Vendor Portals
Utilizing vendor portal technology streamlines communication and collaboration with vendors. These platforms provide a centralized hub for managing purchase orders, invoices, payments, and other vital information fostering transparency and efficiency. This strengthens vendor relationships.
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Promote Vendor Self-Service
Allow your vendors to submit or retrieve crucial information 24/7 without contacting you.
Real-Time Collaboration
Portal forms and workflows allow you and your vendors to exchange invoices, documents, comments, etc.
Save Time and Money
When vendors take over tasks that your team historically completed, your organization saves time and money.
ICG’s vendor portal was the right solution for our business because we could introduce functionality over time. Between the Inquiry and Disputes models, our company was able to reallocate over 50% of those resources to other activities. In addition, the company was able to receive over 2,000 invoices per week to flow through the portal – it constantly saves time and money. A win-win all around. To be fair, I had some reservations about the degree of use we would actually achieve with our vendors, and in the end, I was astounded by the high adoption rate. We frequently heard vendors cite the ease of use as a strong driver to get them to use the portal features. Our experience was nothing short of astounding!
Relevant Blog Posts
Solution for Non-Standard Invoices
Invoice processing can be a major drain on resources for finance and accounts payable teams, especially when dealing with invoices that don't conform to a standard template. Manually keying in data from these non-standard documents is time-consuming, prone to error,...
Using a Vendor Portal to Consolidate Systems
Is your AP team constantly fielding calls and emails from vendors asking about invoice status? Are you juggling multiple backend systems, trying to provide a clear picture of payment progress? If so, you're not alone. Many companies, especially those with several...
What To Do About Vendor Fraud
Balancing fraud prevention with a user-friendly vendor experience is a critical challenge for businesses today. Striking the right balance between the two is essential, as you need to protect your company's finances without creating a vendor management process so...
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