Effective supplier management is critical for the success of procurement organizations. But as supply chains and suppliers increase steadily, businesses should take proactive measures to mitigate any disruptions within their supply chain. It can be costly in terms of finance and the company’s reputation.

With supplier portal software, businesses can take a strategic approach and manage their suppliers effectively. This article explains all about it. Learn what a supplier management portal is – its advantages, development stages, best practices, and more.

Let’s get started with supplier portal software and its working.

What is Supplier Portal Software?

A supplier portal/vendor portal is an e-procurement solution that lets businesses maintain relationships with their suppliers and vendors. It involves contract management, document sharing, internal collaboration, communication channels, status updates, and more. In simple words, it helps businesses connect with people who supply products that you choose to sell to your customers effectively.

Supplier portal software automates all the procurement tasks and reduces the manual efforts of companies and suppliers. It helps auto raise PO, compare vendors and the products, onboard new members, and carry out activities smoothly.

The supplier management portal is generally used for:

• Vendor onboarding
• Invoice submission
• Invoice and payment history inquiry
• Payment disputes – submission and tracking
• Supply chain management
• Dynamic discounting
• Procurement features

For more information: https://www.crmjetty.com/blog/supplier-portal-software/