Webinar: Automate Supplier Onboarding with a Self-Service Portal

Transcript

Hello everyone, and welcome to today’s webinar, “Show Them the Money: How to Build a Winning Business Case to Automate Supplier Onboarding with a Self-Service Portal.” My name is Mark Brousseau, President of Brousseau and Associates. I’m pleased to be a co-presenter for today’s webinar.

Today’s webinar is sponsored by Financial Operations Networks.

I’m pleased today to be joined by Phil Binkow, Chief Executive Officer of Financial Operations Networks, the owner of Vendor Info and Invoice Info. Hey, Phil, thanks so much for joining us today.

Thanks, Mark, it’s great to be with you today.

Few finance and administration functions are as inefficient, burdensome, and risky as onboarding suppliers. There’s a lot of costs associated with collecting and validating data, managing it correctly, ensuring suppliers are who you believe them to be, and staying out of trouble with lawmakers and regulators. The problem is, many organizations still rely on decidedly manual and semi-automated approaches to onboarding their suppliers. We know that there are better approaches out there, but in many cases, we just can’t get our automation initiatives over the goal line.

Well, that’s the focus of today’s webinar. We’re going to show you key considerations when evaluating self-service portals, and we’re going to show you proven strategies for building the business case that not only will get senior management on board, but also make them stark raving fans of the idea of automating your supplier onboarding process. But before we do any of that, we wanted to start with a poll question, which is about to be displayed on your screen.

We want to know:

• How does your organization primarily onboard its suppliers?
• Do you rely on paper forms?
• Do you rely largely on e-forms?
• Are you using your ERP system?
• Did you build a home-grown solution?

Or, does your organization have a self-service supplier portal?

Take a moment to respond to the poll question now displayed on your screen. We’ll discuss the results in just a moment. Alright, Phil, so when you’re talking to organizations these days, by and large, how is it that most of them are onboarding their suppliers?

Yeah, that’s a great question, Mark. They are generally onboarding them manually. There are a number of different procedures that they follow, but they tell us that their objectives for onboarding include accuracy, verification of identity, fraud prevention, timeliness, and reducing the effort. The problem that they’re telling us is when they’re onboarding their suppliers, there are just a lot of moving pieces and often a lot of people involved. Folks who request the information from the vendor could be in many areas of the company, in many different departments.

They assist the vendors with providing information. They’re receiving information, they’re forwarding it to usually accounts payable for verifications, which are generally done manually. All of this is in an email-based system, including the approvals, which in some cases can be simple but in others can be very complicated. And then all that information, once it’s finally approved, has to be entered into the vendor master file, usually by a manual data entry process.

We asked our attendees, “How does your organization primarily onboard its suppliers?” Phil, 44% of our attendees today say their organization primarily relies on electronic forms to onboard their suppliers. About one-quarter of our attendees are using home-grown solutions for supplier onboarding. 11% have an ERP system that they’re using onboard, while another 11% say they have paper forms. Only 11% of our attendees, Phil, say they’re using a self-service supplier portal. What’s the problem with electronic forms, Phil, the way that most organizations are using them to onboard suppliers?

You know, when I hear the term electronic forms, Mark, I think most people are referring to a PDF that has been emailed to somebody in the organization. While I think most everybody, all of us, have done a pretty good job of eliminating paper in the organization, it’s like these PDFs have become the new paper. Instead of sticking them in an envelope and putting them in the mail or faxing them, they’re emailing them. And it’s a document that generally has to have information taken off of it, usually by either copying and pasting it or doing regular data entry. But worse than that is using email to transmit these documents back and forth is a security risk that most folks are becoming quite sensitive to, simply because email is so subject to being hacked.

Yeah. We’ll talk more about fraud a little later, but before we do that, it also jumped out at me, Phil, that one-quarter of the attendees have a home-grown solution for onboarding suppliers. It’s tempting to think, Phil, that you need to build a solution because presumably you think you have the most complex workflows ever imagined for how these suppliers are approved to become payable. But home-grown solutions have their own inherent risks and costs associated with them. Talk to me about that, Phil.

Sure. We talk with folks who have systems that they developed in-house, and usually when we’re talking to them, they’re looking to replace them because perhaps the developer or developers on that system have moved to another department or left the company. In addition, it’s very difficult to develop a system in-house that evolves with the requirements of the times. With regard to increased needs for verifications, whether it’s bank account ownership, sanctions list, or verifying TINs, those verifications often reside outside of the home-grown system. Then that information eventually has to get into some comprehensive database, but it’s performed manually. They’re hard to keep up, they’re hard to maintain, and they’re really hard to ensure that we have all the functionality down the road that we’re really going to need.

