More global trade and commerce is conducted electronically than ever before. At the center of an increasing number of these transactions lies a business network that facilitates commerce between buyers and suppliers.
Business networks are “many-to-one-to-many” networks that make it easy for lots of trading partners to connect with one another. Over the past several years, business networks have evolved from simply exchanging documents to facilitating the seamless execution of critical Procure-to-Pay and Order-to-Cash tasks jointly in the cloud, rather than separately in each trading partner’s systems.
This white paper describes the expanded capabilities of business networks, and shows how the technology delivers strategic benefits to Procure-to-Pay and Order-to-Cash departments and details some of the functions provided by business networks including:
- Managing electronic catalogs and sending electronic orders to suppliers
- Finding and connecting with suppliers through a network business directory
- Managing vendor master data
- Resolving invoice disputes
- Sending electronic payments globally
- Setting up a dynamic discounting program for early payment and discount capture
- Facilitating supply chain financing of receivables
- Communication between trading partners
Download this white paper to learn how the evolution of business networks is helping optimize the financial processes of suppliers and buyers alike.
If your senior management is demanding more from your department, you must download this white paper today!
Continuing education credits available:
Receive 1 CEU toward APM, APS, or P2P recertification! The Accounts Payable Certification Program is designed to establish standards for the profession and recognize accounts receivable professionals who, by possessing related work experience and passing a comprehensive exam, have met stringent requirements for mastering the accounts payable body of knowledge.
This white paper is provided free of charge and underwritten by a sponsor. Following your download, you may be contacted by the sponsor with information about their products and services.
Continuing Education Credits available:
Receive 1 CEU towards IOFM programs:
Receive 1 CEU towards maintaining any AR and O2C related program through IOFM! These programs are designed to establish standards for the profession and recognize accounts payable and procure-to-pay professionals who, by possessing related work experience and passing a comprehensive exam, have met stringent requirements for mastering the financial operations body of knowledge.