Finance

How can I reduce supply chain disruptions due to missed payments?

Higher operational costs due to inaccurate supplier contract and payment terms in AP systems. Supply disruptions due to missed, delayed or erroneous supplier payments. Higher operational costs due to low percentages of EFT-enabled suppliers. Fines and penalties due to incorrect supplier tax information. These are just a few of the day-to-day challenges that finance departments are dealing with in today's global business environment.

To eliminate payment errors and off-contract spend, procurement teams need to be able to synchronize and continually update supplier data between the AP system and vendor master or procurement system. Key criteria for effective management should include:

• Continual supplier information updates
• Supplier information validation from 3rd-party sources
• Approval of supplier information before it's entered into AP system
• Synchronization between AP and other systems that maintain supplier data

Aravo can help

Aravo has helped companies address these concerns with Aravo SIM and Aravo SIM for AP Enablement, an all-inclusive services package that helps companies reduce operating costs, providing higher data quality and continuous updates between the AP system and vendor master or procurement system. For more information about Aravo SIM for AP Enablement™, download the data sheet.

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