6 Benefits of P2P that Makes Vendor Portal a Turnkey Solution
There is no business at the speed of thoughts when communication becomes a bottleneck. Vendor portal empowers to communicate with all your vendors and potential vendors which ensures that you have flexibility and efficiency essential for competing in international business environment.
Imagine having the ability to syndicate all your data across you enterprise. A vendor portal can distribute data across multiple locations, divisions and business tools.
Vendor Portal can be integrated with your ERP system enabling it to be stable and operational through ERP upgrades.
Better relationship with vendors
Vendor inquiries are handled briskly. It is no brainer that this helps to build a better relationship with vendors.
Complete administration control and security
Vendor portals are fully foolproof in matters of security, as a company you get to call the shots on who gets in how much privilege down to the individual level.
Vendor portal scales from large to small in matters of functionality and transactional activity.
Ensures better ROI
Perhaps the biggest advantage a vendor portal has is it boosts your Return on Investments. As soon as the labour intensive tasks are transferred from in-house to the vendor returns begin to occur immediately.
Are Two Vendors Better Than One?
American writer Tom Peters famously said that “Leaders win through logistics. Vision, sure. Strategy, yes. But when you go to war, you need to have both toilet paper and bullets at the right place at the right time. In other words, you must win through superior logistics.”
Pros and Cons of Single Suppliers
When you place order with a single supplier the costs are reduced. Volume leverage can be worked in favour along with the power to negotiate small and frequent deliveries to improve inventory control. However in hindsight you can lose potential customers if they happen to know about your single sourcing, with the course of time balance of dependence can become highly lopsided in such an asymmetrical relationship. Thus making, it difficult to procure best of breed products from a single source.
So, how diverse is your supplier base?
It is no rocket science that you would benefit from having multiple suppliers. Imagine your supplier has been lured by your rival; risk can be averted if you have another supplier to fall back on. However lower order volumes can hurt your overall bargaining power. If your supplier has a low priority for your business in case of emergency you cannot expect the goods from him. The overhead cost involved in contract negotiation, management, and process execution can shoot through the roof when you are dealing with multiple suppliers.
Is it ringing some bells or still running around circles? Try Moglix for better B2B solutions
At Moglix we are sourcing the best from the world and bringing it to you. In a report titled “ROI-related Supplier Diversity”, the Hackett Group found companies who participate in a long-term supplier diversity program can generate a 133% greater ROI than those firms who look no further than the suppliers they traditionally rely upon. The report claims supplier diversity programs also drive an additional $3.6 million to an organization’s bottom line for every $1 million spent in procurement operating costs. Imagine having a single supplier for both toilet paper and bullets. It is far easier to build a healthy relationship with a single supplier, but he cannot provide you with the best toilet paper and bullets at the same time.
At Moglix our diverse supplier network ensures that you have the best of breed for every need.