Supplier Information Management (SIM)
Lavante SIM Solution:
Lavante SIM™ solution offers flexibility for your business with controls that enables you to manage and validate your supplier profile automatically. The SIM™ system streamlines on-boarding process and dynamically cleans vendor master file to ensure supplier on-boarding and up-to-date supplier list. With comprehensive feature sets, the system allows users to have cross company visibility with monitoring capability to manage supplier data efficiently and reduce risks. The feature sets include configurable profile, work flow, multi-mode outreach, governmental regulations compliance, data validation, banking information validation, real-time reporting, document repository, 3rd party integration, and more.
Lavante SIM Process:
Lavante SIM™ Key Features:
- Configurable supplier profile, workflow and notifications
- Dynamic vendor master file cleansing
- Multi-channel multi-lingual outreach
- Compliance and validations
- Real-time reporting
- Open integration interface
Lavante SIM™ Key Benefits:
- Compliance to corporate business processes
- Streamlined on-boarding process
- Single source of truth for the entire company
- SaaS for rapid deployment and limited IT involvement
- Auditable process with controls
- 3rd party integrations
Supplier Management Challenge
Suppliers are critical to your business, but to manage and communicate with them effectively you need accurate up-to-date information. For companies with thousands of suppliers, this has traditionally been done manually, and is costly and time-consuming. Using poor or out-of-date supplier data can hurt your business – you risk non-compliance with governmental regulations such as OFAC screening, FATCA and W8s for international suppliers, and IRS 1099 reporting.
Reduce Supplier Risk, Enhance Compliance and Save Money
Lavante SIM’s cloud-based tool has been helping Fortune 1000 companies enhance compliance and risk management by automating supplier qualification and vendor master file cleansing. This single, flexible system replaces time-consuming, costly and error-prone methods working as a complement to the ERP system ensuring up-to-date and validated data. The end result: businesses are able to dramatically improve compliance, communication and productivity, while greatly reducing risk.
Configurable Profile, Workflow and notifications
Lavante SIM™ provides configurable supplier data with user-defined fields to suit your business needs. When supplier information is collected, it is essential to have approval workflows to validate and approve the supplier. The configurable workflow enables users to configure workflow based on organizational structure, and is triggered by defined criteria. To communicate adequately and efficiently for approval process, the system allows users to setup alerts and notifications to notify on approval progress and supplier data changes.
Dynamic Vendor Master File Cleansing
Lavante SIM™ continuously refreshes the vendor master file using Lavante’s supplier network connections, cloud databases and direct vendor input. Lavante SIM automatically follows up with suppliers who have missing, expired or invalid data and provides status reports to customers. The resulting cleansed supplier information is the single source of truth for the vendor master file and can be transferred to any ERP system.
Supplier On-boarding with Automated Screening
Lavante SIM™ automates supplier outreach and invitation process, individually or in bulk. The system provides multiple communication channels that can be initiated automatically in orderly sequence to expedite the outreach for on-boarding. The system provides Supplier self-service registration process that can guide suppliers step-by-step to complete on-boarding request and registration in a language of their choice. The supplier's information collected is automatically validation to ensure data accuracy and compliance.
Compliance and Validation
Lavante SIM™ supports real-time validation of supplier data and compliance to ensure the integrity of supplier information. The system validates business legal name, address, tax id ( TIN / VAT) with official USPS, IRS, EU sites and others for the match. The compliance of OFAC, FATCA, SAM, OIG, and others are screened by validating with official government sites. To ensure the payment, the system collects relevant bank account information (i.e routing number for US, SWIFT code and IBAN for Non-US) and validates SWIFT codes and US Account numbers.
Real-Time Reporting and Monitoring
Lavante SIM™ provides companies with ongoing visibility and transparency across their suppliers and relationships. Companies can report on suppliers, compliance level, diversity, and more, to better understand and analyze their supplier base and trends.
3rd Party Validation and Integration
Lavante SIM™ provides seamless 3rd party integration to validate supplier information with various governmental, commercial, and internal corporate sites.
The integration with CTI (Compliance Technologies International) helps complete the appropriate W8 Form for FATCA compliance. This integration reduces the complexity of identifying appropriate tax form and withholding rate based on type of business and geographical location for foreign suppliers.
Additionally, The SIM™ system supports open integration interface that enables rapid integration with existing in-house ERP systems. Currently the SIM™ system integrates with Oracle and SAP, and can be extended to other ERP systems rapidly for deployment.
SOC 2 Compliant
Case Study: S&P 500 Diversified Manufacturer
Non-respondent suppliers respond with Lavante SIM
"This study looks at how a Mid-Western S&P 500 Diversified Manufacturer uses Lavante SIM to automate its communications and data collection with a generally non-respondent supplier population. As a result, the client has significantly reduced its exposure to risk as well as the cost to manage its supplier base. This manufacturer also uses Lavante Recovery which has enabled the collection of open credits from its suppliers which in effect has paid for Lavante SIM. "It's a dream come true for AP and Purchasing," says the Senior Account Payable Manager."
Download S&P Diversified Manufacturer Case Study Click here >>
Latest SIM Topics from the Lavante Blog - The HUB
- An Expert Discussion on Supplier Portals!
Wow… just… wow. You know how when film critics are talking about movies they say, “If you see only one movie all summer… make...
- What’s in a name? “Clients” versus “Customers”
Last week at the PayStream Innovate Conference in New Orleans, I had the opportunity to sit in on a keynote address given by William M. Cooper,...
- Garbage in, Garbage out: The Importance of a Clean VMF
When it comes to eating healthy, one adage stands above all else: “You are what you eat.” As a kid, it manfests as health class trying to...
- Great Blog Post on AP Now & Tomorrow
You can count on Mary Schaeffer to make complex things simple and to make simple things profound. She posted a great article on her blog this week...
- Seven Tips to Avoid the Impact of Bad Supplier Data
Bad data can be at the root of many finance and accounts payable challenges. And there are many ways vendor data can be processed that cause duplicate...