5 Benefits of Supplier Management Portal
For procurement businesses, maintaining the database manually is time-consuming. Data entry, follow-up with suppliers, updates, changes, and other tasks can be mundane. With increasing suppliers, any disruption can cost your business reputation and finances.
To grow a business, you need to overcome the drawbacks your supply chain faces. The business supply chain must evolve to meet demands and new challenges. With the help of a supplier management portal, you can streamline the whole process.
A supplier management portal is an innovative web-based supplier management solution. It provides a path to work and communicate with the supply chain in a safe and secure online environment. With automation feature, it reduces workload from repetitive tasks and provides accurate information. It also provides you with solutions to improve your business.
With a supplier portal you can build a strong relationship with your suppliers. You can deal with all the process that goes behind managing a supply chain from contract negotiation to sales report. Let’s have an in-depth look at the benefits of the supply management portal.
Reduces Manual Admin Workload
With a supplier portal, you can automate many aspects of the supply chain. It reduces manual workload. It automates the process to provide copies of documents, invoices, reminders, data updates, certificates, insurance certificates, and more.
A good vendor management portal will remind your suppliers to submit reports. It will provide new upcoming opportunities and other information to keep them updated.
The user receives notifications and reminders through this portal. It reduces admin time of checking the data, verifying it, and sending reminders. You can also customize your portal and send custom notifications to different suppliers.
Real-Time Data Integration and Analysis
You can provide vendors and suppliers with a shared view of data integrated with ERP. ERP system ensures accuracy, speed and eliminates errors. Any changes made are reflected on the portal in real-time. It allows vendors and suppliers to analyze the situation and act accordingly. It saves them from miscommunication generated by using different asynchronous applications.
Supplier Information Management
An automated supplier onboarding process will save you from a process that takes days to complete. Suppliers can log in to their account and view account information, quotations, order history, invoices, delivery dates, and more. The automation feature will alert you and suppliers about expiring elements to take timely decisions. As the data of suppliers is instantly updated in ERP, it will allow you to view correct information in real-time.
Centralizes Supplier Chain Communication
A supplier portal solutions have a centralized communication facility. You can manage proposals, contracts. It also has chatbots for easy follow-up that will save you from sending emails for minor updates. An efficient portal will have multi-language support. Even if you are dealing internationally, language barriers won't come your way.
Tracks Your Suppliers
With a supplier management portal, you can track purchase orders and their delivery. You will have a brief idea about pending orders and due dates. It provides deep insight into the supply chain to ensure business growth.
You can generate custom reports based on the data of suppliers to keep track of targets. It will let you identify the potential risk of being more dependent on a single supplier.
Conclusion
A supplier portal is an essential tool for running a productive supply chain. It will let you deal with your suppliers effectively and create a worthy impression. You can overcome the challenges that procurement businesses face and make your supply chain easy to handle with supplier portals available in the market. A supplier portal will let you customize according to your requirements and prosper your business. We hope this article is helpful to you in understanding the supplier portal and its benefits.