It’s safe to say that when it comes to ERPs, they simply weren’t built for this, right, Phil?

Well, I mean, I don’t want to discredit the ERP companies. They have really good applications and do a lot of great things. In our particular case, our organization, we’ve been around for 20 years. We’re passionate about all things AP and especially managing vendor information. And that’s all we do. We’re passionate about this. We have I don’t know how many centuries of experience here in the company regarding this, but it’s harder to put all. It’s harder to do. It’s just hard to duplicate that.

Yeah, the fact is that when it comes to getting your suppliers to become payable, there’s a lot that goes on. In most organizations, the typical onboarding process is not dissimilar from the results of our poll question. We find that most organizations are relying on paper forms, e-forms, ERP systems, or home-grown solutions. While in many cases, things like e-forms and emails made sense as we shifted to a remote work environment, the fact is that we would argue that emails are a workaround that no longer works so well. As Phil said, emails are simply not secure. They don’t ensure chain of custody. They don’t ensure separation of duties. There’s no tracking for actions taken on a particular transaction. There’s no visibility into where things stand in the process, and there’s no stopping someone from inadvertently or intentionally deleting information ahead of your retention schedules. When we look at ERP systems and home-grown systems, in many cases, they’re not optimized for the types of processes we’re going to discuss today. In many cases, they’re not as fast to adapt to changing business needs or market conditions. And it’s very difficult to be able to maintain these systems cost-effectively.

So when you put it all together, what we find is that throughout the process of collecting, validating, managing, and accessing the information we need for supplier onboarding, it’s a really manual process. Consider how it is that most organizations verify bank account information. One of the most important things that an accounts payable team does on a typical day, today, only about one-third of organizations have a way to automatically validate vendor bank account details. This throws the door wide open to risks of payment fraud. Phil, how big a problem is fraudulent bank account details getting through the cracks?

Yeah, it’s a great question. The bad guys are smart, and they’re getting smarter. What they do is hack into the vendor’s email system. They stay there and learn. They see how the vendor operates. They learn the individuals at the vendors and how they talk, their vernacular.

They see where the money is coming from and their goal is to hijack that payment stream. When they think the time is right and they think they’ve learned enough, they’ll hijack an email to one of the vendor’s customers. They’ll send this email to the customer, and it’ll look exactly like any other email or email thread that’s been going back and forth between the vendor and its customer.

It will say something like, “Thank you so much, Elizabeth, for your help with this particular problem in getting this invoice paid. By the way, we’ve changed our bank account information, and here’s the new bank account information. Can you make sure that it gets into your system?”

People are aware of this today, or customers are aware of this happening today. They weren’t always, and individual attempts resulted in hundreds of thousands of dollars being sent to a fraudulent payee. But today, folks are generally aware of this. So what they do is go through a process to verify who is requesting a change in a bank account. But they don’t want to use email because they know that email can be hacked.

So they start calling folks. They don’t always have an updated vendor master file with the appropriate contact information. They start looking, searching Google, for folks who they can talk to in other databases. And it’s a very tedious, time-consuming process. This is, of course, if they’re doing all of this manually, it just takes time and it’s annoying sometimes for the vendor because now the vendor gets a call eventually from somebody at one of their customers. But they don’t know for sure that it’s really somebody at one of their customers. So there’s this little dance that goes on, and people have to really verify that they are who they say they are on both sides. It’s painful.

The fact is, Phil, it’s not just bank account verifications that are a manual process in most companies; it’s also TIN matching as well, and few things scare organizations more than running afoul of the IRS. What’s the risk of trying to perform TIN matching manually, Phil?

Well, there are a couple of things. Number one is it’s a little bit tedious and time-consuming to get hooked up to the IRS website, and unfortunately, the website sometimes goes down. People don’t know that the website goes down until they try to do a verification. It’s manual work, with all the problems and errors caused by doing things manually. So it’s not timely, it requires additional effort, and unfortunately, the resource is not up 100%.

Yeah, and it’s not just TIN matching. It’s also sanctions screening.

There are lots of watchlists that we need to compare individuals, businesses, and owners against to make sure that an organization is what I’d call payable. Today, only 35% of organizations have a way to automatically perform these sanctions screenings.

