It’s no secret that unresolved issues with your trading partners can be the catalyst for serious inefficiencies within your business processes. A major reason? Missing or lost information.
In today’s world, business is happening so quickly that transactions can sometimes slip through the cracks, leaving you scrambling for answers and digging through piles of data. Partner exceptions like missed payments and late shipments can manifest themselves into larger problems without centralized visibility and the right tracking tool in place.
But Syncrofy can help you identify and deal with those issues so you can effectively manage your partner relationships while ensuring that your own company isn’t shortchanged or left behind.
You can invite your trading partners to use Syncrofy with just a few clicks of the mouse. Once they sign-up, you’ll be able to securely share information, compare data, and solve issues with them before they manifest into major problems. Here’s how:
Let’s say you have a question about a specific purchase order. Syncrofy makes it easy for you and your partner to come together to research and solve the issue. After logging into Syncrofy, your partner will be able to view the X12 data for any document in the system. Additionally, they’ll be able to interact with you and your team by adding comments to the document in question. This will create an auditable trail that promotes transparency and accountability while making it easier to communicate with your partner and find the information you need if future issues arise.
With Syncrofy, if your partner is wondering if a shipment went out for a recent invoice, they don’t have to waste time asking you. They’ll be able to see a visualization of all the documents and transactions you have with them in Timeline. Each step of the process will be in chronological order and they’ll be able to see every associated document. This allows you and your partner to stay current with every document process, eliminating the need to scramble and manually search for every one.
Waiting on a payment or not having your payment acknowledged by your trading partner can result in costly chargebacks and penalties for both parties. But Syncrofy’s Exceptions feature allows you to set up rules to automatically monitor for errors and receive contextual alerts on disruptions in your document processes, allowing you to notify and take action with your partner organization before they become major headaches.
While those are some of the ways you can collaboratively solve issues with your partners, Syncrofy offers other ways to obtain quick insights into your partner performance for internal use for you and your team. By utilizing Dashboards, you can create a bar graph displaying your top ten partners with the most exceptions, enabling you to highlight areas of concern relating to specific partners. You may notice that a high percentage of your exceptions are coming for a single partner. In that case, you can dive deeper to remedy the problem by utilizing the drill-down feature. This will help to eliminate those pesky missed deadlines and drive more streamlined transactions with your partners.
Want to learn about what else Syncrofy can do for your business? Sign up for a demo or learn more here.