Nowadays most teams that deal with suppliers or vendors are struggling to keep up with the increasing volatility of market and top the race with their competitors. But, most of these organizations are still stuck with the older, legacy ERP systems that pulls them back from the rest.
Whether it’s an old legacy ERP software with a built-in procurement module or a standalone system, the rigidity of these systems make it very difficult to bring a digital change in the process. These systems can neither bring in business agility nor provide much-needed efficiency in supplier management operations.
On the other hand, a vendor portal that are highly flexible can help the admin team meet all their policy requirements, help them grow and scale as they grow. Now let’s see the benefits of the vendor portal
7 Key Benefits of Vendor Portal
1) Breakdown of data repository – Supplier management process evolves around a large number of stakeholder’s like the vendors, requisitioner’s, finance team, inventory managers, procurement leaders and many more. Different system and separate data repositories impact the quality of the supplier management portals resulting in lack of clarity, long process time and missed opportunities.
However if all the communications, conversation, data and collaboration happens in vendor management portal, all data stays in a single interface. Vendor Portal from Sciqus can not only simplify the data management but also simplify all the other vendor management processes.
As per a survey nearly “66% of organizations” are planning to automate and centralize the vendor management processes.
2) Address the Poor Supplier Performance – Supplier management team is loaded with so many tasks that it becomes difficult for them to track the supplier performance. Inconsistency in feedback and manual evaluation of suppliers creates a lot of burden on the team and failing to evaluate the suppliers can leave a huge negative impact on the business.
With an automated vendor portal that displays up-to-date, consistent information about vendors and their performance, businesses can analyze the segregated quality data to get deeper insights, identify the risks and opportunities resulting in better deals.
3) Eliminate Dark Purchasing – Dark purchase may rule the business when there is manual management and use of the outdated, separate tools to manage the suppliers. This leads to costs incurred outside the scope of established practices, such as redundant or unnecessary purchases and submissions to unauthorized vendors.
A great vendor portal can allow every stakeholder (as per their roles) to see what’s going on thus bringing in the transparency.
4) Super Shelf for Vendors – Managing supplier data manually has now become a history. When vendors have to go to the procurement department for all small needs and clarifications, it is a waste of time for both vendors and the procurement department.
An automated procurement experience using a vendor portal, thus reduces the processing time and makes the lives easy for both the parties. Vendor Portals can empower suppliers to see and manage the data all by themselves.
5) Remove Approval Congestion – A system or process that has a lot of human or manual involvement will always lead to human errors and risks associated with them. In a manual system people tend to do the things in their own way.
An effective automated process will address these issues with role-based access, protecting sensitive information & restricting the access only to relevant stakeholders. Additionally, it will also reduce the work load on both parties.
6) Mitigate the Procurement Risks – Now is the trend to do more with less and the supplier management teams are trying to figure out the way for cost control and mitigate the risks along with coping up with their out-dated vendor management systems.
Vendor Portal from Sciqus can reduce time, cost, risks and help the admin team to concentrate more on the human centric work. With seamless collaboration vendor portal allows smooth exchange of documents, information through centralized system thus reducing the risks and duplicacy in the system.
7) Strategize with Awareness and not Assumptions – Vendor portal collects and organizes data about past purchases with ready to use report which helps in vendor assessment, their pattern, and gain insights allowing the team to make the correct decision.
Conclusion
With our vendor portal businesses around the world can get a guided framework which can be further tailored as per their business or organization needs.