This is a really big risk in today’s fast-changing global economy. A quick glance at any newspaper headline can tell the list of companies that show up on sanctions lists is changing all the time as a result of the conflict in the UK, conflicts in Africa, and elsewhere.

Yet here again, we rely on manual processes to make sure that we’re not onboarding a supplier that we shouldn’t be paying or that one that’s already in our list we should not be paying any more. Put it all together, and these poor information management processes really take a heavy toll on businesses. Of course, we’re all familiar with the cost and effort of collecting, validating, and managing all this data, but that’s not all. In fact, if you run afoul of compliance checks, there could be hefty fines or penalties. You could even put your business in jeopardy if you’re a perpetual offender.

There’s the risk of payment fraud, which is at an all-time high, according to recent studies. You’ll have to make embarrassing public disclosures, lose trust or strong relationships with your suppliers, maybe even put your supply chain in jeopardy.

And the reputation of your business could ever be damaged. It’s for all of these reasons that more and more organizations are deploying self-service supplier portals, online technology that automates, digitizes, and simplifies the process of collecting information from suppliers both during the onboarding process and on an ongoing basis, validating the key data points, verifying vendors are payable, doing TIN matching, OFAC checking, sanctions screening, and even bank account verifications, and providing you with visibility all across the process. These portals are not new technology at all, and yet today, it seems like they’re experiencing a tremendous upswing in interest. Talk to me about that.

They are, and I think that there has been interest in them. Our customers and prospective customers are telling us they’ve been interested in them for quite some time. But due to other priorities and initiatives in the organization, as well as the historical, perhaps higher cost, longer implementation times of portals, they just haven’t gotten the priority that they need.

What we’re finding today is folks are able, at least with Vendor Info, to implement a very robust, fully-featured portal in a minimal amount of time, at a much lower cost than everything else is going down in price technology-wise.

So why shouldn’t a vendor portal?

I think that has something to do with it. In addition, the need for risk mitigation is greater today than it was 10 years ago. The awareness and preponderance of security-related incidents is higher than it has been in the past. These are trends that are just going to increase. So with a portal, folks look at that as a way, particularly if they can do it quickly and cost-effectively, to really solve a number of problems in one fell swoop.

Today, about 40% of all businesses are using a self-service portal to collect and validate vendor information. Another 20% plan to deploy one within the next six months, and another 20% plan to deploy one within the next 6 to 18 months. Tremendous interest in supplier portals to try and overcome a lot of the costs, inefficiencies, and risks associated with manually onboarding suppliers. And that brings us to our next poll question, which is about to be displayed on your screen.

This time, we want to know:

• What are your organization’s plans for deploying a self-service supplier portal?
• What are your organization’s plans for deploying a self-service supplier portal?
• Do you currently use a self-service supplier portal?
• Do you plan to deploy a portal within the next six months?
• Do you plan to deploy a portal within the next 6 to 18 months?

Or, do you have no plans to deploy a self-service supplier portal?

Take a moment to respond to the poll question now displayed on your screen. We’ll discuss the results in just a moment.

What’s the biggest misperception about self-service supplier portals?

That the suppliers won’t use them. It’s such a great question. We hear that frequently. “Will my supplier actually want to use the portal?” We find that if the portal is designed well, if it’s easy to use by the supplier and the supplier’s folks, it really is a benefit for them. They come to a secure place online.

It gives them more security as well.

They fill out the appropriate forms, whether it’s W-9, TIN, banking information, or diversity information. Once those forms are submitted, the supplier doesn’t really have to do anything else. Their customer knows they got the forms. They can be reviewed and verified automatically, and the supplier is done. In addition to that, the supplier can go ahead and make profile changes down the road. If they do change their banking information or their address or the people who are involved with that customer, it makes everything faster for the supplier so they get paid faster.

Sometimes it doesn’t sound like a lot, but in organizations, it’s not common, unfortunately, for a supplier to get entered into the vendor master file once they’ve performed the service and once they’ve submitted an invoice, as opposed to getting them in the master file prior to even performing the service, which is a best practice, but it doesn’t always happen. When that occurs, getting that information in and having it timely and verified so that the supplier can get paid for something that they’ve already done or already provided goes a long way in vendor relations.

