Supplier Portal

The supply chain works efficiently provided there is a harmonious coexistence between the vendors (suppliers) and the buyers. In today’s growing economy, a company is reliant on a variety of suppliers for the successful delivery of their products and services. With an assortment of suppliers seated globally, a customer-focused hub is essential for optimization of business operations. This is where Novigo Solutions’ Supplier Portal comes into picture. Payments through enterprise resource planning (ERP) that cross-verifies purchase orders (POs), invoices and receipts rendering it a three-way matching that secures business processes.

Suppliers have their individual logins to an externally hosted application that simplifies the execution of payment processing and approvals. The Supplier Portal facilitates internal and external users. Purchase orders and non–purchase orders are generated through this portal. Elimination of tedious manual payment approvals is averted through the usage of Supplier Portal.

Supplier Portal Features

Companies are acquainting themselves with technology that helps them to stay ahead of the curve while giving them a competitive edge. With diversification into dynamic subsidiaries and branches catering to consumer-centric products and services, businesses need to partner up with applications that integrate and enhance the supply chain process. This enables them to focus on sustaining and upscaling their business operations without the hassle of monitoring vendors and payment processing. Let us now familiarize ourselves with what the Supplier Portal stands to offer its customers

Invoice Submission and Tracking

Enable suppliers to submit invoices electronically, track the status of submitted invoices, and receive real-time updates on the progress of their invoices through various stages of processing.

Communication Tools

Facilitate direct communication between suppliers and the company’s accounts payable team through integrated messaging systems, allowing for efficient resolution of billing inquiries, disputes, and other concerns.

Document Management

Offer a secure document repository for suppliers to upload and manage supporting documents, such as receipts, contracts, and other transaction-related files, streamlining document sharing and retrieval processes.

Payment Management

Provide visibility into payment schedules, including expected payment dates and amounts, as well as options for electronic payment methods, enabling suppliers to manage their cash flow more effectively.

Automated Data Capture

Utilize optical character recognition (OCR) technology to capture data automatically from scanned or digital invoices, minimizing manual data entry and reducing the risk of errors.

Workflow Automation

Implement customizable workflows for invoice approval, routing, and payment processing, allowing for streamlined and efficient handling of invoices throughout the organization.

Integration Capabilities

Integrate with existing accounting and enterprise resource planning (ERP) systems to ensure seamless data transfer, synchronization of financial information, and accurate recording of invoice data within the organization’s overall financial ecosystem.

Alerts and Notifications

Send automated alerts and notifications to relevant stakeholders, including suppliers and internal teams, to keep them informed about invoice statuses, payment deadlines, and any pending actions requiring their attention.

Reporting and Analytics

Generate comprehensive reports and analytics on invoice processing metrics, including processing times, approval rates, and payment cycles, to facilitate data-driven decision-making and performance evaluation.

Compliance and Security

Ensure compliance with industry regulations and data security standards, implementing robust encryption, access controls, and audit trails to protect sensitive financial information and maintain data integrity.

Customization and Scalability

Offer customizable features and configurations to accommodate the specific requirements of different businesses, along with the flexibility to scale the application to oversee varying invoice volumes as the organization grows.

Dashboard and Analytics

Provide suppliers with a comprehensive dashboard displaying key metrics, such as payment history, invoice status, and transaction summaries, along with analytics, for better insights into their financial interactions with the company.

Challenges

A business is always scouting for ways to not only survive but thrive in a competitive environment. Providing feasible solutions that aid a company in scaling its business operations is much sought after in today’s world. Integrating robust systems that connect suppliers with buyers is quite a daunting task to accomplish. Roadblocks and challenges put a dampener on the smooth running of business operations. Buyers and suppliers are confronted with challenges during the supply chain process, which pose a threat to an evolving demographic

Human Errors

Increased Costs

Inconsistent Invoice Submission

Lack of Real-Time Updates

Higher Administrative Burden

Compliance Issues

Security Risks

Solutions

Through the Supplier Portal, companies are better equipped to address challenges related to the administrative aspects of a business. Obstacles such as cumbersome paperwork, multiple vendors and increased costs make day-to-day operations an uphill task. Practical solutions that offer relief from mundane, tedious functions related to the supply chain is resolved by the Supplier Portal.

Reduced Errors

Cost Savings

Standardized Invoice Submission

Real-Time Visibility

Reduced Administrative Burden