Procurement meets Finance
For many organizations obtaining and sharing critical supplier information between different functional areas can be a frustrating task. Siloed organizational structures, disparate systems that don't communicate with each other and differing business objective are factors that contribute to this situation. In fact, other functional areas that have some stake in supplier relations such as IT, legal, risk management and security can be affected by this unstructured approach to vendor management as well..
The use of vendor portals that are accessible both externally to the vendors and internally to ALL affected stakeholders allows organizations to collect, update, and most importantly, share important supplier data in real time. The procurement folks can utilize portal based vendor on-boarding and vendor information management to achieve their goals. Legal, risk management and security can be alerted through notifications or workflows when new suppliers are being on-boarded or to significant changes occur to existing suppliers. Likewise, the accounts payable department will need data obtained in the on-boarding process to be able to setup suppliers for payments, remittance, and ACH activities. The finance and treasury people will want to be kept up to date on vendor contracts and payment terms and may even wish to act proactively by setting up dynamic discounting or supplier finance programs.
For over 25 years ICG has been providing solutions that address the needs of companies ability to communicate, collaborate and transact with suppliers, customers, partners and each other. ICG's comprehensive suite of portal based vendor and information management tools brings together all the internal and external stakeholders using portals to collect, update, share, and store data across functional areas in a secure environment.