Many organizations using Microsoft Dynamics 365 Business Central or NAV today find that they have implemented a lot of manual processes and spreadsheets to manage their supplier relationship management and controls over procure to pay cycle. A key objective of Supplier Relationship Management is to derive maximum value from suppliers by having consistent and efficient processes in place that help develop better relationships. It’s hard to define standard practices without having an enterprise-wide supplier relationship strategy and a system with Self Service Portal in place.
Here’s how a vendor management portal helps you digitize your supplier relationships:
Streamline Supply Chain Interactions
The larger the pool of suppliers you have the greater the difficulty in managing them without the right Vendor Portal solution. As different suppliers have different ways to interact, it can be a tough task to get them to sign up for a single process. There’s very little consistency from supplier to supplier based on how they’d like to interact with you. A self-service vendor management portal helps you streamline the interactions with your suppliers.
Eliminate manual tasks
When you have a high volume of vendors, it becomes inevitable for you to look for a solution that eases your task of vendor management. Vendor portals eliminate manual tasks, including supplier onboarding, requisitions, RFQs, raising POs and sending to vendors, matching and approving invoices, and posting the vendor invoices.
Gain supplier visibility
Without full visibility of suppliers and their information, it’s challenging and costly to manage them. It’s vital to have an accurate and updated supplier and product information to ensure accountability and information sharing. By having communication lines open and sharing clear expectations of service levels, performance standards, and corrective measures, you can standardize collaboration with suppliers and prevent business disruptions.
Increase accuracy and transparency
Having key vendor management processes automized and standardized makes it easier for suppliers to comply with your internal process. This also ensures that you are always in complete control of suppliers’ spend and visibility. The streamlined processing of vendor transactions through capture, matching, and approval means only exceptions need to be handled by buyers team members. Additionally, a vendor portal also keeps a check on problems such as duplicate invoices, missing PO numbers, and unregistered vendors at source before they cause bigger problems and more work downstream.
Promote best practice across the supply chain
With a standardized approach to supplier management, it’s possible to maximize supply chain accuracy and timing, identify supply problems and improve document and payment processing. With clear cost advantages to both parties, the best way to seek continuous improvement is to gain a single unified view of supply chain activity.
CETAS offers VMP 365, a complete solution to your vendor management woes, on top of Dynamics 365 Business Central and Dynamics NAV. Use it to automate, manage, and streamline your relations with vendors and run an efficient, productive supply chain. Contact us on email@example.com to know more.