Bringing Supply Chain Finance into action is another rigid but crucial task that needs to be implemented. Usually, when we look at the long process of supplier payment that has little or no digital intervention, we come up with the following loopholes:
Loopholes in the long Supplier Payment Process
- No visibility for the Supplier between GRN and Invoice
- Time taken between the GRN issue and Invoice acceptance extended to >50 days
- Lengthy processing time ate up the Supplier’s credit period
To counter these problems, a Supplier Portal is a must-have. With a supplier portal, not only the client can streamline the entire process but also, the platform gives 100% visibility to the Supplier at every stage of the cycle. In fact, end-to-end digitization of supply chain operations is ensured, right from Purchase Requisition to Payment.
With the adoption of a Supplier Portal:
- Suppliers were able to shrink their invoicing approval turnaround time by 65%
- With visibility on the automated process, Suppliers were able to reduce their cash-to-cash cycle by > 85%
- Monthly fixed costs reduced for Client by ~15%, resulting in a direct EBITDA increase
When you opt for a Supply Portal, you increase the chances of bringing in an efficient and transparent Supply Chain Cycle by encouraging Supply Chain Financing.
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