Supplier portals, also known as vendor portals, help companies to consolidate and standardize product information through supplier self-service access into their Product Information Management (PIM) or Master Data Management (MDM) platform. These portals can be customized, using structured, automated processes to provide updated and accurate information at the click of button to manage product catalogs. This also helps to do away with time-consuming data entry, verification follow-ups, and data inaccuracies, thereby enhancing supply chains.
These portals have one-source access channels for existing vendors to revise their information, as well for new suppliers to register. Using a supplier portal, potential suppliers can complete custom-made questionnaires or forms within the registration section which in turn helps in routing suppliers to appropriate buyers within the organization. These portals can help in effectively tracking suppliers by categories and provide personalized reports using stored data that is available to mark progress, set goals and help identify potential risks such as overreliance on a single supplier.
A supplier portal can also be used to systematize various elements of supplier management, from choosing supplies, onboarding registered suppliers, automatic receive & send notifications for certifications, affidavits, timely reminders and more. Using the portal’s dashboard, specific criteria for various types of notifications can be set, so suppliers can receive customized information, helping to reduce the volume of inquiries and facilitate effective communication. Implementing a supplier portal is a vital aspect for an efficient, productive supply chain. This tool can be used to provide clean, structured data and leverage the benefits of streamlining business' procurement processes to meet organizational goals.