Esker, which specializes in artificial intelligence (AI)-driven process automation software, has launched a new supplier management solution in its procure-to-pay automation suite, which will help businesses manage and automate their supply chains, according to a press release.
The new solution is cloud-based and will offer a 360-degree view of supply chains, helping to minimize risk and reduce the workload of procure-to-pay staff, the release states.
The service also offers more visibility, with the platform offering a comprehensive information collection process that only gathers exactly what is needed for each individual supplier. And all supplier activities, from new vendor registration and validation to documented audit trails, are visible to the necessary parties, letting companies send reminders when necessary for important business needs.
For suppliers, the solution allows easy uploading of information and onboarding, the release states, and can update and change information to eliminate time-consuming processes where one party has to chase another down to clarify something about the payment.
The solution will mitigate and reduce risk by verifying if information pertaining to suppliers is complete and correct. It will also leverage third-party data in order to streamline the process of checking for risks, so that businesses can approve new suppliers without having to leave the program.
According to Esker Product Manager Catherine Dupuy-Holdich, the new solution will enhance collaboration.
“We are continuously enhancing the scope of our [procure-to-pay] solution and providing a truly collaborative platform,” she said, according to the release. “Buyers and suppliers alike want a comprehensive supplier management policy to generate sustainable business relationships, compliance and process excellence.”
Supply chain managers are thinking of new ideas amid the global pandemic. According to a PYMNTS report, companies will likely turn to machine learning (ML) and Internet of Things (IoT) technology to help supplies move faster along the chain.