Push non-value add tasks back to your vendors
Vendor self-service is hardly a new concept, it has been gaining traction steadily, especially with larger companies. Using the many procure-to-pay tools and systems available, companies can reduce costs by delegating non-value add tasks to their vendors.
Vendor self-service is a tool that applies to almost every phase of the procure-to-pay cycle through vendor portals. Vendor portals allow your vendors 24×7 access to information from anywhere in the world. Not only can your vendors access important information without calling or emailing your staff, they can use the portal to supply you with the data and documents you need to do business with them in a touch-less environment.
Portal-based vendor self-service
Portal-based vendor self-service solutions should be modular in design yet have all the necessary functions to deploy a full-featured solution over time. Some of the labor intensive functions a vendor portal solution can facilitate in the procure-to-pay cycle include vendor onboarding (supplier onboarding), invoice presentment/submission, payment inquiry, dispute management, dynamic discounting, and more. And the benefits are enormous!
Labor savings, clean, accurate data, vendor transparency, payment visibility, reduced risk, and increased discount capture are some expected benefits.
In today’s environment, remote work from home or satellite offices is becoming the norm. Beyond vendor self-service, vendor portals offer your business an increased ability to communicate with vendors and have 24/7 access to supplier data and documents from anywhere. But portals offer even more if you are looking to transfer more of your back-office processes to remote operations.
Cloud-hosted solutions like AP Automation, workflow management, and data capture and document assembly, enable a remote workforce and reduced expenses. Vendor portals and vendor self-service can set your company up for the future no matter what size your company is. Contact ICG and we can show you how our cloud-hosted vendor self-service solutions can transform your financial back-office.
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