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
The Power of Vendor Diversity
Today, businesses are increasingly recognizing the value of diversity and inclusion. This extends beyond the workforce and into the supply chain. By fostering a diverse vendor base, organizations can receive many benefits, from improved innovation and creativity to...
Promoting Vendor Portal Adoption
Vendor portals have become essential tools for streamlining procurement processes and improving communication between businesses and their vendors. However, getting vendors to adopt these portals can be a significant challenge. Here are some strategies to overcome...
Future-Proofing Your Back Office
Once seen as a purely operational department, the back office has grown in importance and now plays a critical role in a company's overall strategy. Its efficiency and adaptability directly impact an organization's bottom line and overall competitiveness....
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