Smooth Supplier On-Boarding Essential to Supply Chain Finance Success
Technology investment is once again accelerating as businesses emerge from the constraints of the pandemic. One area of significant interest and focus is Supply Chain Finance (SCF) programs which, like many projects, have been delayed or suspended due to the adverse business climate created over the past 18 months.
Research shows many firms are now either already investing, or preparing to invest, in solutions to automate processes and deliver improved supply chain and finance results, particularly in technology delivering and supporting the management of supply chain financing and dynamic discounting programs to free up more working capital and deliver significant reductions in cost of goods sold.
When a technology solution is selected to deliver supply chain financing and the management of your payables discounting programs, both the ultimate benefits and useability of the solution must be considered from the perspectives of both the buyer and supplier. The successful implementation of the technology and the ongoing success of the overall program, depends in large part on the supplier on-boarding process. Here, issues with onboarding suppliers can become barriers that both impact the future of the relationships and the adoption of the wider program.
To ensure success in stabilizing the overall supply chain, the identification and adoption of a leading technology platform is essential to create a true partnership between all parties, providing the ability to accurately manage, view, onboard suppliers, pay invoices and reflect key metrics.
One way to create these successful partnerships across the liquidity enterprise is to extract the most value from your system regarding automation and ease of use. Leading SCF technology solutions must provide for easy and quick onboarding of new suppliers. The onboarding process provides structure around supplier enablement and supports efficiency and confidence, not only with the agreed program, but in the overall supply chain. Furthermore, metrics and reporting play an essential role in allowing a company to analysis supplier on-boarding and adopt strategies and outreach accordingly.
Ensuring Success of your SCF Project: A Complete Technology Solution
Successful SCF programs are best entered into through a collaborative approach, with the buyer and the SCF provider becoming one team, vested in the long-term success of the program. As important as technology is, in our experience, true success only comes when it is united with a dedicated supplier on-boarding team, who provide the human touch, truly supporting and cementing the relationship between all parties. enabling quick communication to ensure all parties are aligned and momentum is maintained, even as the program matures.
While onboarding suppliers easily and efficiently is not the only key criteria for a successful SCF program and solution, it is very important for overall success. Always be certain your solution provides clear insights into every step, enabling and tracking detailed reports on outstanding documents and providing your suppliers with tailored, automated emails, customized web landing pages and multilingual support.
To learn more about leading Working Capital Solutions, visit www.kyriba.com.