6 Reasons to implement Supplier portal for your business

If your company manufactures a product and is sustained by a supply chain, then you are interested in creating efficient supplier management that streamlines processes and reduces costs, in order to ensure long-term success. Work with a Supplier Portal is a great option, as it will be part of your global strategy helping you to seek all opportunities with suppliers capable of bringing efficiencies to your business processes and allowing significant transactional improvements.

Today, the technological and digital transformation of a company is more than a trend. New technologies bring with them new forms of communication, organization, work, negotiation and interaction with the other party. The window that opens this new world is applications, software or portals. Of all the Supplier Portals occupy an important place in the management of companies.

But what is a Supplier Portal?

A Supplier Portal is a tool that facilitates communication and interaction with Supplier Company. Thus, companies that work with suppliers centralize and organize the tasks and transactions with them, generating two-way communication and feedback that is highly beneficial for both parties.

Our Supplier portal solutions are very complete and perfectly designed to add substantial value to the daily work between companies and their suppliers.

They can be used to transfer and organize data or to facilitate transactions for both the Buyer and the Supplier. Provider portals are configurable and can be used to perform multiple functions or just some. Typically, a company can simply deploy the modules it wants or have the vendor customize something new. Portals can be deployed with seamless integration with your current internal business systems, making them feel like normal expansions.

As such, vendor portal software provides employees with a centralized starting point where they can access all of the required business-related functions. But also open a window to the provider, who will be able to consult and review different types of information, in addition to facilitating contact.

Main reasons to implement a Supplier Portal

As we have said previously, suppliers are a very valuable asset which must be taken care of and work on continuous improvement. An organization needs strategic partners, or allies, and suppliers have become that critical factor in that role.

Thanks to a Supplier Portal, the stage and the appropriate configuration are built so that the company and suppliers assume a closer, effective and real role. Let's see what are the main reasons to implement a Supplier Portal in your organization:

Full transparency between the company and the supplier:

One of the big issues underlying the use of a Supplier Portal is transparency. Suppliers have absolute visibility on different company issues. Online and updated information that generates confidence and an efficient use of decision making.

Improved collaboration between the company and the supplier:

 In the task of creating a strategic ally in suppliers, the Supplier Portal is established as a fundamental pillar. These applications allow the creation of a context of collaboration and daily contact between parties, suppliers and companies are a joint part of the business processes. The similarities increase and the differences are minimized, strengthening the relationship. The new visibility allows the two parties to collaborate on corrective actions to improve the overall performance of the supply chain. Dispute resolution is another process that benefits from shared view on a portal.

Supplier self-management:

These portals offer a window to providers, where various tasks can be self-managed that minimize time and provide greater efficiency and performance. For example, a high percentage of the volume of accounts payable is in the billing process. Thus, suppliers can enter their invoices; check their status and other procedures.

Greater knowledge of the diversity of suppliers:

The diversification of suppliers is one of the most business strategies used by companies. The use of several providers have the information required and the updated status thereof . A provider portal provides space for your providers to update their information. A custom form gives you control over what information is entered and how it is entered, how it can be used, geographic location, size, and many other parameters.

General automation of processes:

A supplier portal allows you to automate many aspects of supplier management, dramatically reducing your administrative workload. In addition to automating the provider, which can receive notifications, about open opportunities, reminders to send expense reports and other documents.

Different functionalities:

A Supplier Portal provides a large number of functions and features that optimize its performance. So it is very common to find, among others, the following functions: CRM (Customer Relationship Management) tools, work group systems, Billing systems, Contract management, Product catalog management, etc.

A Supplier Portal is one of the most versatile and valuable tools. Save time and money by reducing administrative workload so you can focus on increasing and strengthening your diverse supplier base.

It facilitates the knowledge of the personalization of the suppliers, speeding up the communication and the maintenance of updated information between both parties.

It is a vital tool for running an efficient and productive supply chain. Use it to automate the routine, to alert you to the unexpected, to identify potential in your supply chain, and to meet your goals.

Do you want to create your own supplier portal? Contact us to learn more about EIMSolutions Supplier Portal today!!