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Banks also save on integration costs, with fewer systems to manage and maintain. And when more participants are on the network, infrastructure and operational costs are shared, which helps keep running costsmanageable.
Procurement is a pivotal function for any business upon which the pillars of efficiency, costmanagement, and strategic sourcing rest. Evaluation: The procurement team evaluates the proposals using a Supplier Scorecard , focusing on criteria such as cost, quality, delivery time, and after-sales service.
Payment and Reconciliation : Delayed payments strained supplier relationships and sometimes resulted in penalties. Reconciliation is always a daunting task at month-end. Cost-Effective: Affordable for small to medium-sized businesses. Cons: Lacks inventory control, RFP, and bid processes.
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