The speed of business today requires a different level of engagement with vendors and suppliers. The net effect? Companies are extending AP automation capabilities to reduce supplier inquiries and eliminate mismatches as the next logical cost-saving step. To accomplish this, many top-performing organizations are employing greater levels of electronic interactions and collaboration with suppliers.
Kofax ReadSoft Supplier Portal™ is a true multi-tenant cloud solution that allows you to offer key purchase-to-pay visibility and self-service access, at no cost, to your suppliers. Empower suppliers with the ability to check the status of their invoices, enter invoices directly into the system, view purchase orders and “flip” them into invoices, easily communicate by adding attachments and notes, and manage their master data. It doesn’t matter how suppliers send their invoices (paper, fax, email, EDI or through the portal itself), all invoices can be presented together with current status information. The vendor portal can be configured to work seamlessly with virtually any ERP system and boasts easy onboarding with no associated fees. Boost supplier relationships while you speed up processing, cut costs and add extend the value of your AP automation investment.
“Have you received my invoice? When can we expect to be paid? What is the status of my invoice?” Research estimates that AP staff can spend up to 30% of their time dealing with basic supplier inquiries. With a self-service web portal suppliers can view their own transactional details without needing to engage AP for questions, saving time and allowing staff to focus on high value tasks.
An industry average of 10% of invoices do not match expected values based on the sales order, requiring AP staff to spend time correcting the misalignment with the supplier. Supplier Portal purchase order flip will help you reduce invoice mismatches by allowing the supplier to quickly and easily turn a purchase order into an invoice.
Suppliers feel more informed about the status of their invoices and when they will be paid with self-service access to purchase-to-pay data. By improving supplier service, you can negotiate better discounts and leverage dynamic discounting.