Training for Entrepreneurs and Business Leaders
Words that entrepreneurs and business owners should know. I dive into words that answer questions my clients ask, questions I have and popular words you need to be aware of if you are in entrepreneurship.
Training for Entrepreneurs and Business Leaders
Procurement Tips
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What The Show Is About
SPEAKER_00You're listening to Procurement Tips for Entrepreneurs. This podcast is for entrepreneurs navigating the procurement process for companies they are selling to and exploring how procurement can help them in their own business.
Why Supplier Portals Exist
SPEAKER_00Why do you have to use the supplier portal? Before we dig into why you have to use it, we have to talk about why it's in place in the first place.
How Portals Reduce Fraud
SPEAKER_00It was implemented to reduce fraud. When you email invoices, W9s, and other sensitive information over the internet, it opens the door for fraud. Companies have implemented payment portals with suppliers like Coupa to ensure they are paying the right person. It's primarily for their benefit, so they don't pay for mistaken supplier and then they have to pay double for a service because of scam.
Why Portals Matter For Suppliers
SPEAKER_00But this impacts you as a supplier of services for a corporation to use the portal that they provide. Now, there are cases where it may not make sense for you to use the portal, but understanding that more than 80% of the spend goes through these portals and is processed through suppliers uploading their invoices into these portals, you want to be
When It Might Not Fit
SPEAKER_00in that 80%. Because when you cannot conform to the processes that are in place from procurement, you open yourselves up to a slower payments process and
Workshop Invitation And Close
SPEAKER_00without advocates internally, because procurement folks like to work with people who use their processes. And this goes for most functions within a company. So unless you have some specific reason that you cannot use the portal, you want to use this portal. But that's the why. It's to eliminate fraud and simplify the procurement process for the company. And when you play ball, your life does get easier. Thank you for listening to the podcast Business Strategy. If you'd like to work with us directly, you can book a whiteboard strategy workshop in the link in the description. Have a great day.
