Vendor Portals Can Reduce Risk In Your Supply Chain

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Vendor Portals Can Reduce Risk In Your Supply Chain

Vendor Portals Can Reduce Risk In Your Supply Chain

Using a vendor Portal to de-risk your supply chain

A supply chain is a living business organism, which inevitably has to go through periods of intense disruptions or high risks, every now and then. According to the findings of the Zurich Global Insurance Group in 2011, more than 85% of companies, which took part in the survey, experienced the consequences associated with the supply chain disruptions. In addition, more than 50% of survey participants had more than one supply chain disruption. The most troubling finding of this finding is that one in three companies affected by supply chain risks hardly or never recovers completely.

 

The Supply Chain Unchained

Are the risks and disruptions, which breath down the neck of your supply chain, an invincible force you have to surrender to? What’s happening with your supply chain, and why it’s so hard to make sure it works properly all the time? Here are some of the most common reasons your supply chain gets costly “hiccups”:

 

  • Supply chains are extremely difficult to control and secure with the help of traditional tools
  • The number of supply chain elements and participants can be a living nightmare for any vendor and supplier
  • It’s easy to get lost under the crumbling pressure of an information avalanche
  • You need to prioritize and make contact selections almost on an hourly basis because it’s impossible to address them all when they’re initiated
  • You address problems very often when it’s too late to do something about them, and prevention seems like a business utopia for you

 

When you examine supply chain risks from this perspective, your situation might look even more daunting. Is there a solution, or is it your inevitable business destiny to be chained by your supply chain’s risks?

 

We Need A Supply Chain Hero!

A vendor portal comes to the rescue. If your supply chain is seriously ill and inefficient, then vendor portals have the best cure for it. Thanks to a streamlined and time-efficient working environment they provide, you can eliminate the majority of the risks, we’ve previously mentioned. Those, which can’t be cured, will be minimized and transformed into a less serious business risk. A vendor portal is your most trusted ally, which can help you overcome all challenges and risks associated with your supply chain.

Vendor portals concentrate all relevant information in one place, making everything accessible for all vendors and suppliers at any given moment and place. You don’t have to worry that your system is going to collapse due to an overflow of personal and financial information requests. Additionally, you’ll be able to notice potential processing difficulties and problems, especially the ones associated with the payments, with enough available time to react properly. A vendor portal is a secure online streamlined and extremely collaborative working platform, which encourages all participants of the supply chain process to submit and share all relevant information directly and in the real-time.

What’s a vendor portal? It’s your supply chain’s best friend. F

 

 

JoeFlynn

jflynn10@gmail.com

Joe Flynn is a Silicon Valley Entrepreneur who created Lavante, Inc. Lavante was started with the vision using Machine Learning, Natural Language Processing and advanced Data Extraction techniques to transform the traditionally manual-based Account Payable Recovery industry. Lavante Was acquired by PRGX Inc. in November 2017. Joe is currently working on a new venture using Artificial Intelligence and Machine learning to transform trade partner communications across the entire supply chain.

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