A vendor portal (or supplier portal) refers to a portal that allows vendors to access and provide the buying company with necessary information in the form of documents or data as well as access documents and data provided by the buying company related to the transactions between the two organizations. Submitting invoices, tracking payments and submitting payment disputes are a few of the more popular activities on a vendor portal. Sounds pretty straight forward right? The reality is that vendor portals and supplier portals provide a very wide range of functionality that allows buying and selling companies to collaborate, communicate, and transact in a highly efficient manner. A vendor portal allows this level of collaboration no matter where the parties may reside since geography and time of day are no longer barriers to efficient communication and collaboration. The supplier portal is in and of itself just the mechanism that allows an efficient manner for buyers and sellers to work together. The real benefit is the functionality and level of collaboration that can be built into these supplier portals. Below is a partial list of some of the more popular functions being performed using vendor portal technology:
- Vendor management (including information management)
- Vendor onboarding & supplier onboarding
- AP automation
- eInvoicing
- Web invoicing
- PO flip
- Payment inquiry
- Dispute submission & tracking
- Dynamic discounting
- Document assembly and data capture
- Supplier vetting
- Spend analysis
- Spend management
- Data validation (TIN validations, DUNS number, etc.)
- License, certification, insurance certificate (including expiration management)
- Purchase order dispatch and tracking
- RFP/RFQ/RFI dispatch & tracking
- Deduction, charge-back, rebate processing
- Product catalog updates
- Pricing updates
- Diversity validation and tracking
- Sustainability
- Approval workflows
- 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!