Self-Service Supplier Portal Increased Use
Many accounts payable departments consider themselves automated due to invoice scanning or an automated workflow. While these, and many other automation features, are great, they are not the highest or most effective form of automation. A self-service supplier portal allows for greater levels of straight-through process, easier communication and better relationships with suppliers, and easier access to early-pay discounts. Additionally, as shown by this graph in a recent report by Ardent Partners, self-service supplier portals is the highest stated “plan to use within 2 years” automation feature.
So, if self-service supplier portals are so great, why aren’t more people already using them? The most obvious answer is that many assume their suppliers simply won’t make the switch to submitting invoices online. However, a supplier survey run by iPayables shows that suppliers actually prefer using a supplier portal, especially if its free. While they do have to learn to submit invoices a different way, the benefits of visibility into their invoice status, dispute notification, and real-time resolution options far outweigh the shift to online submission.
It’s also possible that many departments aren’t aware how much time and money they could be saving through the use of a self-service supplier portal. Through the portal, you should never receive an incomplete invoice, as all fields are required before submission. Additionally, you can flag errors and create discussion with suppliers in real-time on the invoice. This allows disputes to be settled quickly, as well as track what changes were made, when, and by whom.
If you want more information on how a supplier portal could increase your level of automation and save your department time and money, check out this webinar! Or, feel free to fill out this form to ask us a question.