Vendor On-boarding & Administration
Many vendor portals in the market today breakdown into two major categories: those that focus mainly on the procurement department and activities and people that focus on the transactional activities of the accounts payable department and related functions like vendor services.
One of the things we hear from our clients, and other financial back-office practitioners, is that there is a significant gap of activities that often falls into a gray area. That gray area comprises a set of activities, transactions, compliance monitoring, and data/document gathering that often overlaps both the procurement and AP functions. That can manifest into a lot of inefficiencies, redundancies and frustration on the part of both parties and more importantly, the innocent vendor who gets caught in the middle.
Often procurement will setup a new vendor and and gather all of the appropriate data and documents it needs to set them up as a registered vendor ready to do work with that organization. Unfortunately, being setup as a registered vendor and being setup to be paid by the AP department can be two different things with the result being a vendor doing business in good faith and invoicing that organization for goods and services provided only to find out that payment is being withheld because the information needed to set that company up for payment is missing because of an incomplete process.
A comprehensive Vendor Portal solution should have the depth and breadth of functionality in one solution to be able to address both the transactional side as well as the vendor on-boarding and maintenance activities. If this is an issue in your organization give us call, we can help.