Businesses are of two types. Business to customer and business to business. b2c businesses deal directly with the end consumers. B2B businesses deal with businesses. Both types of businesses have certain challenges and advantages as well. The major challenges of any B2B business are getting leads and managing vendors. B2B vendors can be the suppliers. To manufacture any product or to build any service, organizations need certain materials. Suppliers send these materials. For instance, a cloth manufacturing company needs cotton, threads, different types of fabric, colors, etc. these all are raw materials. Suppliers are the ventures that supply these raw materials. Such manufacturing companies usually deal directly with the vendors and not any intermediates. The obvious reason is to cut cost. The best part here is that companies get various options. Different cotton manufacturers can approach the client company and try to set a deal. Different vendors offer different quotations and tenders. In short, there are various options for any company and the major concern is the selection of the best one. 51 percent of app development companies in the USA are focusing more on content-based research before closing any deal with the suppliers. The challenge does not end here. Selecting the best vendor is not the only concern. After selecting a vendor, it is important to manage the process. A single company does not deal with one or two vendors. Multiple vendors are involved in any business. To manage the supply chain, ordering the material, managing invoices, scheduling delivery, etc are the other challenges for all organizations. As per a survey, 83 percent of organizations in the USA have planned to implement automation in vendor management. 79 percent of companies in the USA with high-performing supply chains saw a great hike in success last year. Source. In this article, we are going to discuss the benefits of B2B vendor portal. What is a B2B vendor portal? It is a B2B vendor portal is a web-based vendor management solution. It allows companies to collaborate with vendors or suppliers online in a secure environment. This web-based platform allows companies to manage all vendors and their invoices too. Benefits of online B2B vendor portal: 1. Time saving The B2B vendor portal saves the huge time of companies as well as vendors. Any vendor can call or message the companies to get certain information. How much material is required? What is the budget? What is the required delivery time? Usually, vendors ask these questions on call or in meetings. The whole process is time-consuming. The vendor portal has all the information updates. This portal works as a single source of data. In the traditional method, a vendor needs to make calls to the company to ask for details. If the concerned person is off duty, the calls might remain unanswered. Also, there are chances of human errors. When supplier and company members communicate, the dealing of incorrect information is a possibility. B2B vendor portals display accurate and authorized information. 2. Easy payment processing The B2B vendor portal offers payment details in real time. As everything gets digital, why not involve payment too? The vendors can easily track the payment details and receive real-time updates about payment processing. The vendors need not visit the office to submit invoices. The B2B vendor portal allows all the vendors to submit invoices online. This is again a good feature that saves a lot of time. The B2B vendor portal allows users to keep track previous invoices that can help in accounting. 3. Transparency As the portal is accessible to vendors as well as companies, things can get much transparent. The company management team can keep track of the order. It allows companies to see what is the status of the order. Where has it reached? Why the order has been stopped? The B2B vendor portal has answers to all these questions. 4. Documentation In this digital era, technologies are allowing people to work with big companies without even meeting them. In B2B, many times the vendors are not from the same city or even country. Usually, companies assign a person or a team to process the documentation and deals. The B2B vendor portal allows suppliers to manage the documentation online. 5. Storage of data- This is the most difficult challenge. For vendors as well as companies, it is difficult to manage the data. It is not the case that data is derived only by the marketing department and R&D department. The supply chain data is equally important as it has every minute detail about the order placed and invoices. Vendors can use the portal to claim the insurance in case of any misplace of order or theft of order. The B2B vendor portal works as a source of proof as it has all the details about the order. Conclusion The B2B vendor portal is designed to facilitate ease to the vendors as well as companies. All the data related to vendors, orders and invoices can be stored at a single point location. The businesses have experienced great changes in the supply chain process and product development. The delivery of raw material at the right time is very important for the product development process. The scheduling can be managed through the B2B vendor portals. Also, the payment invoices can be sent in real time.
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AuthorThe NineHertz is an eminent mobile app and web development company with 8+ years of experience. Archives
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