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The Goods and Services Tax Network (GSTN) has announced a significant enhancement to the GST portal with the introduction of the Invoice Management System (IMS). Set to go live on 1st October, this new feature is designed to streamline the process of managing invoices between suppliers and recipients, ultimately improving
As businesses become more and more interconnected, effectively managing third-party risks has become extremely important to protecting operations and ensuring compliance with various regulations. Third-party risk management (TPRM) software is an important tool in this effort, enabling organisations to assess, monitor, and mitigate the risks associated with their vendors, suppliers,
What Is A Vendor Scorecard? A Vendor scorecard is a tool used by companies to evaluate and monitor the performance of their suppliers. It is a systematic approach to measuring and reviewing a vendor’s performance across various metrics. These metrics can include quality, delivery times, cost, service, and compliance with
Introduction In the financial and business sectors, Know Your Customer (KYC) guidelines play a crucial role in verifying the identity of clients to prevent fraud, money laundering, and other illegal activities. These guidelines help institutions ensure that they are engaging with legitimate customers and maintaining compliance with regulatory standards. The
What Is Know Your Vendor (KYV)? In today’s global marketplace, businesses rely heavily on various vendors to provide essential goods and services. This reliance makes it crucial for companies to implement robust Know Your Vendor (KYV) practices. Know Your Vendor is a comprehensive process employed by businesses to thoroughly understand,
Introduction Establishing new supplier relationships can be intricate and challenging. Without a structured system for onboarding and nurturing these partnerships, you risk missing out on valuable business opportunities and compromising your profit margins. Implementing a robust vendor onboarding process before starting collaboration ensures that both parties begin on a solid
Introduction Healthcare organizations extensively depend on a network of vendors for essential services that range from clinical and support services to IT and data management. The critical nature of healthcare services makes it imperative that these vendors not only deliver in terms of quality and reliability but also adhere to
Introduction In today’s interconnected business landscape, managing vendor risks is crucial to maintaining operational stability, security, and compliance. The complexity and scale of modern supply chains mean that manual risk assessments are often time-consuming and error-prone. Automation helps address these challenges by providing continuous risk monitoring and quicker responses to
A checklist acts as a structured guide that ensures nothing falls through the cracks during the vendor onboarding process. A vendor onboarding checklist lists different stages of the vendor onboarding process. Vendor Onboarding Checklist Pre-Screening/Application Stage Vendor NameA name is the most basic identification you can acquire about your vendor.
Introduction to Digital Onboarding for Vendor Management In vendor management, digital onboarding platforms are revolutionizing how businesses interact with new suppliers and service providers. These platforms streamline the onboarding process, reducing time and overhead, while improving compliance and relationship management. By automating tasks that were traditionally manual, digital onboarding ensures
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