Well, we know what a Supplier Portal is!
A Digital e-Procurement Solution that allows Enterprises to connect and collaborate with their third-party suppliers (of goods and services) is what we call a Supplier Portal (or Vendor Portal).
But ever thought of the not-so-usual benefits of a Supplier Portal?
There are some soft benefits apart from ROI and Efficient Cost Savings. These benefits are generally not talked about owing to the fact that they don’t contribute to the main purpose of the portal.
The one primary soft benefit that we never talk about is how the introduction of the Supplier Portal has brought Unexceptional Ease in Business Ventures. Now, a Supplier Portal lets the Enterprises’ Managers keep a track of all the Third-Party Vendors in one place without having to worry about their Payment Record or other details.
With the Ease of Business, Healthy Communication with the Supplier not only inculcates the Supplier’s goodwill but also strengthens the Business Relations. A good partnership lays the foundation for the successful execution of the Principles of Business Ethics. Here, we’re not only talking about the Partnership with Potential Clients but also the External Teams that contribute to the Businesses of the Enterprises (Referring to the Third-Party Suppliers). To conclude, Building Healthy Relationships is an important aspect of Business, and Supplier Portal contributes to this aspect!
A Business that makes nothing but money is a poor business – Henry Ford
Organizational Culture is yet another important aspect of Successful Business Implementation. ‘Workplace Culture’, which is often categorized under this domain, is improved when Enterprises switch to a Supplier Portal. How does this happen? Ease of Data Exchange among colleagues, Faster and Automatic Vendor Registration, Automation in Repetitive Tasks, etc.; all these features focus on the betterment of the ‘Internal Culture’ of the Organization, thereby making Employees happier.
Happier Employees makes Happier Customers!
By now, we know that Communication with Suppliers is important. But what if you’ve hundreds of Suppliers? Won’t it be a bit hectic to stay connected with all of them? Alternatively, it would be a plus point if you’ve all those hundred Suppliers categorized on a platform according to the Business Deals you’ve with them! That’s where Supplier Portal comes into the picture! In Bigger Organizations, where it is a tedious task to manage the uncountable Suppliers, the Supplier Portal would surely act as a helping hand in keeping everything organized so that the managers of the Enterprise stay connected, making it a better working model.
Supplier Portal helps the Enterprise become an Active Part of the small Connected World!
Apart from these, a good Supplier Portal would always contribute to Strategic Planning for the Enterprise, thereby reducing much of the workload for leaders of the Enterprise. Features like Contract Mapping and e-Signing of the documents contribute to the idea of both Management and Leadership.
Management is about arranging and telling.
Leadership is about nurturing and enhancing.
– Tom Peters
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