Goals Every Retailer Wants to Achieve – Part 5 of 5

Does Your Company Have Strong Vendor Management?

Healthy vendor relationships are particularly important in the retail and restaurant industry, as regular delivery of inventory is needed to sustain optimal operations. If vendor invoices fall through the cracks, it can quickly impact the vendor’s willingness to do business. Delayed payments can also cause retailers to lose out on potential vendor discounts, which are often offered to businesses that pay on reduced terms. When dealing in a high-volume invoice environment, these discounts can add up to millions of dollars saved, so prompt processing is critical to growing profits. Additionally, vendors today prefer to have their own visibility into the status of their payments, through a self-service portal or the like. This saves the retailer time fielding vendor calls, and allows the vendor to see when payment is scheduled and incentivize for faster payment if desired. To keep vendors happy and take advantage of the significant cost savings they offer in return, retailers need an automation tool that helps to keep payments on time and on track.

Powered by IBM’s FileNet and Datacap technologies, our user-friendly self-service portal allows vendor visibility, saving the retailer time fielding vendor calls and permits for faster payment.