The benefits of a vendor portal system take many forms. Genuine vendor portal solutions that are web-based, provide excellent opportunities to be able to communicate and work well with your vendors, in a safe/secure and efficient environment. Saving your business as well as your vendors’ valuable time, vendor platforms facilitate increased efficiency of business processes, while also providing numerous possibilities for improving your business. Hence, Moglix presents to you 3 most important benefits of opting for vendor platforms:
- Easy Communication: Before the advent of vendor platforms, most business dealings were actually conducted in person or via telephonic mediums/e-mails. Business processes, beginning from quoting to the collection of payments, would take up days, depending on variable factors such as schedules, availability etc. Vendor platforms, on the other hand, help in reducing the turn-around time to merely minutes, with suppliers being able to look at information online via the portal and have their queries answered without having to pick up the phone even once.
- End to End Automation: Having vendor management platforms can enable business in automating additional business processes. For example, processes like invoices/purchase orders can be generated automatically, which actually helps in quicker/easier processing. Another example can be that of orders that are generally repeated at a fixed schedule, which can be approved automatically without any manual intervention, this would also help in saving time and energy of the sales teams. Thus, using a vendor platform to help you in automating your business processes, will actually help in making your business work much smarter.
- Better Collaboration: By giving both the suppliers and buyers, complete transparency and visibility to share and see the same information, vendor platforms facilitate better collaboration between the two factions. Especially in the cases where pricing or terms of supply/procurement need to be changed, vendor platforms serve as the best medium to do so. For businesses, it also facilitates a better opportunity to collaborate and have an open discussion about resourcing/pricing, as well as business improvement and dispute resolution, via vendor platforms.
What do you think about the benefits of opting for a Vendor Platform? Tell us more in the comments section below.