The Silicon Valley Bank collapse and the subsequent closing of Signature Bank has caused a lot of uncertainty in the business world, and our clients are no exception. Many are asking us what this means for them and for their suppliers on SAP Ariba.
We are going on the assumption that many companies that banked with SVB last week have since found an alternate bank, at least temporarily. That means the bank accounts a supplier might have on the SAP Business Network (formerly Ariba Network) or have populated within Ariba SLP or ERPs, are no longer processing transactions.
Here is our advice for taking control of the situation proactively to avoid issues down the road:
With the stress and uncertainty that many are already facing, especially when it comes to many types of financial transactions that are dependent upon electronic transfers, it can be easy to forget all of the areas where your banking information is used. Proactively reaching out to your suppliers to give them a playbook to follow will ease the burden for your suppliers. It will also help to prevent problems before they occur so you don’t have to put out fires associated with this issue down the road.
CCP Global specializes in an agile, customized approach to our projects, which has enabled our clients to save billions in spend over our 25-year history. Our consultants are among the most experienced in the industry and can help you get the full ROI you expect from your Ariba investment.