The activities, transactions, information sharing and collaboration required between the buying company and the vendor can be very manual and time consuming. These tasks also reach across multiple departments such as risk management, accounts payable, legal, security, finance, procurement and many other. Many of these tasks surround collecting and continually updating information from those vendors. Leverage vendor portal tools to move many of the manual tasks associated with vendor management from you back to the vendor.
Over the years the traditional method of doing this is the buying company spends many hours (and dollars) chasing after this information, often unsuccessfully. With the use of vendor portals and associated technologies organizations can now move those manual, costly tasks from them over to the vendors. By employing a vendor self-service program with the use of supplier portals and vendor portals, vendors are now empowered to provide information and updates in real time that are fed into the buyers ERP and related systems. Triggers that send notifications when important deadlines are looming can be sent automatically and escalated as the deadlines approach to insure everyone is aware and critical issues can be addressed, such insurance renewals, license expirations, certification requirements, etc.
These powerful portal based vendor management tools are available as cloud based solutions or can be implemented on-premise. Either way, the economic benefits to you and your vendors will deliver a significant return-on-investment.