Generally, companies like supplier networks for a number of reasons, including: cost savings, reduction in paper invoice volume, increased visibility into liabilities, and better terms. However, while a supplier network may help you achieve these goals, it is only a partial solution in the full AP automation picture. Among the points you should consider:
Supplier networks will only address the invoices of those who participate in the program;
They can be messy and labor intensive, possibly placing a burden on your already busy employees;
Asking vendors to pay a third party to submit an invoice may create friction in your supply chain; and
They may require significant internal training time.
If supplier networks are only a partial solution, what else can you do to improve performance of your AP process and increase AP automation? Learn more about the challenges of supplier networks – and DataServ’s advice for creating a more complete solution - by reading our “Best Practices” for Accounts Payable.