Vendor Portals, or Supplier Portals as some refer to them, have been around for many years but recently have become a must have technology for vendor management. From Procurement to Accounts Payable, a 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) is the foundation of establishing a vendor self-service initiative for your organization, which can create tremendous back-office efficiencies by transferring non-value added supplier management tasks back to your supplier and vendor partners.
With the tremendous economic and operational benefits that come from vendor self-service, vendor portals and supplier portals have exploded in popularity recently. Cloud hosted portals have gone from a technology mostly used by large, vendor focused organizations to a platform now available to companies of all sizes in all industries. Consider what a comprehensive vendor portal can deliver:
- Vendor onboarding (supplier onboarding)
- AP Automation
- PO dispatch and updates
- Payment inquiry
- Online invoice submission
- Payment dispute submission & tracking
- Dynamic discounting & supply chain finance
- ERP and Systems Integrations
- Reporting & Dashboards
- and much, much more
Take your back-office operations to the next level!
ICG Consulting’s cloud hosted vendor portal solutions can be deployed in a phased approach, building a comprehensive P-to-P vendor management, self-service platform over time. Start with the process and functional areas that will realize the most benefit first to establish an ROI and get buy in for the larger portal. Then you can add functionality and address different solution areas in a phased, managed approach. There is compelling results in productivity and cost reduction by having all of this functionality on a single platform with the vendor now assuming many of the manual tasks and research that was once entirely the responsibility of your companies operations and human resources.
Much like we have seen in other areas of financial back-office operations, users are looking for efficiency, automation, and increased collaboration with internal and external stakeholders. Cloud-based vendor portals and supplier portals offer the perfect platform to build your vendor management and self-service programs and start realizing the tremendous economic and operational advantages they offer. Learn more about the many different solutions that can be deployed in the cloud to assist your company by contacting ICG Consulting today for more information. Or you can click here to schedule a demo of one of ICG’s cloud hosted portal solutions, or if you wish to view a recorded demo visit ICG’s our YouTube site .