Vendor management plays a crucial role in guaranteeing the effectiveness and quickness of the procure-to-pay cycle by helping you in eliminating underperforming vendors and continually choosing the best options.
But due to the ongoing activity of procurement teams, managing vendors might be challenging. Why? Because the number of deals each member normally manages at various phases of the procure-to-pay cycle.
The stress of keeping track of suppliers, orders, products/services, and documentation, etc., is real. There’s a risk that they may make mistakes in judgement.
And to not make that mistake, using a vendor management workflow to simplify your procurement process is a quick fix. So in this article, learn how you can create your own workflow with Hubbler.
Here’s how to create your vendor management workflow on Hubbler:
To make a master database which will store information specific to vendors. For example, a ‘Vendor Master’ which will have all details about the vendor like:
You can collect all this by simply designing a form on Hubbler’s drag-and-drop editor. The forms would be smooth will work like you want.
You can also configure Hubbler to capture and store data on master documents and to collect data in different forms. Data can be entered into basic text boxes, tables you design within the form, or even as attached files when using customized forms.
Here, you have to specify how the cargo/goods/payload will be sent. The information gathered from the forms in this instance is the payload. You might want to get the correct purchase manager to approve the data you have gathered. After then, you might want to have the purchase head recheck it.
The steps here may include:
With Hubbler, Procure-to pay solution, it’s super easy to create workflows. You just have to use our drag-and-drop tool.
These enable you to add and change workflow components including the assignment of roles and duties and rule-based reasoning.
Each vendor management procedure created to resemble how you conduct business is available for your selection.
Let’s say your company has a rule that the purchase head can only partner with vendors who sell at least 3 different products. You can include the clause: vendor can only register if they sell multiple products, at least more than 3.
In this step, it’s upto you to decide who gets access to which data. And you set permissions on what they can do with the visible information. You may set the procurement manager to be able to edit the form data on their verification step while choosing to let the procurement head have read-only access as they approve the data.
This access and permission controls are handy in processes like invoice approval, where you may prefer that only employees of a certain level view sensitive seller information.
Once your vendor registration workflow is ready by following steps one to three, releasing it and letting your team members in the final step.
Here, you have to decide if you want to let your team members edit the workflow even as you’re using it, and then hit release.
You can create many workflows for vendor management-related procurement processes like vendor rating, vendor offboarding, vendor qualification, vendor payment, etc., as well.
Because it’s a fully customizable procure-to-pay solution that truly works for you, without compromising on your internal processes.
You can manage all your core processes within a single solution. Those processes include budgeting, purchase requests & approvals, RFQ (Request for Quotation), PO (Purchase Offer), GRN (Goods Received Note) and account payables. With this, your team has a unified view of all their processes.
With Hubbler you can generate documents with a single click. You can create and generate documents like RFQ/POs/Payment Advice in seconds, use searchable records to find info on older purchases, automate a three-way matching (PO, Invoice and Delivery Slips).
You can also easily assess you vendor’s performance. For example, you can measure your supplier’s performance using ratings for delivery, compliance, experience, and communication.
Conducting a functional and technical rating analysis and creating custom dashboards that help track and measure SLAs (Service-level Agreement) can also be done on Hubbler.
So are you ready to build your procurement workflow? Book a demo with us and see how you can streamline your workflows.