Suppliers are an important pillar of any organization. The success of any business depends on how efficiently and effectively your procurement function is working. Today purchasers are interacting with vendors all over the world to meet the rising demand from new markets. In this post, we will discuss supplier management, its advantages, and the best practices for the same.

Supplier Management:

In simple words, supplier management is keeping up healthy and effective relationships with vendors. This incorporates every transaction, discussion with a vendor, from contract dealings to report sharing, having meetings to talk about the current sales and analytics. It is dealing with every interaction with your suppliers.

An enormous part of vendor management is likewise to keep up a fundamental give and take of data that would profit to both you and your vendor similarly. It must be a cooperative relationship. Good supplier management software can automate supplier management function. Let us understand why you need supplier management to prevail in your business.

Reasons for Supplier Management:

1. To Build Long-Term Relationships

Vendors are an essential part of your business. They offer the products that you guarantee to your clients. This makes your relationship with them more significant. At the point when you chip away at this relationship by providing them regular updates about how their products are performing, it helps them show signs of improvement at taking care of client necessities. This is beneficial for both, you and the vendor. A good supplier management software having supplier portal login can enhance the relationship significantly.

2. Productivity in Process

Considering the effect your vendors have on your business, it is significant that you stay in touch with them. Contingent upon the size of your business, you need to handle at least one or more vendors. Exchanging emails can be exhausting. To make this more helpful, you can access a supplier management portal having vendor portal function. This will make the exchange of applicable information, consistent and effortless. It makes the successive tasks of arranging costs, keeping up quality checks, and getting updates of deliveries, simpler and quicker.

3. Secures Brand's Goodwill

Supplier management, when done in a good way can transform those vendors into partners. If your vendors are happy with how you manage them, they can become promoters of your brand. Consequently, they can likewise bring various other vendors to work with you. It will expand your business network and successfully grow your business. Vendor portal software can ensure the happiness of your vendors while savings data processing cost to you.

4. Minimizing Risk

In the competitive, fast-paced universe of business, it is essential that you and your vendors understand each other's qualities and shortcomings to work as needs be. This requires good communication. If you treat your vendor with as much regard as you do your clients, at that point you ought not to have any issues. The simplest method to do this viably is to utilize a supplier management portal so that there is no extent of miscommunication that ascents from long email threads and missed calls.

Now,let's have look at the best practices for Supplier Management:

Best Practices:

1. Selection of Suppliers

The selection of the correct partner is something everybody knows. It can change how your business works. The correct partner can give you financial adaptability, dedication and you can confide in them to maintain the quality of the product. Through the RFI function of supplier management software, the procurement team can request required data from the vendors and seamlessly select and onboard the vendor.

2. Two Way Connection

A decent practice to keep up is to convey the littlest of subtleties to one another. But communication doesn't need to be on a need to know the premise. It can likewise include brainstorming thoughts, which assembles a decent long-term relationship. A good vendor management portal with the vendor login portal streamlines the two-way communication between you and your vendors.

3. Vendor Management Portal

Communication is precarious, no matter what. But, with regards to meetings or emails, they are not generally the most effortless to do. This is the place a vendor management portal can prove to be useful. It takes the issue of handling complex and the least difficult of the tasks. It associates the correct products with the correct vendors, which removes the mystery from reaching the correct vendor for the correct item.

The entirety of your vendors, regardless of where they are, can associate with you through your vendor management portal. With such a portal, it is simpler to acquire new products as well. You can request quotations from any vendors, contrast costs that everyone has with an offer, and afterwards, place an order. You can sure that you picked the correct choice from all that is accessible to you.

Wrapping it up...

A supplier portal can resolve all of these administrative and managerial responsibilities. All you have to do is discover the right supplier portal company to give your business heights.

At TYASuite we are 100% dedicated to positioning procurement at the core of business performance. For more than a decade we have been the most trusted leader in the world. With our adherence to helping procurement build even greater business outcomes, we have evolved our portfolio to a complete suite of Procurement performance - eSourcing, Spend Analysis, Supplier Management, Contract Management, and Financial Savings Management. TYASuite plug and play cloud based Vendor Management Software is integrated with Vendor Login Portal to manage your supply chain and give you the best of the experience.

