Are Your Vendors Happy? Here is How You Can Build a Happy Vendor Ecosystem
Business success depends on several key factors, most notably, the relationships you have with your vendors. Creating and maintaining relationships with seasoned and credible vendors is challenging if there are delays or inaccuracies in your invoice processing system. These shortcomings can lead to frustrations and mistrust. The good news is that it doesn’t take much to improve your relationships with them. Simple solutions discussed below can go a long way in building better and solid connections and lasting positive partnerships. Here are some suggestions on how to keep your vendors happy.
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Establish and maintain a connection by regularly keeping in touch with them. Meet them in person or arrange timely virtual meetings with them. Take time to visit their offices when you can, too. Part of proper communication is even sharing your goals and asking them for support or ask for business advice to achieve them. You must keep communicating with them, even when there are problems. For instance, let them know if certain products get poor reviews, so they can also address the issue. The emphasis is on having a healthy working relationship.
Invest in better technologies
Implement advanced solutions such as automated AP invoice processing to minimize errors and human intervention in your accounts payable processing. This will ensure accurate details and numbers, and the timely delivery of invoices to keep vendors happy. AI-powered accounts payable automation by Calpion will automate your invoice processing to increase efficiency and remove bottlenecks, which could prevent you from paying your vendors promptly.
Keep the vendor up-to-date
Automated invoice processing will provide more accurate information that you can use to give timely and frequent updates to your vendors. Be sure to share when the invoice is being processed and let them know when they will receive the payment. That way, they won’t have to keep guessing or anticipating updates and results.