A Beginner's Guide to Supplier Portal
Are you a manufacturing company who is looking for options to sort your supplier data or are you a startup looking for options to streamline various activities of each department under one place? We heard you cry. We have gotten your back supported. Your problems are all sorted. We have a magic solution called a supplier portal.
What is a Supplier Portal
Supplier portals are an important part of the vendor management system where we can easily bring everything related to all your suppliers under one place. This is a basic requirement for any company who works with multiple suppliers for their raw materials or services. Since they engage with a lot of vendors, decisions such as finding the relevant partner, material purchase, storage, and distribution take the beating due to confusion and lack of streamlined processing. This lack of clarity, in turn, affects the initial and maintenance cost that is invested for the purchasing process to be fruitful.
Benefits of Supplier Portal
Here are some benefits of having a Supplier Portal:
- We can establish a good supplier relationship
- We can easily evaluate supplier performance
- We can easily collate order history.
- Tracking of order status is much simpler.
- Administrative work is reduced. Thus, avoiding clerical errors.
Why Supplier Relationship is Important
When we maintain a good relationship with the supplier, we can get timely delivery of quality materials. We are given top priority each time to make sure the relationship is not spoilt. They also provide us with better support in terms of returns or any other discrepancies if any. We can also take advantage of greater deals in terms of taking extra discounts for prompt payments and the like. All these are achievable if we have a proper relationship with suppliers.
Apart from these benefits, people also face trouble with regards to shortage of structured documents with different nomenclatures. The sourcing department is devoid of a comprehensive view of the supplier information, project spending, the performance, and the associated risks.
Since the vendors vary from one category to another, the systems too are curated across platforms, ranging from a combination of SAP & Oracle to in-house systems to manual processes.
Attractive Features of Supplier Portal
Keeping all this in mind, our team has produced a solution.
- This will incorporate vendor information like their range of services provided quality policies and the history with the organization.
- A transparent portal, the listed vendor names will also be listed along with the ratings to allow the organizations to make informed decisions. This helps new buyers and sourcing organizations as well have a consolidated view of all the suppliers.
- Tackling the lack of organization, this system also enables a structured influx and outflow of structured documents. This unlocks a range of accessibility. For instance, the sourcing organization can choose the vendors and issue the PO and the vendor can issue the invoices and ASN.
- Similarly, the warehouses can issue the GRN after the QA and all of these can happen through the system. They can also identify this as part fulfillment or entire fulfillment and can factor the payment approval as part of the PO.
- These documents can be assimilated and accessed via a one-time configuration parameter post which the data can be transferred through mails, flat files, and file transfers.
- The suppliers can stick to their preferred format and the data is transferred, resting on an EDI equivalent project. Thanks to this, the suppliers can easily log into the system and track their delivery status, GRN status and payment status to name a few and offer the accessibility to view and forecast the material required for the next 45 days (about 1 and a half months).
This SAP &Oracle integrated system enables a seamless flow of work of information from one system to another and cuts down on a lot of manual labor as well as the risk of duplication
What are the Benefits of the Solutions?
This solution has been specially crafted for organizations that find the existing proprietary solutions overly expensive for their needs.
- The dashboard has a consolidated view of the suppliers where they will be able to view purchase orders, dispatch orders & material, and forecast data.
- The suppliers are sent notifications regularly and can also log in to the portal to see the status about the engagement right from PO to GSN to payments. This successfully automated the process and reduced the time required for engagement with the procurement department e-mails and phone calls.
The supplier's portal is indeed a helping hand for organizations. By automating your processes, you can yield better productivity. What are you waiting for? Quickly zip up for an action entailed journey through your business processes with our supplier portal.