We asked our attendees, “What are your organization’s plans for deploying a self-service supplier portal?” It looks like you and your team have some work to do here. None of our attendees today are currently using a self-service supplier portal. However, 43% of our attendees say they have plans to deploy a portal within the next 6 to 18 months, and 57% of our attendees say they have no plans to deploy a self-service supplier portal. What’s the single most important message you want to give to the 57% of our attendees today, Phil, who said they have no plans to deploy a self-service supplier portal?

I would ask them to contact us and see if maybe there could be certain applications or certain functionalities from a portal that could actually enhance their operations.

When you’re considering deploying a portal, there are several key considerations that you need to keep in mind to ensure that you get a portal that will deliver the optimum benefits that you’re going to look for to achieve your business case. We believe there are four key considerations. The first is to think about your vendor mix. Of course, you’ll want to consider the total number of vendors that you have in your supplier database, the number of new vendors that you onboard annually, the number of vendor information changes that your team handles, and then how it is that vendors are actually being originated. Who originates them, who collects the information, how is it sent around your organization, and who’s receiving it, who’s processing it? Why is it so critical to start here? What’s a gotcha that could happen if you don’t give careful consideration to your vendor mix when you’re evaluating supplier portals?

It’s really interesting. When we talk to folks, one of the questions that we ask is, “How many people touch vendor information at your company?” When they go through and determine the answer for that, it’s really eye-opening for many organizations. There are lots of folks who can touch this. They can be in different departments and different geographic areas. Just keeping track of these people and making sure that they’re properly trained can be an effort. What’s more, it’s very difficult to enforce standardization in a manual environment. All of this has an impact on decreased accuracy, increased exception items that are very expensive to handle, missed verifications, and time in process, as well as a lot of manual work.

The second key consideration when evaluating a self-service supplier portal is how it is that vendors are validated. You want to think through who’s validating the information you’re collecting from vendors, how many people are involved, and what are the procedures for what it is they’re supposed to be doing. Then you want to give careful consideration to the types of validations that are required for the information you collect.

Of course, TIN matching is probably the table stakes, but what type of sanctions screening are you doing? Are you validating addresses? How is it being done? Who’s ensuring that bank account details are correct, whether that’s when suppliers are being onboarded or changes are made over time?

What other validations are required to make sure that a supplier is payable?

Are there licenses or insurance certificates that need to be collected, and if so, how often do they need to be updated or recollected? Phil, it seems to me that there’s a lot of moving parts here when it comes to validating vendor information. What should you be looking for in a solution to ensure that it can make this process as easy as possible?

You’re right, Mark. Knowing your vendor today is more important than ever. The two areas are accuracy and identity. The bad guys are getting smarter in trying to get payers to pay them instead of the actual customers. Identity is important for all kinds of reasons, not the least of which is bank account verification. Accuracy is important as well because the cost of handling an exception item for information that doesn’t get into the vendor file correctly is only going up. Nobody wants to get a B notice from the IRS. If you don’t have a correct TIN, there’s a pretty good chance you’re going to get a B notice. It’s important not just to verify the owner of a bank account or a correct TIN but also to reduce the exception items that are caused by incorrect information going into the vendor file.

What is the biggest risk you could make by overlooking some of the validations? Are there things that you can miss in this part of the evaluation process that will really get you later in terms of the solution you’ve chosen?

If it’s not easy to use and the verifications aren’t robust enough, particularly if it’s not easy to use, the vendors will try to figure out some way to circumvent the system. That’s not good. If your verifications are automated and the review process at the organization is performed as expected, then you should be able to have a really zero defects program for everything that goes into your vendor master file.

That brings us to the third key consideration when evaluating a self-service supplier portal, which is to think through your current review process and what it is you’re trying to achieve.

You want to take a hard look at who’s reviewing and approving new vendor information before it’s entered into your ERP.

Do you have one level of approval? Are there multiple levels of approval? How many people are involved? Where are they located? What are their roles? What are they looking for in the approval process?

You also want to think through how vendor information gets into the ERP today.

Are you manually entering this information? Do you have an automated file upload? What are you trying to achieve here?

Phil, what are some key considerations in your mind when it comes to the review process and how a supplier portal can help streamline that?

Sure. Everybody we work with has a different review process. In some cases, it’s very simple, with one path for review and one or two reviewers. In other organizations that are larger and more complex and have more business units, there are multiple paths for review and multiple levels at each path.

