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Vendor Management – Think Strategically

For many companies vendor management is treated as just another back-office function to be administered by procurement and accounts payable.  But are those companies putting their organizations at risk by not taking a more strategic view of vendor management?  For organizations in many different industries the vendors or suppliers are at the heart of their […]

Posted: May 22, 2019 | Permalink

Back Office Word of the Week 5/20/19

Workflow Workflow, sometimes referred to as Business Process Management (BPM), in the accounts payable world, is the required tasks needed to approve a payment to a vendor or creditor based on a predetermined set of rules. These rules can range from highly complex to fairly simplistic depending on the nature of the AP process. These […]

Posted: May 20, 2019 | Permalink

Vendor Onboarding Tools

Vendor portal based vendor onboarding and maintenance, or supplier onboarding as some people refer to it, can be a very manual, time consuming process. However, ICG has a set of tools that provide organizations with powerful self-service, cloud hosted applications to help them onboard and manage vendors and suppliers.  Every aspect of vendor onboarding from […]

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Back Office Word of the Week 5/13/19

Vendor Onboarding Vendor onboarding, or supplier onboarding, is the process of gathering the documents and data needed to set up a company as an approved vendor and to enable your organization to efficiently conduct business, purchase goods and services, and make payments to that company.  A vendor onboarding or supplier onboarding solution should offer functionality […]

Posted: May 13, 2019 | Permalink

Vendor Portals: Choices, Choices, Choices!

A vendor portal (or supplier portal) refers to a portal that allows vendors to access and provide the buying company with necessary information in the form of documents or data as well as access documents and data provided by the buying company related to the transactions between the two organizations.  Sounds pretty straight forward right? […]

Posted: May 7, 2019 | Permalink

Back Office Word of the Week 5/6/19

Data Capture Is the process of “capturing” and converting information from documents (paper or electronic) into a form that can be handled electronically, and preferably with little or no human intervention. In an Accounts Payable (AP) environment this information is extracted from invoices of varying formats and file types so the invoices can be processed […]

Posted: May 6, 2019 | Permalink

Don’t Sacrifice Functionality to be in the Cloud

To take advantage of all the benefits of hosting an application in the cloud, you do not have to compromise functionality or configurability. Most business applications in the cloud today are offered as Software as a Service, or SaaS as it is commonly referred to. For many applications SaaS is a perfect delivery model for […]

Posted: April 24, 2019 | Permalink

Back Office Word of the Week 4/22/19

Invoice Matching Invoice matching is the comparing and linking of a supplier invoice with the underlying data on which the cost is based, such as a contract or purchase order (PO). Usually companies will perform a 2 or 3 way match. A two way match compares the invoice amount to the corresponding PO. If the amounts […]

Posted: April 23, 2019 | Permalink

Back Office Word of the Week 4/15/19

PO Flip A PO Flip, is essentially a conversion of a purchase order into an invoice. Usually done electronically or through an automated solution such as a Vendor Portal or Supplier Portal.  In a PO Flip scenario the vendor would enter a PO number into a web form and the the buying company’s systems would […]

Posted: April 15, 2019 | Permalink

Back-Office Word of the Week

VENDOR SELF SERVICE Vendor Self Service is a benefit of Vendor Portals and Supplier Portals. Vendor Self-Service Portals allow a vendor to provide and access information without intervention from the buying company. This data may be necessary for vendor onboarding, compliance or payment or may be the results of payment status or payment dispute inquiries. […]

Posted: April 4, 2019 | Permalink