Dealing with supplier database can be an endless procedure since it incorporates a great deal of data entries, many follow-ups, and inaccuracies. Also, you would consistently need to manage it in a superior manner because its data is significant too. For most companies, handling end to end supplier takes more than 50% of their efforts at the overall company level. But what about having automated supplier management software with all information of the suppliers and simple access to data at whatever point required?

Investing in the right supplier portal solution will give you benefits and will automate your endeavours like keeping up the supplier database manually, asking quotations on email, getting the delivery updates on call, receiving the vendor invoice through courier/ email and then entering them manually in the accounting software.

Hence, today many organizations are switching to cloud vendor management software which is integrated with vendor portal login. An integrated vendor management platform gives greater value to the supply chain functions and reduces the overall cost by automating AP Function.

Let's look at the benefits of Vendor Management Software/Supplier Portal Solution.

Benefits of Supplier Portal Solution

1. Supply Chain Automation:

The entire supply chain function starting from vendor onboarding to asking for RFI/RFQ/Quotation to the selection of vendors based on L1/other criteria and releasing the purchase orders to vendors becomes a cakewalk.

Once the purchase order is released, the companies can track the deliveries; vendors can upload the invoices on the supplier portal, which automatically comes on company dashboard for approval, saving a significant amount of data entry time at the company level.

With the help of a supplier portal solution, the entire supply chain gets automated.

2. E-Bidding / Reverse Auction Software:

Many supplier management software comes with e-bidding software or reverse auction software where a supplier can participate in bidding on a real-time basis. Companies can have the lowest possible cost of procurement through reverse auction software. Businesses have saved more than 10% on the overall procurement cost through the reverse auction process.

3. Segregation of Duties:

With a configurable merchant/vendor portal, segregation of obligations turns out to be simple. With an integrated framework into your catalog can provide separate layers of security checks. You can provide role-based access controls also.

4. Cooperative Work:

Well, with the commencement of supplier portal, purchasers and suppliers can share basic views on data that are in sync. This encourages both buyers and suppliers to work with one another and improves the performance of the supply chain.

5. Change in Supply Management:

Supply chain management is a kind of field where change is required and it happens quickly. For instance, purchasers opening up new distribution communities, producing plans, retail stores, and so on. What's more, the correspondence for all these changes was occurring through calls, messages, and so forth.

But, in such a situation, when organizations are presenting new procedures like re-building, improvement in forecasting, buying, naming, transporting, and invoicing methodology, portals give online resources to purchasers to discuss changes with one another without glitches.

6. Track your Suppliers:

With supplier portal solutions, you can track suppliers and their delivery dates. This helps in reducing your inventory holding period and reduces the overall working capital requirements.

It also offers a deep and clear insight into your business progress and features overall growth. The custom reports are based on the data available from the supplier portal and you can keep a track of targets. Additionally, you can even easily identify the potential risks for your business like not being more dependent on a single supplier.

7. Reduce Workload:

With the majority of the work getting automated in the supply chain, it, in turn, diminishes the workload of the authoritative staff. Also, you can automate the signup process of suppliers and pre-qualifying potential suppliers.

Through supplier portals, you can send and receive notifications automatically. You can likewise check things like cross-checking data, expiry of certificates, and sending notifications manually.

The best part is, you can simply automate the way of sending the notifications to your suppliers as opposed to adding them manually from the backend consistently.

Final Words:

The supplier portal solution is an additional component to your whole management of the supply chain since it brings simplicity to the activities in your organization. Also, it helps your staff to deal with your clients to create a decent reputation for your organization.

So, are you looking for a robust supplier portal solution for your business?

Why don't you have a look at the TYASuite Vendor Management Tool? We are a devoted and award-winning service provider and we can help you meet your business needs with our cloud ERP integrated solution.

