Buying B2B services and products is a much harder process than what we experience purchasing as consumers. To solve this problem, Zip, a service procurement company came up with a solution with its innovative products to simplify the complex B2B procurement process. The goal of Zip is to simplify the complex procurement orchestration process starting from intake to pay. The mission is to help businesses get products at the best price, least risk and a faster gateway. The vision of the company is to make itself stand out as a the global standard of procurement service providers. Let’s read further to understand about the company, its products and services, the industries and the customers that use its products, and its emerging partnership with SuiteWorld.
Products of ZIP
The comprehensive suite of products by Zip provides an innovative way in which the businesses can improve their products procurement process and their growth. The following are the major products of Zip: Â
1. Intake-to-Procure: Intake–to–procure platform provides a single interface to the employees to submit their purchase request. This request is then passed on for approval across different departments like IT, Finance, Legal etc. and all the necessary approvals are received making sure that no time is wasted in looking for the approvals and passing on the purchase request. Key features include:Â
- Customizable Workflows:Â The organizations can customize their workflow route according to their needs without using any code, so that the request reaches the correct approvers based on the predefined criteria.Â
- Real-Time Budget Visibility:Â The approvers can view the budget in real time to make an informed decision.Â
- ERP and P2P Systems Integration:Â This product helps in the integration of ERP and P2P (procurement-to-pay) system through which the orders can be generated easily for the purchase and the procurement process can be streamlined.Â
2. Procure-to-Pay: The Procure-to-Pay solution of ZIP helps to enhance the procurement process by tracking the purchase request from its initial stages to its final payments. Everything is taken care of from the start of the procurement process i.e. generating the purchase request till the final payment is made. Its key features are:Â
- Automated Purchase Orders:Â The solution automatically generates the purchase orders based on approvals from the approvals, which reduces the manual work of the employees.Â
- Efficient Tracking:Â Procure-to-pay solution helps to track the product requirements, spending patterns and purchase compliances all in one place.Â
- Simplified Invoicing:Â Zip helps to simplify the invoicing process by connecting the payment processes with the purchase orders, initiating the payments as and when the purchase is made, reducing the time taken in the procurement process.Â
3. Sourcing: The Sourcing product by Zip helps in streamlining the procurement sourcing process. It helps to make better vendor relationships and source the products efficiently. Its key features are: Â
- Vendor Management:Â This suite helps in storing the information of the vendors, the contracts and their performance metrics, so that the future decisions can be made accordingly.Â
- RFx Management:Â This system helps in streamlining the request for proposal process by evaluating the vendor progress and making bids on different products.Â
- Cost Savings Tracking:Â The Sourcing product helps to monitor the savings that are achieved from the sourcing of products and hence, gives new ways in which the savings can be made in future and performances are evaluated.Â
4. Global Payments: Another interesting product by Zip is Global Payment solution. This solution helps to optimize payments globally between the businesses that are operating on the international level. This product addresses the issues that are confronted during international payments and solves them for a better flow of money. Its key features are: Â
- Multi-Currency Support:Â The Global Payment solution helps in making payments in multiple currencies, making it easier to trade with different vendors across the globe.Â
- Compliance and Risk Management:Â Â This solution ensures that all the Currency regulations and payment regulations are followed, so that there is no risk of penalties in future.Â
- Real-Time Payment Tracking:Â This product helps organizations to track their payments in real time, increasing visibility and transparency in their financial transactions.Â
5. Vendor Cards: In these modern times we are in need of new age products that can streamline our payment processes. Zip’s vendor card is one such product. In this situation organizations issue payment cards to the vendors in virtual and physical form, making it easier to receive payments with several advantages:Â
- Controlled Spending:Â Organizations can set a budget to spend on purchases by limiting the vendor cards, making sure that the spendings or the budget of the company are within limits.Â
- Simplified Payment Processes:Â The need for payment approvals and manual invoicing can be eliminated by using the vendor cards, which can help in streamlining the payment processes.Â
- Rewarding system:Â The organization can earn rewards and hence, improve their savings by spending through vendor cards.Â
Emerging partnership with SuiteWorld
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