Is Paper Damaging Your Vendor Relationships? MSB Can Help.
Maintaining a healthy relationship with vendors is of vital importance to companies. Today all small and big enterprises are moving from paper-driven environment to fully digital workflows that help automate all your business processes and execute the transactions quickly, securely, and legally.
Various vendors are moving from traditional based processes to adopting new technologies that help improve the whole supply chain process to the next level enriching the experience of both vendor and the clients. This eliminates the use of paper and printers, saving colossal cost and resources.
With manual paper-based routine, it is hard to track where things are in the process, especially when documents such as NDA’s, master service agreements, vendor contracts, invoices are out for physical signatures into the supply chain cycle.
Information that must automatically and legally be included on an invoice to help an organization establish the authenticity and integrity of the document– name, address, VAT number, invoice number, taxable/gross amounts, accounts receivable, accounts payable, etc. Executing such several contracts and agreements is cumbersome, and it takes enormous time and effort to run the whole chain process. Studies have shown that total cost of manual paper invoicing can be much higher than e-invoicing.
Also, the vendor onboarding process requires a good amount of paper, signing contracts and agreements, handling the registration process and the storage of the records, etc. This paper-driven process slows down the entire operational processes and creates unwanted liabilities to the vendors. With the requirement to collect a massive number of documents, sometimes ranging from the collection of Aadhaar signing to contract signing, a normal onboarding process can take up to 10-15 days!
Well! Switching to MSB Docs, keep all your worries aside. You don’t have to wait longer to get your documents (e-statements/e-invoicing) executed.
To start with, MSB provides vendors a hassle-free onboarding experience across platforms at their convenience. MSB allows merchants and approving authorities to initiate, sign, accept documents as part of the workflow routine.
Suppliers send electronic invoices containing the relevant purchase order (PO) number and accounts receivables that organizations recommend establishing with your trading partners during the vendor management process and get your e-invoices signed and transfer to the accounts payable system. With the help of MSB electronic signature and workflow capabilities, document management is made up to 80% more efficient!
To reduce the turnaround time for materials module, vendor invoicing, vendor management, signing contracts, agreements, purchase orders, NDA’s, statements of work, background checks, onboarding vendors, quality agreements and so on. MSB automates the whole process with its smart electronic signature solution.
The elimination of paper-based interaction between vendors and the company enables customers to generate quicker revenues, reduce costs, and enhance the vendor and customer experience, all while being compliant with global industry standards for eSignature and the faster execution process. With MSB easy to use templates and the automated workflows accelerate the document process and reduce the turnaround time for your supply chain management.
MSB also integrates with the company’s existing systems such as ERP, CRM, MIS using Web service APIs as well as creating an audit trail linking invoices and supplies providing authenticity and integrity to the entire supply chain cycle. It ensures faster turnaround time, increased employee efficiency, productivity, and transparency. MSB is the fastest, most secure way to make every approval digital so, you can keep your supply chain moving forward.
Consumers want businesses to be fast and competent at every point of the customer engagement cycle. If the beginning of the relationship is marred by endless back and forth, everyone risks losing out. Right decisions depend on a good understanding of the excellent solution that can capture, route, execute, store, and track a high volume of transactions while preserving the integrity and security of the information processed.
Visit our product page to understand more about how to digitize and automate your company processes.