Supplier Risk Compliance & Source To Pay Software
SUPPLIER RISK COMPLIANCE
The Source-to-Pay (S2P) solution streamlines the entire process of sourcing and paying for goods and services. This comprehensive solution helps organizations reduce risks related to supply chain and streamline invoice processing, making it easier to meet compliance requirements associated with supplier risk management.
Effective supplier risk compliance is integral to managing operational costs, mitigating the risk of non-compliance, and creating secure supply chain. Companies are taking steps to assess supplier risk from variety of sources, including regulatory, contractual, and financial. To achieve this, companies often rely on S2P solutions. Here?s step-by-step guide to unlock the potential of S2P for supplier risk compliance.
Step 1: Ensure Quality Data is Accessible The goal is to have access to the best data that is pertinent to assessing supplier risks. This helps to create visibility into suppliers and their financial health. Utilize S2P solution that allows organizations to easily access accurate information of onboard suppliers, including risk assessments, audit trails, and relevant documents.
Step 2: Identify and Assess Supplier RisksUsing your S2P solution, organizations should be able to quickly review supplier agreements and contracts. Automated processes make the process scale easier and eliminates the manual data entry, translations, and uploads.
Step 3: Monitor PerformanceIt is essential to be in the know about any developments with your suppliers. S2P solutions offer the ability to establish supplier monitors and alert important stakeholders to changes.
Step 4: Automate Communicationsit is advantageous to utilize S2P solution to automate vendor communication tasks. An automated process allows companies to easily collect and follow-up any risk mitigation checks that may be required.
Step 5: Track InvoicesSupply chain partners want to get paid and companies need to ensure there is way to pay them. S2P solution offers safe, secure, and swift way to transmit payments. Through this technology, organizations can electronically search and find their invoices so they are easily identified and tracked.
Step 6: Perform Further Risk AssessmentYou should always be aware of any changes in risk measures as it relates to your suppliers. As such, periodic risk assessments should be conducted. Utilizing S2P solution, companies can customize and monitor their performance criteria year-over-year or quarterly to determine any changes in riskiness among their suppliers.
ConclusionThe benefits of S2P solution for supplier risk compliance should not be overlooked. Setting yourself up for long-term success requires setting up process that gives C-suite executives the appropriate tools to track and monitor key risks. An automated S2P system can enable organizations to be properly prepared for compliance under changing regulations, lowered supplier risk with comprehensive risk assessments, and ensure secure payment process. With the right S2P solution, businesses can optimize and manage their supply chain while streamlining supplier risk compliance and helping them to more effectively close the purchase to pay loop.
