Using a Supplier Portal for Purchase Order Management in the Global Market
Choose a GTM Solution that Provides the Level of Integration Needed that Works most Efficiently with Suppliers
Routine reliance on an extended global supplier network has resulted in a more complex and lengthy procurement process. Emails, phone calls and faxes simply don’t support the collaboration between buyers and suppliers that is required for successful global trade.
Purchasers face these challenges when trying to source product and manage suppliers across their network:
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| Important features that enable partners to work collaboratively include automatic document determination, generation, verification and distribution. |
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• Efficiently placing orders and receiving confirmation that the orders can be filled in the required time frame
• Avoiding the errors and misunderstandings that can come from rekeying data, multiple phone calls and emails
• Approving the creation of shipments and receiving advance shipment notifications (ASNs)
• Matching invoices to purchase orders to ensure accurate payment
• Creating and distributing required documentation to all of the relevant parties
• Preserving an audit trail of conversations pertaining to each purchase order
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Many organizations have turned to supplier portal software to manage all facets of the purchase order (PO) process including order acceptance, shipment creation and document generation. A supplier portal that’s integrated with a global trade management (GTM) solution can ensure that a PO is compliant with applicable regulations, provide full visibility and event tracking from PO creation through invoice reconciliation and payment.
Beginning with purchase order creation, procurement professionals utilize a GTM solution to verify purchased products for admissibility and regulatory compliance based on comprehensive and current global trade content, determine preferential trade agreement eligibility and calculate landed cost.
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