So, let's discuss your requirements with us, we have a robust solution for you.

In the past few years, the focus around the world has shifted to digitalization. More and more stress has given in shifting the businesses online or use online software to ease business operations. Organizations are trying to mix technology with productivity to achieve greater results. It is happening in all the departments of a company. The procurement department is no exception. With the help of procurement to pay software, they not only function with efficiency but within time limits.

The procurement department plays a very important role in every size of the organization as they are responsible to purchase everything from pin to plane. Their responsibility spans from choosing a product/service to ordering, procuring, paying the bill to make it available for the end-user. Imagine how difficult and time taking it is for them to do all these things manually. This whole process becomes very easy and time effective once an organization has a mature procurement software in place.

What Is Procurement Software?

Procurement software is Cloud ERP based plug and play business software that automates the entire purchasing function of an organization. Starting from creating a purchase requisition, approving purchase orders, shortlisting as well as ordering the service or product, acquiring and matching the order and invoice, electronic payment of the bill, facilitating that the procurement department can monitor everything that is ordered and to ensure that nothing can be ordered without genuine approvals. The software also helps the businesses to get the greatest value by merging multiple orders for the same kind of product or even obtaining providers to bid for their business.

Benefits of a Digitalized Procurement Software

Procurement software has the potential to serve all sorts/size of business. Small private organizations and medium-sized firms can utilize devoted procurement software for small business services. This type of software can also come of use to big corporations and multi-national companies. Other businesses that also use procure to pay software are NGO's, governments, and big public associations.

Here mentioned are few areas which show how e-procurement software helps in simplifying business operations:

1.Selection and Ordering:

E-Procurement software utilizes a plain and simple format to organize and display product information that makes it easy to compare various products. This is exceptionally beneficial for choosing goods as they don't have any distinctions in functions or quality.

2.Purchase Order Approval and Delivery:

Procurement software gathers data under one roof that allows it to trace the approval of purchase orders easily. This makes sure that products are ordered only with the approval and knowledge of the managers. The system then dispatches the purchase orders to vendors utilizing their favoured mode of delivery.

3.Billing:

The billing feature is designed to match orders and invoices. It also provides simple and easy electronic bill payment system. This is particularly beneficial in procurement software for small organizations.

4. Spend Data Analysis:

Procurement software also offers business intelligence tools to help you in assessing purchasing trends and examine vendors. You can discover departments that can be increased to gain from economies of scale and to enhance your negotiation role with vendors.

Other Benefits of Procurement Software

1. The software acts as a central platform to connect vendors, employees, and the procurement team
2. Merge and share with providers under a sole medium
3. Helps to standardize procurement procedures across the organization
4. Helps track events and receive alerts. This functionality is particularly beneficial for risk management
5. Assess the business intelligence data to collect insight and make recommendations

If an organization needs to get a competitive edge, they need to move away from traditional procurement management to new age procurement software. Also, there is some expense management software that helps in streamlining the process of expense management and get better control of finance. It's high time that businesses start using this software to stay competitive in this digital era.

Hence the digitalization of the procurement to pay software will pave a path of innovation in the company while boosting the morale of the employees with better results. It will not only provide procurement solution but will also create opportunities for better functioning of the operations in the organization with proficiency. Therefore a procurement software is considered as a game-changer in today's digitalized competitive world.

Get your FREE DEMO version of TYASuite's plug and play e-procurement software now and open a new world of great prospects that will ultimately bring prosperity to your business.

Enterprise Resource Planning has been a part of the digital world for more than 50 years. But its incorporation into the business world wasn?t that evident until recently. The adoption rate of ERP software in a business is increasing with each passing day and it is believed to be worth $40 billion in 2020. Business owners across the globe are always facing a problem when it comes to decision making related to finance, resources, employees and security. Cloud ERP is one such software which acts as a solution to these problems. It helps to not only save money but creates a more enhanced plan which assists in expanding the business and increasing profitability and employee satisfaction.

