Why You Need A P2P System that Strengthens Supplier Relationships
You’re in a panic. Your strongest competitor has just launched a new innovative product after working closely with one of your Suppliers and your CEO wants to know why your company is not the one profiting from a similar collaboration. You cringe – your relationships with your Suppliers have deteriorated. Invoices have been lost or paid late. Suppliers have been calling looking for payment. But proactive companies have implemented SnapAP’s Accounts Payable software to leverage their competitive advantage by building stronger Supplier relationships.
Consider Your Supplier An Asset
Suppliers are a valuable resource and should be considered an important part of your team. Often Supplier input isn’t included until after strategic planning has begun and sometimes not at all. A solid relationship with your Suppliers is critical if you want to stay ahead of your competition. Suppliers are constantly developing new and innovative products that can improve your profitability and save your company money. The best way to strengthen your relationships with your Suppliers is by offering cost-saving solutions to improve their efficiency and profitability. SnapAP’s accounts payable software is a powerful and effective P2P automation system designed to save you and your Suppliers time and money.
Become Your Suppliers’ Preferred Customer
Research has shown that satisfied Suppliers are more likely to offer valuable kinds of preferential treatment to their Preferred Customers. Better pricing, first access to Suppliers’ inventory and priority delivery are benefits enjoyed by Preferred Customers. Suppliers have access to market information and could warn your company of potential supply problems if you’ve maintained a strong and co-operative relationship with your Suppliers.
P2P Automation Protects Your Company’s Reputation
As an Accounts Payable professional, you know that managing the problem of late Supplier payments could be vastly improved. Jeopardizing your relationship with a reliable Supplier who consistently delivers quality goods on time because you were late paying your Invoices is not only damaging to your company’s reputation but preventable. With SnapAP’s P2P automation, Purchase Orders and Invoices are processed electronically creating a paperless system that reduces the risk of losing any documents and missing payments.
AP Automation Diverts Disaster
A cash flow problem could cause chaos for everyone in your supply chain if you’ve compromised your relationships with your Suppliers. They could refuse to offer you extended payment terms resulting in financial ruin for your company. Trust involves risk in any relationship, but especially for your Supplier who is counting on you to honour your terms of payment. P2P automation allows your Suppliers to enter their own Invoices in your system and gives Suppliers the convenience of online access to their accounts 24/7. Good relationships with your Suppliers reinforces your credibility and could lead to future business with some of their associates.
Forward-looking companies are maximizing collaboration between themselves and their Suppliers. Make your Suppliers a priority. Implement SnapAP’s Accounts Payable software. You can’t afford not to.
Source: Schlegel, Gregory L., and Robert J. Trent. Supply Chain Risk Management. Boca Raton, FL.: CRC Press, 2015.