It’s not often that accounts payable makes front-page news. So, it was surprising when the topic of a major sneaker manufacturer’s supplier portal was one of the lead stories during a broadcast of ESPN’s Sports Center this weekend.
ESPN was reporting on the allegations made by a prominent lawyer that the sneaker manufacturer paid the mother of a blue-chip college basketball prospect a bogus consulting fee a few years back in order to entice her son to attend a basketball powerhouse that the sneaker manufacturer sponsors.
The lawyer noted that the NCAA, the governing body of college athletics, could quickly verify his allegation simply by checking the payment history in the sneaker manufacturer’s supplier portal.
It remains to be seen whether the blue-chip prospect’s mother accepted an improper payment from the sneaker manufacturer.
But there is no question about the prowess of a self-service online supplier portal.
Self-service online supplier portals make it easier for suppliers and their customer to do business.
As an example, with a supplier portal, a consultant/mother of a blue-chip basketball prospect can:
- Easily update her profile and banking information
- Effortlessly submit invoices for her consulting services and receive a confirmation of their receipt
- Convert or flip buyer purchase orders into electronic invoices submitted through the portal
- Instantly see the status of invoices and payments (e.g. received, approved, paid, etc.), at any time, from any location, including a college campus
- Electronically communicate with the buyer, avoiding back-and-forth calls and e-mails
Buyers also benefit from supplier portals.
By extending their accounts payable automation with a self-service supplier portal, buyers can:
- Further streamline their operations and lower transaction processing costs
- More easily communicate and collaborate with suppliers
- Accelerate the resolution of exceptions
- Avoid potential supply chain disruptions
- Strengthen their relationships with valued suppliers
- Free up accounts payable staff to focus on value-added activities
And, yes, supplier portals provide authorized users with instant access to payment history.
These benefits make supplier portals a slam dunk (sorry!) for suppliers and buyers alike.
It is no wonder that self-service online supplier portals are a top technology priority for businesses, and big news in the sports world.
IPS Productivity Wrx℠ is a digital transformation platform that automates accounts payable using emerging technologies such as RPA, artificial intelligence, machine learning, mobile and analytics.