With the advancement in technology at a rapid rate, investing in an affordable cloud ERP software is becoming the need of the hour. It lets organizations around the world do their business with efficiency and in less time. The procurement to pay software helps in streamlining the functions of two departments for a less hassle-free experience; whereas the asset management software lets them know the status of all the assets in the company along with tracking the life span of each one of them. Besides this, ERP software also assists in the day to day operations of business relating to sales order management, CRM, finance, inventory management etc.

5 Ways In Which Cloud ERP Software Aids In Business Processes:

1. Faster Response Time

As you start gaining attention in the market which indirectly would increase your reputation, you need to have a great delivery management system. This will automatically improve your delivery service and make you class apart from your peers; proving to be beneficial for customer service as customer requirements would be met faster. This is made possible due to ERP software, which not only tracks and controls the inventory requirements but also makes sure that the delivery is made on time.

2. Better Analysis & Productivity

ERP Cloud Software also helps in better understanding the problems involved in the business and thus, in turn, leads to better analysis report. It indicates the productivity of all the employees through which a performance analysis report can be drawn. This also streamlines all the ongoing projects within the company with the help of project management software which helps in meeting the targets before the deadline with superior quality.

3. Highly Secure

Security is the utmost priority of any company and no one wants to compromise with it. A breach in the data security of any organization would lead to huge monetary and non-monetary losses for that company. But with affordable ERP software, the security and privacy of company data are kept completely safe through in-built firewalls and other data protection tools.

4. Integrated System

ERP helps a business to store all of its data at one place making business processes easy and fast. It is a flexible system of controlling and managing the services, which allows customization according to the needs of the company. It integrates various departments like HR, marketing, sales, IT, finance etc. which helps in administering the work effortlessly.

5. Scaling Up Is Easy

The scalability of business processes can be a difficult task, but with a Cloud ERP Software, it is easy and hassle-free. Backed up by the latest technology in the market, it boosts the growth of the company with better insights into business intelligence.

Hence an ERP software lets you experiment with the new technologies in the market to solve your business problems with more precision and at a rapid rate.

Have a glance at TYASuite plug and play affordable ERP software, which lets you customize the software according to your business needs for a seamless experience.

It wouldn’t be wrong to say that modern cloud applications have revolutionized the way companies’ work. In this fast-paced world where everything is about speed and efficiency, Cloud ERP assists companies in numerous ways. From meeting up with their daily business routine work to timely management of all the ongoing projects and tasks; it has eased the lives of business professionals across departments.

Here are Top 5 inefficiencies which can be tackled easily with Cloud ERP:

1. Inaccuracy of Manual Data Entry

Manual data entry is one tedious task in an organization which is not only time consuming but have the highest probability of being full of errors. Humans, unlike machines, tend to get distracted with their surroundings and the chances of human error increases in this process. To curb up with this problem, using ERP software is highly recommended. It not only saves time but also cut costs along with providing results with precision.

2. Inefficient Communication Channel

In any organization, there are many departments, and if there is no proper communication channel between cross-departmental communications then the assigned tasks can end up taking more time than required to finish. This will also have poor productivity. But with switching to affordable Cloud ERP this problem could be reduced to a significant level. This can also lead to having no or less communication gap with vendors, freelancers etc. through vendor management software.

3. Lack of Inter-connected data

Most of the companies have been working without inter-connected data from various departments. They don’t realize but it costs them a significant amount every year in terms of loss of customers, bad debts, inventory wastage and many more. For example, in a typical B2B business- the field team takes order from customers and the same is not being able to flow to production team/procurement team on real time basis. Similarly, due to lack of proper planning, the goods may be in shortage and not been able to deliver to customer or it can be an excess stock of goods which can go waste. Cloud ERP helps business to inter-connect data on real time basis and improve business efficiency and productivity.

