Improve vendor relationships and reduce costs
SoftCo Vendor Management software delivers the benefits of working efficiently with preferred vendors. Purchasing is optimized, costs are reduced, and administration eliminated. The Vendor Management solution enhances relations with your key vendors with full online visibility of all orders and invoices and ensuring queries and disputes are addressed immediately.
Vendors register on the SoftCo Vendor Management 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. Registered vendors add their own purchase order and invoice transmission preferences, and the Vendor Management Portal enables paper-based vendors to submit invoices.
SoftCo’s Vendor Management solution enables preferred vendors to submit all invoices directly from the Portal as they receive purchase orders. ‘PO Flip’ 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 smarter procurement decisions.
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.
“We have implemented a project that has progressedKati Siikonen, Process Manager, Palkeet
as planned and within the planned budget.”
The workflow process to register and onboard vendors on the portal ensures that all compliance obligations are met, commercial terms are agreed, and all activities are automated facilitating the purchasing and payment processes. The SoftCo Vendor Management Software enables you to invite your vendors to self-register on the portal with Two-Factor Authentication (2FA), providing an email address, password and preferred language. Vendors self-manage all required information, removing the burden on AP departments.
Once registered and onboarded, your vendor adds compliance documents including company information and financial information and industry-specific compliance documents. Real-time vendor validation ensures the accuracy of all data submitted. This process forms part of the overall vendor authorization process and is managed on an ongoing basis to maintain adherence to company and vendor performance policies. The onboarding process is completed by adding purchase order and invoice transmission preferences.
With SoftCo’s Vendor Management Software, your vendors proactively maintain and update the information captured during the registration and onboarding process, ensuring an uninterrupted working relationship. Any changes made must first go through your own secure, approval process before they are updated.
SoftCo Vendor Management software enables your preferred vendors to submit all invoices directly from 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.
SoftCo Vendor Management provides real-time information over your vendors’ activities, and ensures vendors complete and maintain all vendor master data, vendor financial and commercial information. This functionality ensures your organization has a complete breakdown of your vendor spend by vendor risk.
Meeting Compliance Obligations
It manages and tracks all ongoing compliance obligations for Anti Money Laundering and monitors compliant and non-compliant vendors. Any deviation from the agreed terms or non-compliance with the required up-to-date information is reported for audit and decision-making purposes.
Your vendors can complete and update all information directly on the SoftCo Vendor Portal. All data is validated on the vendor registration forms to ensure compliance with ERP requirements for integration. The ERP system is always the primary owner of vendor master data.