Vendor Management
Improve vendor relationships and reduce costs
Improve vendor relationships and reduce costs
Effective Vendor Management is critical to mitigating supply chain risks, controlling costs and unlocking profitability. SoftCo Vendor Management delivers the benefits of working efficiently with preferred vendors; purchasing is optimized, costs are reduced, and administration eliminated. The SoftCo Vendor Management solution enhances relations with your key vendors with full online visibility of all orders and invoices, ensuring queries and disputes are addressed immediately.
Firstly, selected vendors are invited to register on the SoftCo Vendor Lifecycle Management (SoftCoVLM) Portal, completing the on-boarding process themselves by adding company and financial information and all supporting documentation, including payment and VAT/TAX data. The automated onboarding guarantees adherence to AML compliance and removes the need to chase vendors for vital information.
Once registered, SoftCo’s dedicated Vendor Portal enables vendors add their own purchase order and invoice transmission preferences, allowing them to submit all invoices directly through the Portal as they receive purchase orders. SoftCo’s innovative ‘PO Flip’ functionality converts received orders into a corresponding invoice that is returned to you immediately. Vendors are notified instantly when you submit a purchase order and track the progress of invoices submitted. There is no need to chase payments and administration is eliminated.
Onboard, manage, and communicate with vendors via the easy-to-use portal saving substantial employee time.
Manage and track all ongoing internal and external compliance obligations for AML.
Empower vendors through invoice/PO submission, ‘PO Flip’ and invoice tracking.
Maintain full visibility and make data-driven procurement decisions with a full overview of vendor processes.
Full visibility of orders and invoices status, queries, delays or discrepancies through the Vendor Portal.
Seamless integration ensuring the ERP system is the primary owner of vendor master data.
Capture, escalation and actioning of all queries in the event of a dispute.
Streamlined onboarding and processes allows for clearer communication with vendors
Better vendor management starts here
SoftCo Vendor Lifecycle Management ensures the structured and secure onboarding & ongoing management of vendors with centralized access to vendor data, enriched with third-party verification. Automating information management boosts data accuracy and increases compliance, while lowering risks and significantly reducing administrative costs.
Designed to transform how businesses manage and interact with their vendors, SoftCo VLM simplifies vendor data management, ensuring strict compliance with internal business processes in addition to industry and geographical specific regulations. With a 360-degree view of your vendor information, your organization can efficiently manage compliance, reduce risk and gain 100% control & visibility over the lifecycle of your vendors from on-boarding to off-boarding.
Intuitive self-service portal allows vendors to submit all required information for fast approval by compliance teams.
Pre-qualification of vendors, and automated third party validation for tighter control avoids risky vendors.
Centralized view of vendor lifecycle management with full audit trail and status visibility
Reduce the amount of time it takes to onboard your new vendors with the easy-to-use VLM portal where your vendors self-onboard. Vendors are invited to the VLM portal where they will be instructed to complete onboarding forms and attach additional documentation as specified by you. Create and modify onboarding templates to meet industry, regional, and regulatory standards. Define user roles, designate approvers, and create an efficient workflow that complies with company policy and regulatory requirements ensuring that whatever specific information you require from your new vendors by industry and/or location is submitted during the onboarding process.
Once vendors have completed the onboarding process, your internal compliance team will be alerted to validate their submission. With automated 3rd party verification of key information such as Tax, VAT, TIN and Bank details, the process of completing due diligence of vendors is accelerated, the correct regulations are met and the onboarding process completed.
Following initial approval, vendors have continued access to the SoftCoVLM portal to update and make changes to any of their key information such as address, bank details or regulatory documents. Before details are accepted, the internal compliance team are notified and ensure that any updated vendor information is validated and compared against sanctions lists before approval. Seamlessly transfer data that has been collected, verified, and approved during vendor onboarding and updates. A unique ERP reference number supports data consistency from exports.
Intelligent and intuitive dashboards provide instant visibility into your vendor base. With easy drill-down functionality, the progress of each onboarding is visible allowing you to identify and quickly fix any bottlenecks. Generate a transparent, audit-friendly environment with comprehensive digital records. SoftCoVLM meticulously tracks all activity on vendor data with a timeline and relevant user information. Provide an easily accessible audit trail to improve accountability and internal controls.
Maintain great vendor relationships and improve visibility
SoftCo Vendor Portal empowers your vendors and reduces the administrative burden on your Accounts Payable team. Vendors can submit, view, and manage the status of their invoices without manual intervention from your team.
The process and accuracy on invoice submission is further accelerated through SoftCo’s innovative “PO-Flip” technology. A PO is submitted directly to the vendor via the portal, and the vendor can instantly turn the PO into an invoice. The SoftCo Vendor Portal is mutually beneficial, helping to streamline invoice processing, cut down on processing time and costs, and enhance data accuracy.
Intuitive self-service portal allows vendors to to flip POs into invoices
All communication is managed through the portal to accelerate query resolution
Vendor Portal gives a centralized view of invoice processing and payment status
SoftCo Vendor Management software enables your preferred vendors to submit all invoices directly through the portal as they receive purchase orders. This process is expedited through SoftCo’s innovative ‘PO Flip’ functionality where received purchase orders are converted into a corresponding invoice and returned to you immediately.
Vendors are notified instantly when you submit a purchase order, both via email and the Portal. Vendors can track the progress of invoices submitted removing the need to chase payments over the phone or via email. Once an invoice is submitted for a specific purchase order, vendors track its progress through the portal and view its status within the approval process. This process also removes any dangers of duplicate invoices being submitted.
The Vendor Management solution also provides significant commercial benefits to your vendors who gain visibility of the status of orders and invoices and can address any queries, delays, or discrepancies rapidly. The query management module ensures that all queries are captured, actioned, and recorded within the system in the event of a dispute. A detailed list of all events is available on the portal, including activity log providing a full audit trail.
Following initial approval, vendors have continued access to the SoftCoVLM portal to update and make changes to any of their key information such as address, bank details or regulatory documents. Before details are accepted, the internal compliance team are notified and ensure that any updated vendor information is validated and compared against sanctions lists before approval. Seamlessly transfer data that has been collected, verified, and approved during vendor onboarding and updates. A unique ERP reference number supports data consistency from exports.
Date: Tuesday, November 12th, 2024
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