The solution instead relies on the data that flows through from using the card to substitute all internal paper processes and therefore reduces internal procurement costs and drives end-to-end process efficiencies whilst building long-term supplier relationships.
Best practice and innovation
The introduction of an embedded virtual card number solution across key suppliers enables the YW Shared Services Team to reduce costs, improve process efficiencies, remove systems, and reduce purchase order and invoice creation, whilst still receiving accurate data and transactional information to meet compliance, governance and tax requirements. Furthermore, working closely with suppliers in developing the solution whilst integrating the card numbers into its systems, cements supplier relationships and drives best practice in YW’s supplier and procurement process.
“We trialled the concept first with one of our suppliers, working alongside them to ensure the solution was successful for both parties. The trial proved to be very successful and saved up to 16 hours a week in processing time,” explains Carolyn Bywater, HR Finance and Procurement Support Manager, Shared Services, Business Support Group.
Yorkshire Water is now working alongside other suppliers and RBS to integrate more suppliers into the programme so that significant cost and time savings can be made. The virtual card programme is also aligned with the Shared Services (Yorkshire Water) initiatives of “eliminating paper for good”.
It comes as little surprise, then, to learn that: “Where it is appropriate to do so, this solution will be rolled out across a wide base of key volume suppliers,” says Bywater.