Enterprises have witnessed the transformative benefits of automation with its deployment across multiple business processes, including automating invoice processing Accounts Payables (AP). However, the whole context of automation changed with the introduction of Artificial Intelligence (AI). Efficient management of accounts payable and management is vital for a business as it allows an organization to handle its finances effectively. When AP departments run smoothly and efficiently, invoices are paid on time, and organizations establish trust and a positive reputation among suppliers and partners for prompt payments.
Onboarding a new vendor or supplier can be a slow process. Capturing payment information and tax details while getting new vendors up to speed on your systems, policies, and procedures can cause delays in payment processing, holding up your day-to-day business operations in ways you would likely prefer to avoid. Traditional paper-based processes make it difficult for Accounts Payable teams to onboard new vendors effectively. This increases the cycle time for procurement of products and services while impacting the business.
What is a Supplier or Vendor Onboarding?
Vendor onboarding is the process of collecting necessary information from suppliers used for procurement to set them up as approved sellers with your company. This process aims to help you do business together, buy goods and services and make payments to vendors.
Many businesses consider the barrage of emails and questions that follow when onboarding a new supplier as an inevitable part of doing business. Delays like these can cost thousands of dollars in a business setting. Small businesses stand to lose as well because the cash flow they rely on may be held up while procedures are established, and the inevitable kinks are ironed out.
Automating Vendor Onboarding
Vendor onboarding portals are designed to gather the data and onboarding documents you require from vendors, including details about their supplier payment process. A self-serve supplier/vendor portal is a viable solution that provides value for all stakeholders. It provides a straightforward, user-friendly web-based interface that your vendors and internal accounting team can access at any time, from anywhere. It also offers dynamic web forms and eliminates several manual steps in the onboarding process, creating a seamless experience for the vendors and providing your AP team with a more streamlined way to acquire the needed information. Automated supplier onboarding helps you save time and money, as your staff can refocus their efforts on higher-value tasks.
Business benefits for Vendor Onboarding
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Faster processing- Speed up vendor onboarding process by automating the workflow while removing intra and inter departmental movement of physical documents.
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Track process - Better monitoring and control by digitizing the entire process and removing the dependency on paper.
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Compliance - Ensure compliance through audit trails, notifications and visibility into the process.
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Efficiency - Improve business efficiency by faster procurement of products and services while ensuring shorter time to market for the finished goods.
What is Kanverse Vendor Onboarding solution?
Kanverse Vendor Onboarding solution has been designed to automate the vendor onboarding process, enabling organizations to onboard vendors in a time-bound manner. The solution allows vendors to submit information and documents conveniently through a web form. Vendor Onboarding workflow can be configured based on organization rules while removing the need for physical transfer of paper documents. Accessing and visualizing of vendor data and documents is easy and intuitive. Email notifications inform the stakeholders of their pending tasks while ensuring that the process SLAs are always met. After the approval process is complete, a unique vendor code is generated. The solution can be seamlessly integrated with ERP for efficiency.
AI-powered Kanverse helps enterprises build "Zero-Touch" document processing workflows. It automates the processing, validation, and filing of unstructured, semi-structured, and structured documents. Save costs, reduce cycle time, turbocharge productivity, and boost team morale.
Kanverse Accounts Payable Invoice Automation digitizes document processing for enterprises from ingestion, classification, extraction, and validation to filing. Extract data from a wide gamut of documents with up to 99.5% accuracy using its multi-stage AI engine. Say goodbye to manual entry, reduce average invoice processing time from days to seconds, optimize the average cost of processing an invoice by up to 80%, minimize human error, and turbocharge the productivity of your team. AP automation software like Kanverse APIA (AP Invoice Automation) is built to do the heavy lifting across your AP cost centers while your staff can focus on productive and business-critical activities.
With Kanverse Vendor Portal, we provide our customers with a self-service portal for their vendors. Kanverse Vendor Portal further optimizes the user experience with a consolidated view of all invoice-related information and their payment status.
Schedule a demo with us today to find out more.
About the Author
Kingshuk Ghosh, Principal Product Manager, Kanverse.ai