Transparency in business denotes openness in communication and accountability. Transparent communication is the key in a multi-vendor environment to help out the escalation of issues. Vendor transparency is quite important to buyers during their purchasing process. Implementing vendor management solution can help buyers to achieve transparency with relatively low impact on existing processes and systems.
The solution will proactively manage risk, digitize existing paper invoices and reduce the burden from accounts payable & finance teams. The comprehensive solution will help you collect key vendor information, screen them based on reputation, past performance, and more. Corporate buyers who seek a pragmatic, zero-risk solution can invest in this affordable & user friendly procurement software to communicate with their vendors.
The solution will give total visibility for vendors and buyers to manage various phases in the procurement process like purchase order, quality checking, vendor invoice, payment dues etc. Organization must do regular vendor audits further to maintain a healthy relationship between the organization and the vendor, contractor, or suppliers.
The solution will bring transparency in Vendor – Buyer Relationship Management as following,
Invoicing & Payment Transparency
Finance team can easily make out how much is spent on outsourcing your needs, who is doing the spending, and how close is it to the planned budget. The payment for the items delivered under the Purchase Order, following, receipt of a valid invoice, acceptance of such delivered items all can be made recorded for buyer / Vendor reference.
Efficient Administration Process
Accessing documents relating to your procurement is made available on a click and so no missing of any vendor contracts and more disputes or misunderstandings. As all processes are digitized, the recording of all information, coordination and comparison of all the relevant records at each stage is possible for both the buyer as well as the seller/ vendor.
Records are often better organized and managed when multiple people have anytime access to them. Vendora – vendor management software can come in handy for a business of any shape, discover working with such tools to drive more value out of vendor relationship management. With adoption of technology as information centralized and made available to management, external stakeholders will love working with your business.