on a world-wide level and technology continues to rapidly progress toward digital automation, businesses are constantly adapting to keep pace with the changes. In the process of this adaptation, businesses must be shrewd when choosing solutions; enterprise level organizations have the most to gain from streamlining their P2P processes, yet also the…
