As businesses strive to remain competitive in times of economic uncertainty, there is an increased need for effective supplier relationship management. A strong collaboration between the purchaser and suppliers can result in lower costs and better quality products, while driving innovation. In this comprehensive guide, we’ll explore the fundamentals of managing a successful supplier relationship – from identifying potential vendors to preserving them long-term. What is Supplier Relationship Management? Supplier Relationship Management is an effective way to foster strong and collaborative rel ..read more

Are you struggling with manual invoice processing? Does book closures during the end of month, end of a quarter or end of a year give you and your teams a nightmare? Does your Accounts Payable (AP) process lacks visibility into maverick spend and compliance? Are your AP executives overworked and feel burnt out doing the same work? Then these are signs and symptoms of deeper and more serious challenges. For years, you have probably applied every productivity improvement hack. Conducted work time and motion studies to extract the last ounce of productivity, done process re-engineering to optimiz ..read more

‘Permacrisis,’ meaning an extended time of insecurity and uncertainty, has been named the word of the year by the editors of Collins English dictionary. Permacrisis is the greatest one-word summary of the situation enterprises and their key stakeholders are in, as the year 2023 begins. The Russia-Ukraine War, the largest war in Europe since 1945, and the Great Resignation, which saw a record 4.5 million workers leave their jobs by March 2022, the skyrocketing food and energy costs, which have fueled the highest rates of inflation since the 1980s in many countries, all added to this uncertainty ..read more

Shortages in raw materials, energy, shipping, and labor required that CPOs performed at the top of their game to ensure business continuity. However, as 2023 starts, CPOs have a new range of challenges to tackle, such as soaring inflation and a looming recession. So, the question remains: What are the key challenges and agenda items for procurement leaders in 2023, and how will they adapt to these challenges? Zycus recently conducted a virtual event for CPOs, Procurement Leadership Agenda and Narratives (PLAN 2023), where we invited industry experts and procurement thought leaders across the E ..read more

Procurement plays a critical role in the success of an organization and requires the right tools, strategy, and people to remain competitive. Disruptions are never going to end. It is an organization’s prerogative to remain proactive to stay ahead of the competition. At its core, procurement strategies are all about managing the change aimed at driving continuous improvement in the supply chain. This requires expertise across both people and process aspects, and the ability to build strong relationships with suppliers. With a focus on realizing a continuously improving procurement fu ..read more

Paperless accounts payable systems are modern solutions that can help enterprises streamline their accounts payable (AP) processes and improve efficiency. With hundreds of thousands to millions of invoices to be processed every year, enterprises often employ dozens of accounts payable executives to do this job. However, even with partial automation in place, such as with OCR tools, a majority of the processing requires human intervention. With paperless invoicing, we refer to a transformational shift towards e-invoicing or electronic invoicing, with paper-based invoices gradually reduced in an ..read more

Procurement plays a critical role in the success of an organization and requires the right tools, strategy, and people to remain competitive. Disruptions are never going to end. It is an organization’s prerogative to remain proactive to stay ahead of the competition. At its core, procurement transformation is all about managing the change aimed at driving continuous improvement in the supply chain. This requires expertise across both people and process aspects, and the ability to build strong relationships with suppliers. With a focus on realizing a continuously improving procurement function ..read more

Don’t we all love the buying experience on Amazon and other eCommerce websites which is instantaneous, offers lot of choices, and almost zero friction. However, buying even basic items at our workplace is usually frustrating.    You must have found yourself struggling with limited visibility into preferred or contracted suppliers, contract utilization status, budgeting issues, and multiple requirements for sourcing low dollar items or services. It is usually time consuming, require multiple approvals and follow ups. The tools that you use often have poor user experience (UX) and ..read more

What is accounts payable automation? Automation of the accounts payable process, also known as trade payables, is a technique for reducing human involvement and getting rid of processes that are prone to error. This is accomplished by utilizing accounts payable automation software connected with a digital supplier-partner network. As a CFO or finance controller, you’re constantly looking for methods to maximize the effectiveness of your accounts payable tools and (AP) department. However, it might be difficult to determine the kind of return on investment (RoI) you can anticipate from new inve ..read more

AP automation solutions are aimed at automating the end-to-end accounts payable process. Such solutions provide capabilities, such as automated workflow, vendor management, and electronic invoicing. With AP automation services, enterprises can process invoices faster and more accurately, reduce the risk of errors and fraud, and improve cash flow management. Optical character recognition (OCR) is a legacy software tool used for digitization of paper-based information assets. OCR tools transform scanned documents or photos into editable and searchable text. Using OCR tools, organizations ca ..read more