Supplier Adoption – Maximize the ROI of Your eInvoicing

Supplier Adoption difficulties are very typical in business for most SaaS-based P2P solutions. For months, your company has recognized the need for a new invoicing system. You have interviewed and evaluated all the best systems and thanks to the introduction of your new eInvoicing program; you will be able to automate crucial processes and improve efficiencies across your entire enterprise.

Everything looks perfect except there is a catch. You need to get your suppliers to comply with the process for you to experience the return on this investment. What you are about to find out is that supplier adoption is not automatic. Neither you nor your Invoicing provider has robust supplier onboarding functionality. Without an in-depth process in place to get supplier adoption to this new service, success may not be guaranteed.

The introduction of the new eInvoicing solution will inevitably affect negotiating payment terms, offering discount rates and improving pricing structure. At the same time, you’ll still have to worry how to maintain or eventually improve healthy supplier relationships.

Supplier Adoption Benefits to the Enterprise

Supplier adoption directly influences the ROI of your current eInvoicing deployment plans. Many companies have multiple locations and to maximize returns you may want to make sure that the changes you are introducing are shared and applied throughout your entire business system. Why is this so important? Well, the more suppliers you can motivate to participate and adopt the service, the higher the ROI will become eventually. That’s why it’s not a surprise that business entities regardless of their size or complexity are constantly looking for new ways to improve supplier adoption and participation.

Supplier Adoption Benefits to the Supplier

Deploying a web-based invoicing tool will help suppliers manage their cash flow more efficiently, and it will reduce the amount of time and hassle associated with submitting invoices and communicating with your finance team. Additionally, when you give your suppliers the option to get paid early, your supply chain becomes stronger in a simple and an efficient way. Early payment financing is an excellent way for your suppliers to come up with an alternative to costly borrowing options. Suppliers can use this additional cash flow to grow, improve, and develop their business. Real savings, which can be beneficial to their entire company.

If you can illustrate these new values to your suppliers to ensure their full participation and adoption, then you’re already one step ahead of the curve.

 

Joe Flynn is a Co-founder of Lavante and writes for both The Hub and his site Vendor Portal Expert