In business, as in life, across all relationships, so much depends on good communication. In the business relationships that make up each link in a supply chain, communication is key in delivering goods and services on time, with clear parameters of who, what, where, when and how.
The cloud is making it easier for companies to communicate, in real time, across all aspects of their supplier relationships.
In one recent instance, Nipendo, which offers a supplier collaboration platform across the cloud, debuted recent enhancements via separate modules to its existing technology, allowing for production forecasts to be shared across stakeholders — in effect, giving suppliers an idea of what’s coming down the pike.
In an interview with PYMNTS, Eyal Rosenberg, cofounder and CEO of the firm, stated that the cloud, in general, “represents a central place” for relationships between firms and their suppliers, as they interact across purchasing activities, invoices and across regions or countries, all in real time. And in reference to the cloud as a technology, upgrades (and new business relationships that may enter the picture) are easy to maintain and deploy. “Our platform is 85 percent about communication,” said the CEO, who also stated that the typical clientele consists of Fortune 2000 companies.
The processing of information, said Rosenberg, also includes task management and fulfillment reports that allow buyers to work with suppliers with insight into tasks that must be completed as orders are completed. That could, for example, include digital signatures on documents (for, say, compliance purposes).
The automation of certain functions (such as invoice validation) and knowledge of tasks on both sides of the buyer and supplier relationship mean, according to Rosenberg, “that there is less room for human error … Managing discrepancies can result in time saved on both sides,” and time saved can translate into money saved. The cross-border functionality across manufacturing allows for buyers to plan for delays as they happen, while the payments continuum stretches across partnerships with banks and payors, across ACH and other transaction types. In the end, the executive noted, invoice-to-cash conversion can improve, too.