The adoption of smart contracts has the potential to connect buyers and sellers on a whole new level. The uniqueness and conformity checks in blockchain can enhance payment capabilities and innovate O2C and P2P processes.
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The COVID-19 pandemic is challenging procurement teams to rethink the whole Supplier Qualification and Onboarding process, with active suppliers adjusting how they work, and new suppliers bypassing the qualification process for initial onboarding to keep operation flowing.
However, the Supplier Qualification Management (SQM) is essential to mitigate all the risks connected to the onboarding process, which can seriously affect your business. That’s why in this article we are going to define what is Supplier Qualification and why you need to implement right the qualification for initial onboarding.
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When you think about how to align and automatically update CRM data with contract data, it’s important to consider the benefits of streamlining the entire contract process. Superior contract management solutions take advantage of customer relationship management (CRM) technology to deliver a client-focused service for your business.
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Redesigning your contract using Legal Design Principles presents a way to streamline contracts to make them more understandable to everyone who reads them. Achieving such a level of standardization means your contracts are clear, legible, and binding.
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The COVID-19 pandemic has had a dramatic effect on global trade, disrupting industries, economies, and supply chains. Prolonged lockdown periods caused a supply and demand shock. Governments, businesses, and individual consumers struggled to procure basic products and materials. Most of them were forced to confront the fragility of the modern supply chain to achieve better supply chain resilience.
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There are several steps to follow if you want to streamline supplier onboarding and reduce counter party risk. These strategies can help you set up a process and and improve efficiency.
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