Business finds itself in a very interesting situation, as the economy starts to reopen and business is starting to boom, labor is still hard to find despite a high number of jobless people. This trend favors companies who are investing in back-office applications to reduce costs and promoting higher levels of vendor self-service so they can do more with less. Using cloud-hosted tools like Vendor Portals, AP Automation, Vendor Onboarding, PO Dispatch & Update, Dynamic Discounting, rules driven Workflows and advanced Data Capture, companies are finding they can expand their top and bottom lines without significantly expanding resources to support back-office functions.
Cloud Hosted Vendor Portals
A key technology that contributes to a more efficient financial back-office and delivers benefits to both buyer and seller are Vendor Portals, or Supplier Portals as some refer to them. The vendor portal has been a tool for a long time but until recently its adoption has been relatively low, found mainly in certain industries and generally by larger companies. But that has been changing and changing rapidly. From Procurement to Accounts Payable, a cloud hosted vendor portal provides an important platform for parties to communicate, collaborate, and transact 24×7 from anywhere in the world. In the current challenging times we find ourselves in, vendor portals can also provide a business critical platform to support a remote workforce both internally and externally. And a vendor portal (or supplier portal) can be adapted to many more processes than most people realize.
Everyone Loves Vendor Portals
- Increased Communication
Be proactive in communicating with all (or a subset of) your current and potential vendors.
Powerful messaging capabilities allow your team to communicate in real time with your vendors.
- Better Service for Vendors
Answer vendor inquiries immediately and provide valuable information at the click of a mouse. Your vendors also become more efficient, stable, and responsive.
- A Portal Focused on Your Actual Needs
We develop vendor portals that adapt to your business processes, not the other way around!
Financial Vendor Portal Benefits
- Return on Investment. The biggest benefit of a vendor management portal is the ROI. In most cases the return begins immediately as labor intensive tasks are transferred from in-house to the vendor.
- ERP Independent. ICG is unique in that we work with your current platform – our software conforms to you and does not require a transition.
- Added Functionality made Affordable. ICG Consulting’s vendor portals are developed to allow you to take advantage of, and pay for, only that functionality that you need. If future business conditions warrant, you can add different pieces of functionality to your portal when you want.
- Dynamic Discounting. For Vendor/Supplier/Payment portals, Dynamic Discounting can be a substantial profit and/or cash-flow center.
Technical Vendor Portal Benefits
An ICG vendor management solution can scale from small to large in terms of functionality as well as transactional activity.
Your vendor portal can adapt to both business growth and technological advances.
- Cloud hosted
Your vendor portal (supplier portal) will be cloud hosted as a single tenant solution. This means that your portal will looks and act the same as if it was on your servers. No data or application sharing with other companies.
- Technology Independent
We work with your existing ERP and back office applications no matter what the technology or platform.
- Complete Administration Control and Security
Our vendor portals and supplier portals include robust, bulletproof security. You control who gets in and how much privilege they have, right down to the individual user level.
There is no better time to look at a vendor portal for your organization, or add more functionality to your existing portal platform. Are you ready to take a fresh look at vendor portals to increase efficiency in your finance and procurement back-office operations ? If so click for more information or schedule a demo with ICG for your team.