A vendor management portal is a web based application that allows an organization to secure and manage staffing services on a temporary, permanent or contract basis. It helps centralize the complex issues that surround the staffing.
A vendor management portal generally involves the following:
- Job requisition
- Automatic billing
- Management reporting
- Workflow engines
- Amenity tracking
- Service catalogue, including standardized position and bills.
A vendor management system offers seamless access to cost-effective, qualified human resources while facilitating long term growth. A vendor management system (VMS) manages all staffing operations and management procedures and eradicates typical issues and inefficiencies of workforce management.
We at CormSquare, along with Vendor Management Portal, offer e-Auction, e-Procurement and Strategic e-Sourcing solutions with the aim of providing high efficiency, effective control of time, labour & cost saving to its customers in their purchasing activities
According to the Aberdeen research, 72% of the US companies have single program for managing contract labour and professional services sourcing and procurement. This is quite an amazing escalation since it has been only 10 years since the emergence of Vendor Management Portal.
What all benefits do VMS provide?
Unfortunately, vendor management is not well understood by many or widely implemented in the business world. To help you understand it’s importance, I have outlined several points mentioning what all gains can a Vendor Management Portal offer.
- Mitigate Risks: Vendor Portal can track suppliers and provide the data one needs to identify supplier risks so one can execute the steps required to mitigate the risks proactively.
- Optimize Performance: The complete process gets significantly smoother and faster.
- Great Exposure: All vendors may participate in the bid process, which leads to creative bidding.
- Increase Administrative Efficiency: The vendor portal can significantly drive administrative efficiency. As a central hub for vendor master data and record keeping, this portal program can substantially cut down on duplication of data, loss of contracts and several other information.
The quicker you can onboard your vendors, the quicker you can move through the procurement process and receive your goods or services.
- Protect Your Brand: Your company brands hold a lot of value. You surely would not like to tarnish it due to the actions of an unprofessional and unethical vendor. In such case, a supplier management program can provide you with the information you need, like a supplier’s social and environmental standards.
Long things short, Vendor management portal enable organizations to establish vendor information and contracts, control the costs, collaborate with other staff on compliance tasks, drive service excellence and mitigate risks to gain increased value from their vendors throughout the life cycle.