6 Benefits to Vendor Management Solutions
Manual collection/management of supplier data is tedious, time-consuming and costly. For any business, the talents of the procurement team are best utilized in the identification of new suppliers and nurturing existing supplier relations in order to help them scale and grow. Managing a pool of diverse suppliers can be made much easier with the help of Vendor-Management solutions which are customizable, scalable, as well as adaptable.
Moglix is thus, listing for you, 6 benefits of Vendor Management solutions that you should be exploiting for your business:
- Increased Communication: A Vendor portal is a great tool that can facilitate proactive communication with all your vendors, both existing and potential ones. Eliminating administrative workload with automated notifications, the integration of procurement and category managers into the diverse pool can help in familiarizing them with potential suppliers directly.
- Complete Administration Control and Security: Vendor portals today are developed keeping in mind robust security and ensuring data integrity. You can gain complete administrative control and minimize supplier risk by actively monitoring merger/acquisition activity, issues with certification/classification, as well have a complete control over who gets in on and how much privilege should they receive, right down to basic individual user levels.
- Better Relationship with Vendors: With automated processes and immediate notification, timely response to a vendor’s query goes a long way to ensure efficiency and stability. Thus, enabling you to form long-lasting partnerships with your vendors that has numerous trickle-down benefits.
- Return on Investment (ROI): One of the biggest benefits of vendor management solutions is the ROI. With the transference and automation of labour intensive tasks from in-house to the vendor, you can see the returns pouring in almost immediately both in terms of cost-effectiveness, as well as efficiency.
- Scalability: Vendor Management solutions can offer flexibility in terms of scalability. Be it on a small scale or large, basis of the functionality as well as transactions-based activity, making it adaptable and customizable to your businesses’ needs as growth.
- ERP Integration: Vendor portals can integrate with your organizations’ ERP system, yet not be ERP dependent. This implies that your portal will remain stable as well as operational even when your ERP is going through upgrades of changes in the legacy system.
What do you think about the benefits of Vendor-Management Solutions. If you want to consolidate your diversified supplier base and enhance the efficiency of your business, get in touch with us at info[at]moglixbusiness(dot)com and let us help you get started.