Vendor Portal Overview
A vendor portal is a system that helps you manage and stay connected with your vendors in a secured environment which helps you in vendor/supplier on-boarding, invoice reconciliations, initiating and checking payment status. Continuous phone calls, faxes, emails from your suppliers are a complete waste of time. Organizations adopt this system as per their business workflow to improve the vendor efficiency and reduce errors.
Cygnet Vendor Portal is a web-based, vendor management solution that allows you to collaborate with the vendors in a secured environment. This is a fully integrated solution that supports end-to-end business processes from Request for Quote (RFQ) to the Invoice Reconciliation with GSTN network. The system comes with a very interesting feature of reconciling the data available on GSTN network and vendor invoice data which identifies the matched and mismatched invoices on a real-time basis, thus making this an ideal choice for vendor management. This two-way collaboration between supplier and buyer enables suppliers to upload invoices, match invoice data with source systems followed by payment approvals.
Top Challenges Faced By Businesses While Managing Vendors
With the growing number of vendors, it’s important for organizations to formulate techniques that can lessen vendor menaces. In order to less complicate the system, organizations need a strong vendor management process that brings transparency between the processes, purchase, and invoice cycles. One of the major challenges that organizations incur is automating the entire vendor cycle.
Listed below are some of the common challenges faced by organizations while managing their vendors:
Multifaceted Vendor Ecosystem
Organizations dealing with various vendors are exposed to multiple setups and different processes. It is important that the organization classifies vendors according to their process, business operations, risks, and dependability. Some platforms complicate the entire vendor cycle journey with many modules, features making vendors reluctant to use the same.
Lack Of Visibility
The most important point here is to have a centralized data for managing multiple vendors together, this brings in the more transparency within the system be it for assigning RFQ to a vendor, checking invoice data or payment status.
Reconciling Vendor Invoices
Reconciling Purchase Order with the Vendor invoices is again a critical stage in the vendor management before approving off the invoice payment. The system should notify the buyer in case of a mismatch invoice value.
Vendor Payment Risk
Some vendors follow different payment terms; organizations need to figure out a payment process and cycle for each vendor on board so that the payment is always made on time. This becomes a major concern for organizations with multiple vendors.
Vendor Data Storage
With the increasing number of vendors managing each vendor data gets crucial and gets essential for an organization to have a full-fledged vendor management system in place. Otherwise storing and retrieving the data on multiple assignments will be challenging.
How Cygnet Vendor Portal (CVP) Makes A Difference?
Cygnet Vendor Portal (CVP) is a boon for businesses that have multiple vendors with different workflows such as managing job work, managing vendors in the banking domain. The key differentiating offered by the Cygnet vendor portal is that it reconciles the vendor invoices submitted in the system with returns filed on GSTN. The system identifies the matched and non-available invoices which accordingly can be triggered to the respective vendor.
Cygnet Vendor Portal Offers The following Features:
CVP easily collaborates with all the vendors by providing a common platform for all suppliers and buyers along with an intuitive dashboard.
CVP facilitates Vendors to find the information they need through this portal instead of calling or emailing the Buyers (Tenant)
Automates Account Payable Process
CVP allows the registered users to automate the entire Account payable process without any hassle.
This feature allows organizations to check the invoices uploaded by the vendor and do the invoice reconciliation with the data uploaded on the GSTN network.
Multi-Tenant SaaS-Based Distribution
CVP allows businesses to manage their multiple vendors with the help of this cloud-based hosting portal. CVP allows vendor wise access and a common backend for the management to look over.
CHECK HOW CYGNET VENDOR PORTAL IS THE BEST FIT FOR YOU & YOUR VENDORS?
Cygnet Vendor Portal For Banks
Cygnet Vendor Portal is a web-based vendor management application that suits multiple organizations as well as Banks. Some of the major challenges faced by Banks while managing their Vendors are:
- Multiple systems in place to manage various vendor invoices
- Lack of accurate system-level checks available to handle the regulatory requirements of reconciling vendors invoices submitted to Bank with the vendor’s invoices submitted to GSTN.
- Lack of accuracy in taking GST input credit.
Core System Features For Banking Industry
Solution Facilitates transparency with Vendors across all branches, tracks the payment status and helps to claim the accurate ITC, Helps to identify Credit Risks Via Block-Listed Vendors Report, Offers seamless integration with Oracle apps for payments processing, Provides an advanced level Invoice Reconciliation with GTSN data and Oracle Data and helps to take correct and analyzed decision for potential banking Vendors.
CVP can be used across all industries for managing suppliers, job work procedures, payment checks, claiming accurate ITC. Some of the solution benefits are:
- Provides a complete transparent ecosystem between buyer and supplier
- Quick and easy checks on RFQs, quotes and their status
- Allows you to check the status of your purchase orders raised
- Provides complete visibility of vendors own PO, RFQs, Quotation, Invoices, ASN and GRN
- Allows you to check all the Open Invoice’s & Payment status
- Enables you to create invoices, credit, and debits notes
- Provides real-time notification to the users
Having a proper vendor management system is ideal for providing a better vendor ecosystem in place with increased efficiency and less expense. Cygnet Vendor Portal offers an end-end solution for vendor management from RFQ to the invoice reconciliation within GSTN. Let’s schedule a quick demo by filling the below form or write to us at firstname.lastname@example.org