FAQHow broad are ICG's Vendor Management solutions?
ICG's portal based vendor management solutions are comprehensive and bridge the gap between procurement, purchasing, and finance. ICG's portal based vendor management solutions cover a broad range of functionality to include:
- on-boarding new vendors
- vendor diversity and compliance
- maintaining vendor profiles and key information
- automating the renewal process for insurance and licenses
- dispatch and update of PO's and RFx's
- payment inquiry
- payment dispute
- invoice submission
- dynamic discounting
- spend analysis
Yes! ICG's portal based solutions promote and enable our clients to implement vendor self-service programs and shift manual, non-value add activities from internal resources out to their vendors. By implementing vendor portals, our clients vendor have 24x7x365 access to obtain data, update records, upload documents and preform many other activities without human intervention from your team. The savings generated from a vendor self-service program can be significant to your bottom line!
ICG's solutions are designed to be implemented in a single tenant, cloud based service OR on-premise as a system running on your servers. ICG will work with you to decide which is best for your organization and no matter which model you choose (or even a hybrid model) ICG will provide a fixed cost so that you know what your costs are up front before either solution is put in place.
Because we offer you a complete solution, regardless of whether your need is technology based or people/processes based (usually a little of both). A typical scenario is a company will contact a consultant, they typically only recommend changes to your people and processes at a high level. They may recommend a software platform, but essentially, they make their recommendations and then leave. Or, often a company will skip the consultant and hire a technology firm, who then shoehorns in their technology (because, after all, THAT’S what they do), regardless of whether the solution really “fits” you or not. You are then left to adapt your people and process to fit the technology. And then they leave, too. ICG Consulting offers the best of both worlds. Our focus is to make your people and processes more efficient by bringing to the table business acumen that comes from real world experience along with technology that works with, not replaces, your current systems. And we do not leave until the entire project is finished, the solution is 100% successful, and all objectives are met. When delivering solutions, we will always try to leverage as much of your existing investments in technology, people and process as possible. So if you are looking for solutions that address vendor management, vendor on-boarding, AP automation, vendor portals, data capture, or other back-office processes ICG Consulting can help.
Yes, we can. Our track record, which includes millions of dollars of ROI for a broad array of large and mid-size companies across multiple industries, speaks for itself. The reality is that in today´s hyper-competitive business environment, margins are always under pressure. One of the best, most untapped resources of new profits is from within your own financial back office operations. Do it more efficiently and you will do it for less resulting in a positive impact to your bottom line. We also offer proactive solutions that shift much of the burden of labor intensive activities back to your vendor and suppliers through vendor portal based self-service tools that can significantly reduce operational costs. Solutions like vendor on-boarding, on-line payment inquiry, web based invoice submission, vendor maintenance, dynamic discounting, and AP automation to name a few. Contact Us to learn more.
- Operational Performance: Automating processes, increasing accuracy, promoting vendor self-service, and decreasing overall cost per transaction are our goals.
- Centralization: Multiple locations often mean multiple ways of doing things. ICG's solutions are designed to ensure that all locations have access to (and can share) the same information.
- Controls and Reporting: Your management and relevant stakeholders should have visibility into key financial and performance metrics in real-time. We’ll give you that capability. Reports (standard & custom), dashboards, robust search capabilities, and integration into information system are standard features of ICG's solutions.
- Standardized Processing and Control: ICG solutions allows you instant access to a myriad of vendor, partner, and customer transaction data, including supporting documentation and audit trail history. This helps provides management the insight to standardize processes and insure compliance through the proper controls.
- Automated Workflow: Get the right information to the right people at the right time. Based on defined business rules, or through ad hoc routing to meet an immediate and unforeseen need, the automated workflow of mission critical business documents means that your people will have the information they need to make those important business decisions.
- Leveraging your Technology Investment: Our solutions (including any proprietary applications) augment and complement your current ERP, document management, financial, or any other existing legacy system(s). ICG's goal is not to replace systems but to provide complimentary functionality that fills the gaps not being fully met by your existing systems.
- Cash Optimization: Our solutions help you to optimize your cash and give you more control over working capital. Through tools like Dynamic Discounting, Best of Terms and Random Stretch, ICG can help you manage cash and drive significantly better returns on your short-term investments in a risk free environment.
- Vendor Portals: We enable your vendors and suppliers to provide and acquire information and documents through a self service environment alleviating the need for large volumes of calls and emails.
That’s exactly what we mean. Vendor portals are a large part of what we do, and in many cases, have saved companies millions of dollars by reducing costs through vendor self-service. Vendor portals allow a wide variety of vendor management and vendor transactional functions to take place in a 24 x 7 self-service environment. This not only delivers great efficiencies to your operation but also has great benefit for your vendors who can send and receive business critical data and documents at any time, eliminating inefficiencies and inconveniences caused by time zone differences. We would be glad to put you in touch with our clients, or show these solutions in action.
To begin, ICG understands that your current business culture likely involves thousands of people, multiple locations, and deeply-seated processes that your personnel are simply used to. So before we suggest any solution we take the time to understand your culture, industry business processes and technology. Once we thoroughly understand your business culture and your current practices, we’ll assess your needs and goals, and then we’ll recommend a solution. All of ICG's solutions, whether they are cloud based or on-premise, are fixed bid, meaning you always know your costs up front before implementing any solution. And ICG prefers a phased to implementing solutions so you can adapt to change and assess project goals before proceeding to the next step. And of course - on time, and on budget! It may involve people and processes, it may involve technology, it usually involves both. But regardless of how we arrive at your goals, one part remains consistent - our professional, meticulous nature will be evident every step of the way.
Yes. ICG's portal based vendor management solutions as well as our data capture and AP automation tools are flexible, scalable and expandable and have been developed directly from our years of experience. ICG takes a toolkit approach to our proprietary technology which greatly benefits you because it is akin to an investment in a custom solution, for an out-of-the-box cost. All of our solutions and toolkits are designed to be deployed as either a cloud based service or an on-premise system, whichever your business prefers. Vendor Management Portals, AP focused Vendor Portals, Vendor On-boarding, Dynamic Discounting, AP Automation, Data Capture, Workflow and Business Rules Processing are among the proprietary solutions and toolkits ICG brings to our clients. Lastly, all of ICG's solutions and toolkits have the flexibility to integrate with virtually any system out there. ICG's solutions are often the perfect compliment to your existing ERP or line of business systems by providing functionality that "fills the gaps" without the need for expensive and time consuming customizations to existing systems.
NO! ICG's solutions will integrate seamlessly with whatever ERP, or other systems, you are using. In fact, one of the great benefits of our solutions is that if your organization does decide to make a change in ERP or other major systems, ICG's solutions are easily adapted to the new environment with very little cost.