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:
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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"When information enabled by technology becomes visible across the organization, cost per supplier quickly dwindles from $1,000 to below $150 per supplier."
An Economic Dream: Supplier Information Technology's Massive Cost-Saving Opportunity, AMR Research