Vendor Portals, or Supplier Portals as some refer to them, have been around for some time but are rapidly becoming a must have technology for vendor management. So if they have been around for so long, why all of a sudden have they gone from a niche solution to a mainstream business tool? The answer is in the value added functionality that has been developed to turn these once relatively static applications into comprehensive, interactive vendor management tools.
Vendor portals are rapidly becoming the hub at the center of the vendor management and vendor transaction life cycle. With the tremendous economic and operational benefits that come from vendor self-service, vendor portals have exploded in popularity. Consider that a comprehensive vendor portal can deliver:
- Vendor recruitment. on-boarding, sourcing & information management
- AP/AR transaction management
- RFQ & PO dispatch and updates
- Payment inquiry
- Online invoice submission
- Payment dispute submission & tracking
- Dynamic discounting & supply chain finance
- Payments and reporting & dashboards
- And more all in a self-service environment on a single platform
Do What’s Best For Your Business
Of course, all of this functionality does not need to be adopted at once. Rather, it can be deployed in a phased approach as needed, or not. But the benefit of having all of this functionality on a single platform with the vendor driving their own inquiries and processes is truly compelling!
Much like we have seen in other areas of back-office operations, users are looking for efficient, comprehensive, single platform solutions. Having to manage multiple portals on multiple platforms is inefficient, risky and and frankly, very frustrating for both internal users and your vendors.
Platform independent solutions that do not rely on closed networks or force you and your suppliers to pay and pay and pay are becoming the standard. Take a look at what is out there, and you may be surprised how far these solutions have come. Contact ICG Consulting today to schedule a vendor portal demo.