4. Substandard Customer Service

Below standard customer service would lead to a bad reputation of the company in the market. There are times when a product’s sales are much higher than the rate at which it is replenished and the sales department doesn’t exactly know when the product will be back in stock. If a customer places an order for the same product then the first thing which he/she wants to know is the date of delivery. If they don’t get a precise date, they keep on contacting the customer service department to get answers to their queries; to which the customer service representatives have no answer to. So just to avoid this kind of awkward situation, a business should opt for ERP software. It has many functions like procurement to pay software, inventory management software, Sales Order Management software and CRM which would easily sync all the work together for the smooth functioning of the operations.

5. Lack of consolidated data

As there are many departments in an organization, the data of each is varied. If the data is not consolidated and stored in one place, it would take more time for managers to go through each spreadsheet, documents etc. But with cloud ERP software, the data is stored in one place making it easy to access. Thus it will help you get accurate results with fewer inconsistencies and less effort.

Affordable cloud ERP software comes with procurement to pay software, inventory management software, compliance management software among various others, which is a full package deal in itself. So take your business a step higher and boost them with Cloud ERP Software to ensure an increase in the productivity of your business.

The Perfect Cloud ERP Solution - TYASuite Cloud ERP- Make In India for Indian and Global Business

TYASuite Cloud ERP is World’s 1^st Plug and Play Cloud ERP. With integrated modules for Procurement to Pay, Inventory Management, Asset Management, Sales Order Management, Finance and Accounting, Compliance Management, Project Management, Customer Relationship Management (CRM) and Vendor Management, TYASuite Cloud ERP can give you a unified user-friendly platform to manage your entire business from a single screen.

With robust reporting tools, constant alerts and notifications, interactive dashboards and 2500+ inbuilt plug-and-play features, managing your business has never been this easy – just sign up for the TYASuite Cloud ERP and streamline your business processes. TYASuite Cloud ERP is best Cloud ERP for SMEs and mid-sized companies.

Save more than 50% of the cost by switching to TYASuite Cloud ERP. Talk to our process expert to get perfect cost savings for your coming. With TYASuite Plug and Play cloud ERP you can go live just in 7 days - the fastest ERP Implementation in the world.ure

For a scalable, flexible and an affordable cloud ERP solution, look no further! Visit our website for more details, and get a FREE DEMO of our product to test out the features.

Dealing with multiple vendors for growing organization needs is not so easy. As the business world grows more complex and roles evolve to meet changing needs, the vendors that a company depends on for goods and services are becoming not just providers, but also partners, in long-term success. To run a business adequately, a company needs to keep track of all the latest trends and technological advances. It is essential to steadily work with vendors in the joint effort to enhance the element of the product which in turn increases customer?s satisfaction. So, it is very important to effectively manage your professional relationships with all your vendors. This is when cloud based Vendor Management Software comes into picture.

What is Vendor Management Software?

Vendor management software helps you to maintain all supplier management data and documentation in one place empowering your department to accurately assess supplier risk, easily manage resources and adhere to all the regulatory requirements. With vendor management tool you can use data to calculate and check how vendors are completing their work to make better sourcing decisions. This cloud ERP module will help you to streamline your engagement with all your vendors and identify issues to deliver immediate feedback and align on expectations thereby keeping your vendors and your purchase department equally satisfied with user-friendly interface for vendor identification, selection and onboarding. TYASuite Vendor management software with Vendor Portal will help an organization to enable an ongoing development of third-party vendors through frequent collaboration and constant monitoring. This plug and play software involves working with your vendors as a team to draw up mutually beneficial contracts that ultimately strengthen both businesses and also prioritizes constituting a long-term vendor relationship over short-term gains.

Managing suppliers and vendors has never been easier. However, effectively governing vendors can scale down hassle and save time and also create happy vendors who value working with your organization. In this globalized recession, an integrated Vendor Management Software can help companies work more efficiently; handle more details easily including initial registration, ongoing performance assessment and tracking results.

Have a glance at TYASuite innovative plug and play Vendor Management Software that is specially designed for large companies to manage their vendors using vendor portal /Vendor Login software and enjoy seamless automated function that lets you sit back and get all your management done from one integrated platform.

Take your vendor management a step ahead today; help your business optimize its productivity and get free demo with TYASuite cloud based Vendor Management Tool!