Effective supplier management is critical for the success of procurement organizations. But as supply chains and suppliers increase steadily, businesses should take proactive measures to mitigate any disruptions within their supply chain. It can be costly in terms of finance and the company’s reputation.

With supplier portal software, businesses can take a strategic approach and manage their suppliers effectively. This article explains all about it. Learn what a supplier management portal is – its advantages, development stages, best practices, and more.

Let’s get started with supplier portal software and its working.

What is Supplier Portal Software?

A supplier portal/vendor portal is an e-procurement solution that lets businesses maintain relationships with their suppliers and vendors. It involves contract management, document sharing, internal collaboration, communication channels, status updates, and more. In simple words, it helps businesses connect with people who supply products that you choose to sell to your customers effectively.

Supplier portal software automates all the procurement tasks and reduces the manual efforts of companies and suppliers. It helps auto raise PO, compare vendors and the products, onboard new members, and carry out activities smoothly.

The supplier management portal is generally used for:

Vendor onboarding
Invoice submission
Invoice and payment history inquiry
Payment disputes – submission and tracking
Supply chain management
Dynamic discounting
Procurement features

Here’s how it work

Suppliers/vendors can log in to their dedicated space and manage their orders. They can view the pending payments, invoices, order requests, and track their status.
Suppliers can create proposals and share them with you. They don’t have to wait for the proposal requests.
They can create e-invoices and share them instantly.

You, as a business owner, can:

Invite global vendors and suppliers to be a part of your network
Filter the applications based on the auto-filtering feature
Compare the proposals from various vendors and choose the suitable one
Generate purchase orders and invoices directly from the portal
Communicate with suppliers/vendors with in-app messaging feature
Share documents, view log details, track order delivery, etc.

Overall, a supplier management portal streamlines the entire procurement. It delivers convenience to both parties, letting them work in their way.

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Original Source: https://www.crmjetty.com/blog/supplier-portal-software/