SoftCo Supplier Portal transforms buyer supplier interaction

Date: 25 Nov, 2016

Automating multiple finance processes in a single platform, and meeting specific business requirements while maintaining a simple, intuitive user interface is what makes SoftCo10 unique. The innovative finance automation platform launched in early November is already being adopted by organizations worldwide.  The new supplier portal is a key feature that delivers tangible value to finance professionals.

SoftCo Supplier Portal, a powerful web application automates supplier management tasks and delivers a number of game-changing features. SoftCo Supplier Portal enables the seamless on-boarding of new suppliers, as well as providing a self-service interface where suppliers retrieve purchase orders (POs), submit invoices, track invoice status, and update their account information without generating additional tasks for buyer-side procurement and accounts payable (AP) teams.

The first element in any effective supplier management process is supplier on-boarding. SoftCo Supplier Portal simplifies this process by inviting suppliers to create a profile on the portal, fill out their company details, submit the relevant tax and compliance documents, and submit for approval. The new supplier submission follows a fully-compliant, automated approval process and the supplier master data is exported to the ERP. A supplier-specific product catalog can then be created and maintained online.

Of equal importance is the in-life management of suppliers and the day-to-day interactions that occur between buyers and suppliers. In a typical interaction, the first step is the creation of a PO. With SoftCo Supplier Portal, suppliers receive a notification when a new PO is created and can log in to view the document and create and submit the corresponding invoice electronically. The invoice is then routed for approval within SoftCo P2P and posted for payment.

SoftCo Supplier Portal enables suppliers to track the status of their outstanding invoices online, avoiding AP time being wasted by handling supplier queries over the phone. It is also easy for suppliers to update their company information, contact details, payment details, etc. and submit changes for verification and approval.

As with all modules in the SoftCo10 platform, SoftCo Supplier Portal is designed with the user in mind and provides a simple, intuitive user experience for both suppliers and buyers. The portal removes several low-value tasks from procurement and AP by automating those tasks entirely or allowing suppliers to self-serve. Manual errors and disputes are minimized and supplier relationships are vastly improved.  All this means that finance teams can focus on more strategic tasks that drive real value for their business.

“SoftCo Supplier Portal transforms the way buyers and suppliers interact. It greatly reduces time and costs involved in supplier management and puts all of the necessary controls in place.”

Anton Scott, CEO, SoftCo