For medium and large enterprises in particular, onboarding a new supplier or vendor or tends to be especially inefficient. Comprising numerous players and moving parts, the process is often characterized by delays and frustration. In this two-part series, we’ll look at the three central challenges to supplier or vendor onboarding, examine who these challenges impact,…
Procurement as a process is a little more complicated than just buying office supplies – since many organizations have entire teams dedicated to their procurement and purchasing activities. So what exactly does it encompass? We’re going to thoroughly explore this vital component of corporate strategy. From what the process entails, the many ways to approach…
Businesses both large and small operate on keeping order and organization. Ensuring they can see the full picture helps finance leaders analyze data accurately, make informed decisions, and budget accordingly. So when it comes to making purchases, getting the right approvals, and working with suppliers, a proper purchase order management system (PO system) should be…
A thriving business surely has a good handle on managing its spending. Being fully aware of company costs, budgeting and planning, and forecasting are each an important and vital part of ensuring the most strategic business decisions are made. It allows for the opportunity to scale and provides a solid foundation for future growth. Keeping…
The budget is a constant factor in any business setting. How do you ensure that you are buying enough quality goods and services for your manufacturing and internal operations to thrive while still keeping tabs on costs? We’re all familiar with making purchasing decisions in our daily lives, but the way entire companies do it…
Expense management is a topic not given the full attention it requires. Businesses looking to optimize operations, stick to budgets and save money, need to find ways to accurately keep track of what they’re spending. But it goes beyond that. Finding efficient ways to reduce expenses without compromising on quality is a multifaceted process that…
Overview TIER mobility, the emerging leader in sustainable urban transportation, is working to reshape city landscapes around the world by offering accessible and affordable mobility solutions. A fully climate-neutral company, TIER is committed to reducing all charging, product, operational, and transportation emissions for a more sustainable environment. Challenge Surpassing 500 employees in under three years,…
What is the three-way match process? The practice of matching the goods received note to the supplier invoice and purchase order of a received purchase is an important match process that helps AP teams validate the order before payment is issued. As organizations grow and more purchases are made, it naturally becomes harder to keep…
Spend analysis isn’t just another corporate buzzword. It’s an essential process for managing business spend. It turns out that you have to spend money to make money, and you likely purchase raw materials and services from vendors to maintain internal operations and create the products you sell. Making these activities more efficient through proper data…
The way businesses approach cost control is changing drastically as the majority of industries continue to undergo digital transformations. Gone are the days when companies hyper-focus on cost. The new version of cost control is a blended approach that focuses on cost management and driving growth. While most businesses dread the idea of going over…
Ensuring your finance team is working at their best isn’t always easy. You must consider many things to guarantee your operations run smoothly–accounting management and your internal controls are a big part of this. Without accurate accounting records, managers and financial leaders cannot make fully informed financial decisions, financial reporting, and monetary reviews to help…
Consider the obstacles in your way of maintaining a streamlined and organized procurement process. More often than not, the recurrent issues that arise have to do with your vendor management process, or the lack of one altogether. Friction with vendors and suppliers is neither your fault nor theirs; it comes down to not have a…
