Keep Your Vendor Portal Software Buzzing!
Communication is key to the way bees communicate and beehives operate. Bees create their honeycomb dwellings for support, otherwise valuable honey would be lost. Each bee must complete their manual tasks all while communicating their progress to the rest of the hive. Similar to the importance of communication within a hive, vendor portal software is vital for your business and vendors.
Each year Lavante sends out a survey to get a feel for what is needed in the marketplace. It is difficult to gauge what businesses and people need from each other especially when communication isn’t strong to begin with. With the help of the Lavante Procure-to-Pay Trends Survey we are able to see what problems are being faced.
The first most reported problem 76% of the respondents replied with was wasted time on manual tasks; problems surrounding this issue could be because they have yet to streamline and automate their processes.
The second most reported problem that over 75% of the responses showed was operational inefficiency, this is most likely due to the disruption or lack of communication between businesses and vendors.
And the third most reported problem was supplier management costs; decreasing the amount of money you spend on your supplier management process can be done by decreasing manual tasks, which reduces the amount of time and money being spent as well.
Knowing what problems are being faced, we are now able to improve the current processes. These top three obstacles being faced could easily be fixed with good communication. Having a centralized platform for communication can help alleviate these most commonly reported complications.
Much like how bees use honeycombs for support, a vendor program needs vendor portal software to support better communication between your business and vendors. Without vendor portal software, trading information between departments would be chaotic. Using vendor portal software for your Procure-to-Pay process enables both your business and vendors to work together and communicate more effectively. With vendor portal software, your suppliers are able to increase compliance, reduce phone calls and emails, reduce paper and manual processes, and promote better supplier relationships to name a few. Much like bees, communicating effectively is the key to a successful process.