One size does not fit all, don’t limit your options.
Vendor portals are powerful business tools that can address numerous pain points in your current Accounts Payable operations. Vendor portals can provide a platform for vendor self-service that can have immediate financial and human resource impacts on your organization. But beware, not all vendor portals provide the flexibility and configurability to help you address the areas of concern and inefficiency your organization may be dealing with. When selecting a vendor portal, make sure that the solution you choose can address areas of pain where you are looking for some relief. The chart below illustrates this point by listing common areas of pain in AP operations and the corresponding relief provided by vendor portal (supplier portal) functionality:
With this in mind, organize your thoughts when looking to choose or implement a vendor portal. Decide which sets of functionality will deliver the biggest bang for the buck:
- Select functionality that drives the maximum value to your organization
- Don’t solve ALL the problems, just solve the first one then move on to the next
- Progress over perfection
- Add functionality to your portal based on YOUR organizations needs
Vendor portals can deliver tremendous value to your company by promoting self-service, assist in AP automation initiatives, provide a communication vehicle between you and your vendors 24×7, reducing the burden of non-value add activities for your AP staff, and supporting remote workforce situations for your vendors and your company.
For more information on how vendor portals (supplier portals) can add value to your AP operations contact ICG or to schedule a discussion and/or demonstration of vendor portal solutions click here and we will get back to you ASAP.