B2B Payments

When Supplier Management Means Faster Payments

A supplier management platform can be key to corporations that need to manage supplier risk and streamline their procurement operations. But new updates to the Enterprise Supplier Management platform from Genpact are looking toward making faster B2B payments a direct result of more efficient supplier management.

Wednesday (Nov. 11) reports said Genpact has upgraded its cloud-based management platform in an effort to not only lessen costs for corporate buyers, but also allow them to settle their supplier invoices more quickly.

The solution automates the procurement process to ease friction in the approval and resolution journey. Corporations can link their accounts payable data into the platform to process invoices more quickly, and therefore capture supplier discounts, and oversee their spend.

But enhancements to the platform are providing corporate clients with more user-friendly experiences and boosting automation capabilities in the back-end of the portal.

According to Genpact, the upgrades can lead to up to 40 percent greater productivity, lead to faster invoice approvals and payments, and overall make for a more positive relationship between buyer and supplier.

The solution also aims to cut costs by digitizing much of the procurement process and using automated data entry to provide analytics and insight into business spending. The platform utilizes Genpact’s Lean Digital technology to make the overall procurement process more efficient, the company said.

“Our solution is unique in the industry in how we align technology with Lean and design thinking principles to simplify complex processes and impact business outcomes,” said Chief Digital Officer and Senior Vice President of Genpact Sanjay Srivastava in a statement announcing the upgrades.

 

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With eyes on lowering costs to improving cash flow, 85 percent of U.S. firms plan to make real-time payments integral to their operations within three years. However, some firms still feel technical barriers stand in the way. In the January 2020 Making Real-Time Payments A Reality Study, PYMNTS surveyed more than 500 financial executives to examine what it will take to channel RTP interest into real-world adoption. Here’s what we learned.

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