A Vendor Portal (or a Supplier Portal as some people call it) is a web-based, vendor management solution that allows you to collaborate with your vendors in a secure, online environment. Vendor portals provide a web based platform that allows:
- Prospective vendors to easily provide on-boarding information;
- Submit invoices for payment including PO flip;
- Perform 24 x 7 payment inquiries;
- Initiate payment and transaction disputes;
- Participate in workflows to update and correct information;
- Participate in a dynamic discounting program;
- Remain in compliance by updating insurance certificates, licenses, etc.
- Dispatch and update PO & RFP/RFQ/RFI;
- Communicate in real time with vendors and suppliers;
- Pass documents back and forth with vendors;
- Provide ability for vendors to perform complex searches and build reports on vendor activities.
Benefits of a Vendor Portal
Vendor portals and other on-line vendor management tools are ideal for promoting vendor self-service, resulting in increased efficiently and lower operating costs. Most importantly, vendors have access to the portal 24×7 via secure login.
Facilitate Vendor Self-service
Move non-value add research and data gathering functions from your operation back to the suppliers. Allow your vendors to find the information they need when they need it, instead of calling your business and having your resources do the work for them.
Show Real-Time Payment Information
Vendors will have the abiity to track payments throughout the process and get real-time updates, historical data and associated documents via the portal 24x7x365. Vendors can also submit invoices and all related information directly into the Vendor Portal, which speeds up the approval and payment process and provides visibility to all stake holders.
Reduced Internal Resource Demands
Answering call and responding to emails about payments and disputes every month is time consuming and costly. A vendor portal can provide answers to most invoice payment questions in a streamlined, time-efficient vendor self-service environment. In fact, the entire array of a supplier’s transactions and related information can be seen by logging in to the vendor portal.
Expedite and Streamline Dispute Resolution
Vendor portals help facilitate dispute resolutions for supply chain transactions in a collaborative, streamlined environment online. Vendors can easily submit and track the progress of payment disputes on-line.
Provide Dynamic Discounting
Creating a vendor portal is the first step for launching a dynamic discounting program, which provides incredible savings and cash management capabilities.
Read more about the Benefits of a Vendor Portal.
ICG’s Vendor Portal Features
Vendor management portals are ideal for providing better service, more efficiently, and for less operating expenditures. At ICG Consulting, we make sure your vendor portal is designed to meet your business process needs. Any kind of information can be included your vendor portal. ICG offers vendor management solutions:
- Electronic Invoice Submission – Web Form or Upload
- Invoice & Payment Status Inquiries
- Payment Disputes – Submission & Tracking (collaborative issue resolution)
- Two-way Collaboration between Vendors and Businesses (including disputes, rebates, refunds, messaging, uploading and downloading documents, etc.)
- Vendor On-boarding & Administration (applications, documents, renewals, licenses, etc.)
- Dynamic Discounting
- AP Automation
- Procurement related functions such as dispatching and updating RFQ/RFP’s, Purchase Orders, and all related actions and changes.
At ICG Consulting, we offer a variety of delivery models to meet your business, IT and security needs:
- Cloud Hosting: Single-tenant, SaaS type model which ICG hosts and manages in the cloud.
- On-Premises + Hosted by ICG (Private Cloud): In this model, the system integration is housed on-premises behind your firewall, but ICG maintains databases and provide software support.
- On-Premises: Traditional project-based model where solutions reside on client maintained servers and infrastructure behind the firewall.
What Can ICG Consulting Do for My Business?
We can tailor a vendor management solution to meet your specific needs. We help you reach your goals in a way that makes sense for your company and your bottom-line by offering scalable solutions that grow as your company grows. Our technology solutions are fully configurable and ERP-independent, which allows your Legacy System to remain intact.
At ICG, we also help provide a bridge between your suppliers, customers, employees, and the critical information they need to work efficiently. We offer hands-on, all-encompassing solutions by taking into account your current AP/AR processes as well as your technology requirements. Our solutions are technology-agnostic and can be integrated into your current system and buying network.
We are dedicated to seeing you achieve good ROI and are in the business of paying for ourselves. Since we often save companies millions of dollars annually, we are an investment that makes sense. We will be honest with you, and we will always tell you the truth regarding costs, results, and potential benefits of your project.
Contact ICG Consulting today to speak with a representative or schedule a free vendor portal demo. You can also watch a webinar on ICG's vendor portal solutions on our YouTube channel by clicking here.