Written by Megan Catt.
At NC State University, managing supplier information securely and efficiently is essential to ensuring timely payments, minimizing fraud risk and supporting strong relationships with our vendor community. To support these goals, the Supplier Information Management (SIM) Team in Procurement and Business Services is dedicated to collecting, verifying and managing supplier data using PaymentWorks, an industry-leading platform. The decision to adopt PaymentWorks in July 2021 demonstrates NC State’s commitment to transformation, innovation and operational excellence.
Why PaymentWorks?
In 2021, the Procurement and Accounts Payable teams in the Finance Division evaluated the established vendor onboarding process, seeking ways to reduce fraud risks and improve vendor data management. As we evaluated different available platforms, we found that PaymentWorks met our needs while offering vendors the ability to connect their information across an extensive network of payor organizations. The PaymentWorks founders envisioned creating a global network of businesses that share highly sensitive data in a secure environment.
“Why isn’t there a shared address book in the cloud for every company?”
PaymentWorks co-founder Thayer Stewart
PaymentWorks was implemented as our SIM portal to provide a secure, cloud-based supplier onboarding platform where vendors can register once and update all profile information in a single location. This includes critical remit addresses, tax documents and sensitive banking details. Just as importantly, the platform verifies the authenticity of that information so NC State can trust the supplier records we rely on.
Here are a few highlights of the impact that implementing a supplier management system had on NC State business processes:
- Verified Supplier Onboarding: New vendors register through a secure portal and are verified before making payments. Over 22,000 suppliers have been onboarded since 2022.
- Enhanced Fraud Prevention: PaymentWorks helps protect NC State from payment scams and unauthorized changes.
- Improved Efficiency: Replacing paper forms and email exchanges with automation saves time and reduces errors. Since implementation, over $350 million have been processed in secure payments each year.
- Improved Supplier Experience: Vendors have more control and visibility, leading to faster and smoother engagement with the university.
- Improved Data Integrity: Centralized, clean supplier records support better reporting and compliance.
The SIM Team is the university’s contact for supplier registration and data maintenance, working closely with campus departments to ensure an easy and secure process. We’re happy to provide this enhanced supplier experience and to support departments across campus with a solution that’s more innovative and more secure.
Learn more by visiting the Finance Division Knowledge Base > How do I invite a supplier to PaymentWorks?You can also contact the SIM Team by submitting a Help Desk ticket at help@ncsu.edu.