The benefits of vendor portals
How can organisations utilise vendor portals, a web-based vendor management solution, to drive productivity and customer satisfaction?
What is a vendor portal?
Vendor portals (also known as a supplier portal) are scalable, secure enterprise systems designed to manage procurement or processes by seamlessly connecting the buyer to the supplier through a common application. Typically used by companies, organisations and/or government agencies that operate with numerous vendors at a large scale, vendor portal software facilitates the management of the entire service ecosystem and align all business tools and processes in a centralised location.
As a configurable solution, vendor portals can be deployed with seamless integration into current internal enterprise systems to provide additional functionality. In addition, they can be accessed 24/7 via secure login, as well as act as a starting point for both employees and customers alike. Furthermore, vendor portals can also be integrated with standard business tools such as email, CRM or other applications.
In this blog, we will discuss the vendor portal benefits and how they can help organisations to drive productivity.
The benefits of vendor portals:
- Scale up operations and offer 24/7 availability – With vendor portals, the automation of day-to-day transactions such as purchase orders and invoices for example, can be managed at a large-scale, significantly reducing the number of supplier queries relating to when an invoice will be processed and paid.
Particularly for small and medium-sized businesses who may not have the in-house resource, expertise, software or budget to operate and manage large-scale operations, vendor portals remove the red-tape, enabling those organisations to scale up their activities and engage in international markets. Through vendor portals, anyone with an internet connection, mobile device or desktop computer could connect and engage with businesses in real-time, 24/7. Subsequently, vendor portals deliver a new level of high-quality service, giving customers and employees everything they need in a single location.
- Facilitates process automation and adaptability – With vendor portals, back-end processes such as accounting, administration, communications, data processing, data management, document handling and much more, can all be automated and managed. By having these processes online, organisations can reduce the cost of these activities and the amount of resource they allocate to them, allowing them to redirect their resources to other critical areas and generate positive ROI.
In addition, vendor portals can be readily adapted to meet changing demands, whether those demands be technological or business growth orientated.
- Dispute resolution and improved service – Instead of numerous phone calls to the supplier, which may or may not go through, with vendor portals, customers can quickly see the status of any open/outstanding Invoices or orders, with the ability to leave a support ticket relating to their problem or query in real-time. With vendor portals, organisations can keep their transactions flowing smoothly and customers happy as communication and correspondence is logged in one centralised location.
In the past, out of sync information would result in delays in transactions or complications, but with vendor portals, information is continuously updated and readily available, allowing organisations to drive data-driven insights and deliver better services.
Evidently, vendor portals not only offer organisations the opportunity to align all their processes under one roof, improving overall visibility and productivity, but also the ability to scale up their operations and provide additional services to their customers. With vendor portals managing the supply chain and customer service process, organisations can drive ROI, engage with more customers more frequently through automation and reduce the time spent on more basic activities.
Discover the benefits of the Invu Supplier Portal, a web based and mobile friendly order & invoice tracking system that offers a streamlined integration with Invu’s Purchasing & Accounts Payable (AP) solutions.
The Portal has been designed to offer increased visibility of invoices and where they are in the approval process, significantly reducing the number of supplier queries relating to when an invoice will be processed and paid.