Why Create a Vendor Portal
by Ken Neal
February 11, 2015
Research by Canon suggests that advancements in workflow automation coupled with data capture, supplier portal and more efficient integration with ERP and content management systems enable organizations to leapfrog their AP operations from a manual to a leading edge function. The Accounts Payable Network offers some important insights on one of these AP optimization strategies in its article: What is the Payoff for Implementing a Vendor Portal?
The piece makes the point that if you are thinking of adding a vendor portal to your technology tools, you’ll find that the cost is relatively low and the payoff is high. The article goes on to highlight the three phases that characterize the development of most portals and the payoffs of each phase. For example, the first phase might include uploading invoice and payment information from the accounting system to enable the vendors to gather data using basic search functions. The payoff of this phase can be an immediate return on investment because it frees up AP staff from answering numerous vendor calls.
Canon has extensive experience helping clients meet the challenges of advancing their AP processes to a higher level. For more information including industry trends and best practices, feel free to visit the Accounts Payable Services page of our website.