For example, if you have different business units, those different units might have different people who have to review the information for new vendors. These are all internal control-driven. There can be dozens of paths and six or seven reviewers on each path.

We have one customer where anything that fails a verification process, such as a TIN being incorrect or it looks like they’re on a sanctions list, all of that goes to their compliance department or their legal department. What folks need to be aware of is what their operations require, what their internal controls are, and how they get manifested in the vendor relationship. Knowing and understanding requirements, your forms, your workflows, and your verification requirements are really critical.

It seems to me, Phil, you’ll never be able to optimize the supplier onboarding process until you somehow standardize these workflow rules for approval. Am I on the right track here?

You are.

Standardization is very difficult to attain in a manual environment because you have so many different people who are involved. It’s hard to keep them trained. There are no detailed audit trails in a manual environment that are accessible. It’s challenging.

The fourth consideration when evaluating a self-service supplier portal is to think about how you manage your vendor profile changes, originating these changes and who processes them.

How is profile change information sent, and who is it sent to? Once it’s been received, how is it being validated to make sure it’s legitimate, as in the case of those bank account changes we spoke of earlier? Who’s reviewing and approving profile change information before it ever gets into the ERP?

There’s a lot at stake here, it seems to me, Phil, to make sure that someone is monitoring vendor profile changes. How can this be one of those areas where a self-service portal can really shine?

Sure. The risk lies in making a change that results in paying the wrong party. That’s probably the biggest risk right now, or in making a change that isn’t accurate, creating exception items downstream. Profile change requests should go through the same relevant verification and approval processes as new vendor information. In the Vendor Info portal, that’s all taken care of automatically. That brings us to our third poll question, which is about to be displayed on your screen.

This time, we want to know:

• What do you believe is the biggest benefit of a self-service portal?
• Do you believe it would help streamline your onboarding process?
• Do you believe a self-service portal would help you reduce your risk of payment fraud and compliance issues?
• Do you believe the biggest benefit of a self-service portal would be the enhanced visibility and transparency it would provide your organization?
• Do you think the biggest benefit is your ability to strengthen your relationships with suppliers?

Or do you think there’s something else?

Take a moment to respond to the poll question now displayed on your screen, and we’ll discuss the results in just a moment.

So, Phil, I’m curious, what’s the number one reason that your phone rings from someone looking for a self-service supplier portal? Is there one thing that typically is the driving motivator?

There’s often one thing for an individual customer, but different customers have different motivators. The words we’re hearing are accuracy, identity, validation, and timeliness. The last thing folks are telling us about is cost. They want a solution that helps drive down their costs, streamlines activities, and won’t break the bank.

We asked attendees, “What do you believe is the biggest benefit of a self-service supplier portal?” Two-thirds of our attendees say they believe the biggest benefit is its ability to streamline onboarding processes. One-third believe the biggest benefit is reduced risk of fraud and compliance issues.

Once you’ve identified a portal that meets the needs we’ve laid out here in the webinar, it’s time to get management on board, and that’s going to require a compelling business case. There are three elements that go into a successful business case for a self-service supplier portal: hard dollar savings, soft dollar savings, and risk avoidance.

When it comes to hard dollar savings, as Phil has articulated, digitizing and simplifying your supplier onboarding processes eliminates a lot of the paper and paper-related costs associated with today’s onboarding process. It also reduces wasted staff effort and provides a better experience for your suppliers, which can deliver big cost savings when renegotiating contracts.

Suppliers want to do business with companies that are easy to do business with. The efficiencies provided by a self-service supplier portal also make it easier to scale operations without needing to hire additional vendor onboarding staff.

Phil, talk to me about some of the hard dollar savings your clients have been able to achieve and how attendees can integrate that into their business case.

If you look at the cost of onboarding a vendor or making a profile change on a supplier, and you take all the time and effort that goes into that, a good chunk of that can be reduced and offset. If you’re able to eliminate manual procedures, including all the verifications that you do manually, whether it’s going to the IRS website or doing a bank account verification or something that a person actually has to do, that’s one area. Elimination of data entry into the master file also improves accuracy, which reduces exception items. Exception items are getting increasingly expensive, so the cost savings can add up quickly.

You want to identify all these types of tasks that you can eliminate through a self-service supplier portal. A technology provider can help provide you with some benchmarks and empirical information to help quantify what types of benefits you’re likely to achieve. Financial Operations Network has a template that they’ve created to help build out a business case. Anyone interested in going through that exercise is invited to contact Phil at the end of the webinar to arrange a time to meet regarding that template.

