If you’re looking for a way to streamline your supply chain operations and get the most out of your suppliers, supplier management portal software is a great option. Read on to learn more about this valuable technology and what you should look for when choosing one!
Supply chain management is the process of coordinating all of the different activities involved in supplying products to customers. This includes everything from manufacturing to logistics and shipping.
Keep Track of Your Suppliers
If you have multiple suppliers, it can be difficult to keep track of their performance and compliance. However, supply chain management software can help you do this.
It can also help you keep track of inventory levels and the status of orders. This can prevent stock-outs or overages and ensure that you have enough supplies at all times.
This software can also be useful if you have multiple locations. It can allow you to search by supplier location, site, and materials supplied.
The right supplier management software can transform your processes, deepen relationships and make third-party risk management seamless. It can also help you maximize the value of your existing relationships in an ever-changing world.
Streamline Your Communication
Supplier portals give you a central place for your suppliers to access all the information they need. This makes your business processes much more streamlined, and it also allows you to build better relationships with them.
Using a self-service supplier portal lets vendors enter their own payment or contact details, and see information at any time and from anywhere. This eliminates a lot of back-and-forth emails and phone tag.
A self-service vendor portal also shifts some of the workflow to your suppliers, reducing paperwork errors, resolving problems, and enabling faster payments. This is especially true when the vendor portal is integrated with AP automation software and connected to your ERP system.
For most businesses, a major challenge with supply chain management is lack of visibility into processes and supplier performance. This can lead to significant financial, quality, safety and brand impact if not managed effectively.
Track Orders and Invoices
Supplier portals are a great way to keep track of order status, invoice approvals, and payment status. Having this information all in one place can save you a lot of time.
When you have a large customer group that has multiple sites and different suppliers spread around the world, it can be hard to keep track of everything. However, with a supplier portal, you can easily share information from different sites with the relevant suppliers.
With a supplier portal, you can manage all of your suppliers’ communications in one place, reducing your chances of miscommunications and improving your relationships with them. It will also help you stay organized so that you can focus on the most important aspects of your business.
Build Better Relationships
Having a supplier management portal software is crucial for creating effective relationships with your suppliers. Not only does it streamline the process of communicating with them, but it also shows them that you care about their partnership and that you want to keep things running smoothly.
With e-procurement software solutions like Tradeshift Engage, you can manage your entire supply chain and supplier relationships from one platform. Automated surveys, sourcing events, and performance measurement tools give you the visibility to evaluate your vendors’ performance and help you create better outcomes for the business as a whole.
AI-based pre-qualification enables suppliers to be filtered and categorized based on their financial stability, regulatory compliance, risk of supply disruptions, and more. Quick form-based creation of purchase requisitions, RFxs, and purchase orders, as well as automated approval workflows for these processes. Sourcing event status tracking & supplier invitations for e-tenders and e-auctions are also provided to ensure your suppliers know where they stand in the process.