One consequence of the new world we find ourselves in is a necessary move to a more remote workforce. While this trend ebbed and flowed before the onset of the COVID-19 virus, it has become a business continuity initiative for companies trying to survive and a tactical realignment for those who continue to thrive. Regarding vendor management and vendor-centric back-office functions like accounts payable and procurement, learning how to use vendor self-service in a remote world is crucial for a successful remote workforce. By driving vendor activities back to the vendor, you can free your remote workforce to work on value-added tasks that contribute to your company’s bottom line.
Benefits of Vendor Self-Service
Vendor self-service is important because it offers many benefits for both businesses and their vendors. This can help relationships improve and allow resources to have more time for other jobs. Here are the key reasons why vendor self-service matters:
For Businesses:
- Increased Efficiency: Vendor self-service portals automate routine tasks like invoice submission, status tracking, and payment inquiries, reducing the workload on internal staff and accelerating processing times.
- Reduced Costs: By automating manual processes, businesses can significantly reduce labor costs associated with handling vendor interactions.
- Improved Accuracy: Vendor self-service portals minimize errors by providing a standardized and automated way for vendors to submit information and documents.
- Enhanced Vendor Relationships: By empowering vendors to manage their information and track their payments, businesses can improve vendor satisfaction and strengthen partnerships.
For Vendors:
- Convenience: Vendors can access information and services 24/7, improving efficiency and productivity. Vendors are also able to update their own information as things change.
- Faster Processing: Self-service portals streamline the invoice submission and approval process, leading to faster payment times.
- Improved Communication: Vendor portals provide a central platform for communication, reducing the need for phone calls and emails.
- Increased Visibility: Vendors can easily track the status of their invoices and payments, ensuring transparency and accountability.
Below are some of the automation tools your organization can deploy to achieve an efficient and transparent remote-based back-office operation:
- Vendor Portal
- AP Automation & Remote Expense Workflow
- Dynamic Discounting
- Data Capture and Document Assembly
- Vendor Onboarding and Administration
- PO Dispatch and Update
Vendor self-service portals become even more crucial with a remote workforce. Tasks like checking invoice status or onboarding new vendors can get lost in email exchanges without physical proximity. Self-service empowers vendors to access information and complete tasks independently, freeing up your remote internal teams to focus on strategic initiatives.
Conclusion
ICG has over 30 years of experience in helping companies operate more efficiently. Our configurable solutions can be rapidly implemented to equip your workers with the tools they need to process transactions and manage vendors from any location, leading to vendor self-service in a remote world. Contact ICG for more information on any of our remote processing and vendor self-service automation solutions. Or, schedule a conversation to discuss your situation or a demonstration of any of these solutions.