Strategies to Digitise your Supply Chain
The handling and management of invoices play a crucial role in the overall functioning of the supply chain. However, in large enterprises, invoice processing can be a complex process, given the multitude of vendors and invoices involved. Even though most large enterprises today have automated several functions in their AP process, they still run with manual handshakes, leaving scope for errors and heightened risk.
Another major component of supply chain management is vendor management, encompassing tasks from onboarding and query resolution to payment tracking. Many businesses underestimate the time and manpower invested in these processes, which can be significantly reduced through automation.
The Goods and Services Tax Network (GSTN) is also currently redesigning its infrastructure to enable the digitisation of the sales and purchases data through e-invoicing, e-way bills, auto-filling of GST returns, direct downloads of e-invoices, etc. This is paving the way for automated invoice processing, which can further help enterprises digitise key components of their supply chain to realise potential financial gains in the long run.