TPMS- Third Party Management Software

  Payment authorization is a very critical process for any entity. As simple as it may sound, several enterprises still don’t have adequate governance around this process and audit trails are typically hard to find. Most large enterprises have a process to approve payments by the respective line of authority before a payment run is initiated in the ERP or any digital system. Typically, this entails the preparer to create a note with relevant attachments and sending to the right signing authority for approvals. The approver then needs to check if expense is valid against cost center, verifying all the attachments and approving / rejecting with comments. The accounts payable team confirms that all requisite approvals are completed prior to completing the payment run. The approval process and payment run process must be tied, and payment runs should ideally be disabled unless approvals have been received. In most enterprises, this process is manual in nature, ridden with several errors. G

  Entire world is witnessing an unprecedented time as COVID-19 has affected everyone’s life. Industries are also not untouched. In fact they have been severely affected because of COVID-19 protocols and lockdowns. In a changing situation like now many of them continue to analyze their vendor inventories, vendors’ Disaster Recovery, Business Continuity and Pandemic Plan plans as we manage through the COVID-19.They should also be scrutinizing contracts for Service Level Agreements (SLA’s), the quantitative measurable metrics to which vendors must be contractually bound. Key Performance Indicators (KPI’s) are typically qualitative in nature and not included in contracts but are also essential elements to assess and monitor. With the Pandemic bringing greater attention to  third party vendor management tools , the role of  best Vendor Management Softwar e continues to gain respect as a tool rather than the perception of it as a assisting system that causes technical bottlenecks and impedes

  Sharing data   at desired speed and in a secure way is very important for any organization. It not only accelerates decision making but also secures crucial business secretes. Data is shared via a secure and reliable delivery method. It is used to safeguard proprietary and personal data in transit and at rest. Most secure file sharing methods use standard protocols, including: Secure File Transfer Protocol (SFTP) SFTP  transfers files with the Secure Shell (SSH) connection – SFTP is an encrypted network protocol that can enable a remote login to operate over a network that lacks security. SFTP offers encryption of commands and data. It also prevents passwords and sensitive information from open transmission over the network. File Transfer Protocol – Secure (FTPS) FTPS offers encryption and uses an application layer wrapper, known as Secure Sockets Layer (SSL) to enable secure and private communications across a network. Hypertext Transfer Protocol – Secure (HTTPS) HTTPS secures websi

  Advance management of information in a big project is supreme to set the project up for success. Contrarily, failure to pay proper attention to information management introduces risks that, if realized, can have significant consequences. One of the most important aspects of a project – and one of the most costly when it goes wrong- is the tendering process.  Sometimes referred to as the “bidding”, the “bid process” or “pre-award contract processes”, the tendering process covers tender preparation, contract negotiation and contract awarding. One of the greatest opportunities to influence the performance outcome of a capital project is at the tendering stage, where the requirements and assumptions play into the commercial agreement for project delivery. Typically, owner organizations give little consideration to the systems that support and manage the tendering process and associated governance and assurance, and instead tend to rely on one of the following: Email and FTP sites Procure