Another area of savings with a self-service supplier portal is soft dollar savings. These are the types of things that aren’t always easy to quantify but can add up fast. Stronger supplier relationships, corporate reputation, collaboration in the organization, and access to operational metrics through enhanced reporting are examples of soft dollar savings. Phil, talk to me about some of the benefits your clients have been able to achieve and how we can work those into a business case.

It really gives them more time to start spending on other initiatives that help improve their operations. Improved timeliness from the time the vendor provides information until that information gets into the vendor master file can be huge. The portal can help you see that whole cycle time and identify where the approval process is getting bottlenecked. All of this can give you insights into how to further reduce the time it takes, resulting in better vendor relations. Risk reduction is a little harder to measure, but it’s there. The likelihood of a problem times the cost of that problem is a way to put a dollar amount on it.

How much money are organizations able to contribute through risk avoidance? Just how big could the savings be, Phil?

The cost of dealing with a bank account or payment fraud is more than just the fraud itself. We have not heard of any instance where someone has paid the wrong amount to a vendor over a period of time before they recognized it, that was lower than $500,000. It’s a meaningful amount of cash in the organization.

Additionally, you’ve got all the time and effort of resolving the problem, talking with the vendor, dealing with legal authorities, and dealing with insurance companies. This is all expensive.

The same is true for sanctions violations.

In addition to the fine, you’ve got all the time invested in dealing with the Treasury Department. There’s the problem itself and the cost, but there’s also the time invested in resolving the problem.

Hard dollar savings, soft dollar savings, and risk avoidance are the pillars of a successful business case for a self-service supplier portal. You want to put together a model that shows senior management exactly what you expect to achieve through automating with a self-service supplier portal. Present three different scenarios to senior management: a best-case scenario, a worst-case scenario, and a most likely scenario. Presenting all three scenarios will show senior management the upside and downside risk to a business case.

What type of ROI do organizations achieve from automating their supplier onboarding process with a self-service portal?

Just how quickly can you achieve ROI?

Implementation typically takes between 30 and 60 days. We find that the ROI kicks in probably 30 to 60 days later. Our customers tell us that this more than pays for itself out of the box. When you include the soft costs associated with it and being able to divert time to other areas because of the reduction of exception items and manual costs, it really adds up. An ROI of 100% is possible, but it depends on the individual customer. With diagramming someone’s process and going through their current process and costs involved, as well as diagramming the new process, you can provide a template that gives them an expectation of what their ROI should be.

What’s the biggest mistake folks make when building a business case for a self-service supplier portal?

They feel they don’t have the bandwidth to create a business case. We’ve put together a template that addresses this, helping folks assess interest and go into the details about how the Vendor Info application will benefit their organization.

What’s the key message you want to leave folks with today?

If you’re looking to implement a portal sometime in the next 6 to 18 months, drop an email to me personally. We can provide you with the tools that other folks have used to assess interest and go into the details about how the Vendor Info application will benefit your organization.

That brings us to the Q&A portion of this webinar.

Joseph writes, “What’s involved from an IT perspective on integrating this solution with our ERP?”

It’s very easy. We can do this in a number of different ways. One of the most common ways is to provide a file that your folks can take and plug right into the vendor file in your ERP system.

Emily wants to know, “What is it senior management looks for most commonly in a business case for a self-service supplier portal for supplier onboarding?”

A couple of things. They’re definitely looking at cost, but they’re also looking at risk avoidance and mitigation. Streamlining activities is key, but I’d say cost savings and the value of risk mitigation, including fraud mitigation, are most important.

Caryl wants to know, “What type of supplier adoption she can expect from your solution. Will suppliers use this?”

It’s a very easy-to-use system. Our customers tell all of their suppliers that they have to use this. We’re looking at 95-96% adoption.

That will be our final word today. Phil, thanks so much for an excellent presentation and for sharing your insights with us today. Thank you all for taking time out of your busy days to join us. If you need more information about self-service supplier portals or building a business case to automate your supplier onboarding process, we invite you to reach out to Phil at the contact information now displayed on your screen.

Additionally, if you’re interested in receiving a copy of that business case template that Phil described, feel free to contact Phil. On behalf of Financial Operations Network, I’m Mark Brousseau. Thanks so much for joining us, everyone. I’ll speak with you again soon.