7 must-known benefits of good Supplier Management Software

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.