Question

What is credit management in procurement?

Answer 1

Answer:

Implementation of the credit management software results in reduced efforts to establish an effective workflow. This is prompting the increased integration of the credit management software in the ERP setup, which, in turn, is accelerating the spend growth momentum for this category.

“Buyers should conduct on-site testing to check the compatibility and integrability of the software solutions with their existing database,” says SpendEdge procurement expert Tridib Bora. “Buyers should also ensure that the suppliers enforce stringent encryption.”

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