Key Objectives:

Our primary goal is to significantly improve payment timeliness, strengthen supplier relationships, and enhance overall financial efficiency. Specific objectives include:

1. Ensure that 95% of all Supply Chain invoices are paid within 60 days.
2. Ensure that all invoices are paid within the agreed terms.
3. Minimize discrepancies and disputes related to payments.
4. Enhance transparency and communication with suppliers.
5. Foster a culture of continuous improvement in payment processes.

Progress Tracking:

To monitor and evaluate our progress, we will implement the following tracking mechanisms:

1. Key Performance Indicators (KPIs): We will establish KPIs related to payment processing, including payment cycle times, dispute resolution times, and compliance with agreed terms.
2. Regular Reporting: Monthly and quarterly reports will be generated to track progress against established KPIs. These reports will be presented to the Tenderer’s audit committee.
3. Feedback Mechanism: Suppliers will be encouraged to provide feedback on their payment experiences. This feedback will be used to assess our performance and identify areas for improvement.

Transparency and Accessibility:

To ensure transparency and accessibility to all stakeholders, we commit to the following:

• Website Publication: A summarized version of this Payment Improvement Plan, including key objectives and progress tracking details, will be published on our website.
• Regular Updates: Progress updates and relevant information will be shared with suppliers through email notifications, ensuring they are informed about the status of their payments.
• Open Communication: We encourage open communication with suppliers and welcome their input on ways to improve the payment process.

Key Objectives:

Our primary goal is to significantly enhance our payment processes, ensuring prompt and accurate payments to suppliers while fostering strong supplier relationships. Specific objectives include:

1. Timely Payments: Ensure that 95% of all Supply Chain invoices are paid within 60 days, reducing payment cycle times.
2. Adherence to Agreed Terms: Guarantee that all invoices are paid within the agreed terms specified in contracts, eliminating payment delays.
3. Dispute Resolution: Minimize discrepancies and disputes related to payments by improving validation processes and communication.
4. Transparency: Enhance transparency and communication with suppliers, providing clarity on payment statuses and timelines.
5. Continuous Improvement: Foster a culture of continuous improvement in payment processes, striving for excellence in financial operations.

Progress Tracking:

To effectively track and evaluate our progress, we will implement the following detailed tracking mechanisms:

1. Key Performance Indicators (KPIs):
   • Payment Cycle Time: Measure the time taken to process and complete payments, aiming to reduce it by [45%].
   • Payment Accuracy: Track the accuracy of payments, aiming to achieve a [50%] reduction in payment discrepancies.
   • Compliance with Agreed Terms: Monitor the percentage of invoices paid within the agreed terms, with a target of [100%] compliance.
   • Dispute Resolution Time: Measure the time taken to resolve payment disputes, with a goal of reducing it by [30] days.
2. Regular Reporting:
   • Monthly and quarterly reports will be generated to provide detailed insights into our payment performance.
   • These reports will include historical data, trends, and comparisons against established KPIs.
   • Reports will be reviewed and discussed with the Tenderer’s audit committee to ensure transparency and accountability.
3. Feedback Mechanism:
   • A dedicated feedback mechanism will be established to encourage suppliers to provide feedback on their payment experiences.
   • Feedback will be collected through surveys, supplier interviews, and direct communication channels.

Contact Information for Supplier Inquiries:

We are committed to providing accessible points of contact for payment inquiries and concerns to maintain strong supplier relationships:

• Supplier Relations Team: Our Supplier Relations Team is available during business hours to assist with payment inquiries and provide updates on payment statuses. They can be reached at [vendors@verylocals.com].
• Online Portal: A user-friendly online portal will be launched, allowing suppliers to access real-time information on the status of their invoices and payment disbursements.
• Supplier Helpline: For urgent inquiries or escalations, suppliers can contact our 24/7 supplier helpline at vendors@verylocals.com or +91 91540 79093

Transparency and Accessibility:

To ensure transparency and accessibility to all stakeholders, we commit to the following detailed actions:

• Website Publication: A summarized and detailed version of this Payment Improvement Plan, including key objectives, KPIs, and progress tracking details, will be published on our website’s dedicated “Supplier Relations” page.
• Regular Updates: Suppliers will receive regular email notifications containing progress updates, payment timelines, and relevant information to keep them informed about the status of their payments.
• Open Communication: We encourage open communication with suppliers through regular meetings, feedback sessions, and collaborative efforts to improve the payment process.

By implementing this comprehensive Payment Improvement Plan, Verylocals LTD aims to achieve operational excellence in payment processes, benefiting both the organization and our valued suppliers. This detailed plan will guide our efforts to meet and exceed our payment objectives while fostering strong and transparent supplier relationships.