The vendor management process can be complex and difficult, so, businesses should level up vendor management with automation. Here are some of the key areas that businesses could benefit from and ways to improve their vendor management in thirty minutes.
Manage invoices efficiently
Dealing with high volumes of invoices (and other related documentation) that flow through every organization day in, day out can be a time-consuming and messy process. Using an intelligent automated vendor management system, however, can help streamline invoice management by implementing automatic audits and comparisons of the data to eliminate potential problems.
Stay on top of key contractual timelines
Typically, an organization has a multitude of contractual agreements with its suppliers. Automation helps to consolidate this information into one, easily accessible place so the vendor can view details whenever needed. In addition, automated reminders can be set up to flag key dates so that nothing vital is missed.
Track and analyze supplier performance
Tracking and analyzing a supplier’s performance is a key function for the procurement team. Using automation to monitor vendor performance take the analysis to the next level. For example, automation allows quick comparison of data between similar suppliers in seconds rather than the many man hours that such a manual exercise would take.
Use more efficient information management systems
A lot of important written information is exchanged between the purchaser and vendor through emails, spreadsheets, and soft copy files. A good vendor management system has the functionality to store all such information in one place so that it adheres to good compliance and governance regulations. It is also easily accessible for teams to view and analyze to efficiently follow up communications based on fact.