In this new social distancing world, push non-value add tasks back to your vendors.
Vendor self-service is hardly a new concept, it has been gaining traction steadily, especially with larger companies. Using the many procure-to-pay tools and systems in the marketplace companies can reduce costs and gain efficiencies by pushing non-value add activities out to their vendors. Vendor self-service is a business tool that can be applied to almost every phase of the procure-to-pay cycle through the use of a vendor portal, or supplier portal. Vendor portals allow your vendors 24×7 access to information from anywhere in the world. Not only can your vendors access important information without calling or emailing your staff, they can use the portal to supply you with the data and documents you need to do business with them in a contact-less, touch-less environment.
Portal based vendor self-service solutions should be modular in design yet have all the necessary functions to deploy a full featured solution over time. Some of the labor intensive functions a vendor portal solution can facilitate in the procure-to-pay cycle include: vendor onboarding (supplier onboarding), invoice presentment/submission, payment inquiry, dispute management, dynamic discounting, and so much more can be part of a well designed vendor self-service program. And the benefits are enormous! Labor savings, clean accurate data, transparency with your vendor community, visibility into payments for vendor and buyer, reduced risk, increased discount capture, and more efficient processes are just some of what you should expect.
In today’s environment remote work from home, or satellite offices, is becoming more the norm. Beyond vendor self-service, vendor portals offer your business an increased ability to communicate with vendors and have 24×7 access to supplier data and documents from anywhere. But portals offer even more if you are looking to transfer more of your back-office processes to remote operations. Cloud hosted solutions like AP Automation to include workflow management, data capture and document assembly, and complete ERP integration options can enable a remote workforce and reduce expenses. In today’s ultra-challenging economic environment, vendor portals and vendor self-service can ease the pain and set your company up for the future no matter what size your company is. Contact ICG and we can show you how our cloud hosted vendor portal and vendor self-service solutions can help transform your financial back-office and transaction processing operations.