Vendor portals (supplier portals) can be a powerful tool in enabling a vendor self-service based vendor management program in your organization. The functionality can provide tremendous benefits to your procurement and purchasing operations as well the finance and accounts payable departments. By leveraging the flexibility of a supplier portal, or vendor portal, companies can automate non-value add processes and enable vendors to collaborate with your organization on-line, 24×7 from anywhere in the world.
A vendor portal (or supplier portal) refers to a portal that allows vendors to access payment information and submit necessary information in the form of documents or data. The portal is also the vehicle where the buying company can provide documents and data to the vendor related to transactions between the two organizations. The reality is that vendor portals provide a very wide range of functionality that allows buying and selling companies to collaborate, communicate, and transact in a highly efficient manner. The supplier portal is in and of itself just the mechanism that allows an efficient manner for buyers and sellers to work together and insure healthy supply chains for the buying company. The real advantage of these portal based tools is the wide functionality and level of collaboration that can be built into these supplier portals, targeted toyour specific needs. Below is a partial list of some of the more popular functions being performed using vendor portal technology:
- Vendor information management
- Vendor onboarding and maintenance
- AP automation
- Web invoicing
- PO flip
- Payment inquiry
- Dispute submission & tracking
- Dynamic discounting
- Document assembly and data capture
- PO dispatch & update
- Diversity validation and tracking
- Approval workflows
- Data validation (TIN validations, DUNS number, etc.)
- License, certification, insurance certificate (including expiration management)
- Deduction, charge-back, rebate processing
- Reports & dashboards
- and much more
Based on your industry, company, and supply chain needs, vendor portals and supplier portals provide a vehicle for on-line 24x7x365 vendor self-service and collaboration that deliver the information both parties need for efficient transactions and streamlined dispute resolutions.
To maximize your ROI and manage change with your vendors and supply chain, implement the portal in a phased approach, tackling the high value processes first and adding on as you go. One size does not fit all so chose a portal that is flexible and scalable enough to fit your dynamic business and strengthen your supply chains all while delivering a return on investment through increased vendor self service. To learn how you can benefit from a vendor portal in your organization contact ICG Consulting today Contact ICG or Schedule a demo for you and your team! To view recorded demos or webinars of ICG’s vendor portal based solutions visit ICG’s YouTube page.