Supplier management is critical in any industry, but especially in healthcare. A large healthcare organization may deal with dozens of different suppliers. The administration of all these relationships can require a considerable commitment of human resources. A better way to handle these complex connections today is intelligent automation solutions from the Tungsten Marketplace. The Supplier Self-Service Portal from ACMO is one such solution.

What can you do with the Self-Service Portal? This overview explores what this solution offers and how it can transform essential workflows. Here’s what to know.

What is the supplier self-service portal?

Built on Tungsten TotalAgility by our partner ACMO, this solution provides a centralized supplier invoice management portal. Both your business and suppliers collaborate by using this portal. Instead of dozens of different processes and communication chains spanning every supplier, everyone works in the same ecosystem. Such centralization makes a massive difference in reducing the complexity that your accounts payable teams experience.

What can you do with this solution?

Designed to provide an all-in-one solution for vendor management, let’s discuss what’s possible in the portal.

Centralize vendor management into a unified approach

The portal lets you simplify the management of all your suppliers by putting the relevant info into one place. Likewise, suppliers now have a single point of contact for your business. Centralization saves time and reduces confusion while equipping both sides of a transaction to manage their respective duties better. This portal integrates directly with popular ERP solutions, including SAP, for seamless data sharing.

Onboard new partners

Onboarding a new supplier can be a complex process. You need to obtain substantial information from the business, from product information and pricing to payment preferences. Traditional workflows can make this process take days with potential errors or miscommunications. Using a vendor portal guides suppliers through a more automated onboarding process. There’s less confusion and time wasted on a process you wish to complete quickly.

Track orders and invoices conveniently

Does your business need better visibility into the fulfillment statuses of the various orders you place? What about providing suppliers with a way to see the status of outstanding invoices against your accounts? Rich insights through order and invoice tracking help keep both teams “in the loop” consistently. Quick information about any transaction is nearby and ready for quick reference.

Communicate clearly with suppliers

Communications are a significant challenge, especially when dealing with dozens of suppliers. Important questions from a vendor might get lost in an email inbox or opened and forgotten without any resolution. Poor communication has a devastating impact on your supplier relationships. This portal provides a streamlined two-way communication solution to keep all your communications with a supplier in one accessible location. Both sides can initiate conversations or send inquiries at will.

Minimize risks and maximize security

All buyer and supplier actions take place within this ecosystem. That environment allows you to rely on robust access controls and strong encryption to keep sensitive information from prying eyes. Payment details, personal information and more all reside within this secure architecture. Any changes you make transpire within this environment translating into better risk management for all parties.

The benefits of using the self-service portal for suppliers

When you switch to a vendor portal such as this, what concrete advantages will your business see? From saving money to improving the reputation of your business, there are many potential benefits. Here are the most important ones you should know.

Eliminate common sources of data entry errors and enjoy better accuracy. With a centralized, digital solution, you can reduce the manual data entry that AP teams engage with daily. That reduces the number of errors you encounter and improves the reliability of critical processes. Save time you might otherwise spend chasing down old typos and incorrectly entered information.

Stop losing paperwork and transition to a lower-cost paperless environment. Lost papers are among the frustrating problems created by manual processes. A lost document could mean days of delays as you must contact a supplier for help. Lost items could even mean missing invoice payment due dates. A vendor portal accelerates your transition towards a paperless approach.

Save time by reducing calls and emails from suppliers. Have you ever played telephone tag with suppliers who have questions? What about fielding endless inquiries about invoices? The vendor portal addresses both. Suppliers can leave messages you can review and respond to without wading through crowded general-purpose inboxes. Likewise, invoice tracking lets suppliers discover answers independently rather than occupying time in your business day.

Onboard new suppliers rapidly. Setting up new suppliers on your system should happen as fast and as accurately as possible. The sooner you’re set up, the sooner you can begin placing essential orders. Let suppliers use an automated self-service tool to integrate their information into your system. The time saved lets you kick-start better business relationships.

Earn discounts and goodwill as a reliable buyer. Better visibility supports more vital AP processes, which can process invoices faster. Quicker results often translate into early payment discounts. Good communication and prompt payments can set your business apart as a preferred partner to your suppliers.

Such positive feelings come in handy when you need an urgent order or some leeway on payment terms in the future. You may get that same courtesy in return when you demonstrate a commitment to respecting your suppliers’ time and expenses.

Reshape the way you work with suppliers today

Tungsten Marketplace solutions such as the Supplier Self-Service Portal offer a rapid way to transform core processes. When you can offer suppliers a better way to interact with your business, you can tap into many valuable advantages. Explore how simple it is to change your interaction with other companies. Learn more on the Marketplace today.