Congratulations! Your business has just used contract automation to secure a new vendor relationship. You may think automation’s role is over, but the curtain hasn’t closed on automation yet. Take your automation beyond the initial contract to improve your relationship with vendors. Here’s three ways how.
Communication made simple. Automation can continuously be used to foster communication and make collaboration possible, especially when you and your vendor aren’t able to have face-to-face conversations every time a question comes up. This makes completing a project or making a decision that requires multiple rounds of input and approvals fast and efficient. Instead of sending emails, drafts, and edits back and forth, both parties can access and make changes to a live document. This saves valuable time, resources, and money—which means more profits and less stress for you and your vendor.
Manage orders and invoices with ease. Document automation uncomplicates the process of sending and managing orders and invoices between parties. Instead of your employees having to manually place orders, pay invoices, and send reminders or confirmation emails, automation can put those processes on auto-pilot. When your employees have less clerical tasks and paperwork to do, they can focus more on selling and assisting customers. With automated workflows, you can automatically place recurring orders and pay invoices securely, ensuring no important documents are lost in a pile of paperwork, given to the wrong vendor, or distributed at the wrong time.
Renegotiate and renew. The business environment, economic conditions, and individual procurement needs are continuously evolving. It’s essential to keep things up to date and renegotiate terms when something isn’t running smoothly. When it comes time to renegotiate or renew your vendor agreement, take control of the process with contract automation. Full visibility, audit trails, and automated reminders are available all on one secure platform. Both parties can make edits in real-time and give their legally-binding signatures when ready. When you and your vendor can both be transparent about your needs, it’ll keep your partnership strong and moving in the right direction.
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Now that you’re aware of how automation can improve your vendor relationships beyond just acquiring that first signature, both parties can be proactive rather than reactive when it comes to setting expectations. Ready to get started? Need more guidance? Ask us more.