What is Vendor Self-Service?
Vendor Self-Service is a benefit of Vendor Portals and Supplier Portals. They allow a vendor to provide and access information without intervention from the buying company. This data may be necessary for vendor onboarding, compliance or payment or may be the results of payment status or payment dispute inquiries. By providing the vendor data from a companies ERP or AP Automation or Workflow solution in a 24 x 7 vendor portal, or supplier portal, the buying company can reduce the significant labor involved otherwise in collecting and distributing this data and related documents.
Why is it important?
Vendor self-service offers numerous advantages for companies. By empowering vendors to independently access and manage information, organizations can significantly streamline their accounts payable processes. This leads to reduced administrative burdens, faster invoice processing times, and improved cash flow management. Additionally, self-service portals enhance supplier satisfaction by providing real-time visibility into invoice status and payment information. Ultimately, this increased efficiency and improved vendor relationships contribute to a stronger supply chain and overall business performance.
ICG specializes in providing vendor/supplier portals to its clients. This allows them to have self-service functionality. To learn more about how you can benefit from a vendor portal and the functionality that comes with it, contact ICG here or request a demo.
