Selling and purchasing process plays a vital role in running a business. Traditionally, all the processes were done manually; that is, buyers had to select vendors and send RFQs individually. The process was quite time-taking as well as required lots of efforts.
Moreover, buyers and vendors had to do their part on different systems which required a lot of efforts to maintain or share it.
Thanks to the technology that businesses don’t need to settle with the old traditional methods. If you want to save your time and efforts then you should know about Vendor Portal Management.
In Vendor Portal Management, you will get one portal where all your vendors can be managed. All they need to do is to sign-in with the portal.
According to Wikipedia, there is 10-20% reduction in contingent labour spend with the help of Vendor Portal Management.
WHAT IS VENDOR PORTAL MANAGEMENT?
Vendor Portal Management is a web-based application that helps to manage the business procedures with the vendor. In this management process, vendors can register themselves with the portal where they can do all their business transactions in one place.
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Managing relationships with the vendors are important for the smooth run of the businesses. Good communication is an important key to a successful business.
An efficient Vendor Portal Management facilitates better communication between retailers and vendors in a secure online environment.
Vendor Portal Management has become the need of businesses not just for better communication but for greater collaboration.
It is seen that people focus on other factors to boost their business but forget to manage procurement. Procurement is a significant part of the business strategies; hence, it should be managed in a well-mannered way.
Now, it’s not just customers but vendors also demand faster and easier access to information. Also, they are eager to conduct business in real-time. An effective Vendor Portal Management can reduce the effort to onboard suppliers, reduce supplier inquiries and invoice mismatches. Additionally, it frees staff to focus on higher-value tasks for the organization.
Manual management of everything is tedious as well as time taking that is the reason Vendor Portal management is ruling. It has made the procedure easy for the businesses; which has directly influenced the market in 2020.
BENEFITS OF VENDOR PORTAL MANAGEMENT
- It offers scalability as it works profitably for small as well as large scale businesses. One can customize it according to their business needs.
- The vendor portal management can be used to proactively communicate with all of your vendors as well as potential vendors.
- Return of Investment is one of the biggest assets of Vendor Portal Management; because it has transferred and automated labour intensive tasks from in-house to the vendor.
- All the vendors’ data can be integrated into one place which makes the procedure fast as well as organized
- It helps to automate the supplier onboarding processes.
- It Facilitates Invoicing, Procurement and other core functionality.
HOW TO MANAGE VENDOR PORTAL IN ODOO?
Odoo is a comprehensive business management software. In simple words, Odoo is a complete package of business applications.
Odoo can help you to manage all your business functionalities easily. Odoo has proven itself as a perfect platform for the businesses to run efficiently. It has effectively covered the areas like CRM, Sales Order, Inventory, POS and many more.
“The moon has scars too”; similarly, Odoo doesn’t have effective vendor portal management.
You don’t need to be disappointed if you are an Odoo user and wants to manage Vendor portal. Because there is an add-on module for efficient vendor management.
The module is named as Odoo Vendor Portal, which has become the great help of Odoo users.
ALL ABOUT ODOO VENDOR PORTAL
No doubt that Odoo is offering flawless Purchase management. But when it comes to vendors, there is no such specific interface for them to manage the quotations with ease.
Now, Odoo users can send RFQ to the multiple vendors at a time with the help of the module.
The workflow of Odoo Vendor Portal
1) Send Portal registration invitation link to the vendor via email
2) As soon as the vendor accepts the invitation and get registered with the portal, he/she can become the registered vendor.
3) Now, Odoo user can create the RFQ and send it to multiple Vendors.
4) The registered vendors will get the RFQ via mail. Moreover, they can see all their RFQ from My account section of the portal. Then, they can send the quotation by adding their proposed price with an additional note.
5) As soon as the quotation is sent by the vendor, Odoo user can mark done the most favourable quote.
6) After that, the state of the RFQ will be changed into done.
7) The vendor will be notified as soon as the Odoo user creates the Purchase Order.
From above, it can be concluded that the portal has made the whole procedure simpler and trackable. Odoo Vendor Portal has become the perfect choice for your business as businesses have become faster and transparent with its help.
If you want to manage the process from sending RFQ to its confirmation in an organized way then Odoo Vendor Portal Module is ideal for you.
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