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6 Benefits of Purchase Order Collaboration

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Looking to transform your procurement team’s purchase order process? Read on to learn 6 ways PO collaboration can improve your company’s ability to manage risk, drive collaboration, and impact your bottom line.

Since 2015, SourceDay has been disrupting the world of direct-spend procurement with cloud solutions for manual Purchase Order, Accounts Payable, Request For Quote, and Quality Control processes. Our mission is to help manufacturers and suppliers remove waste and inefficiencies from their supply chains. Here are just a few of the benefits of transforming your PO process.

1. Work Smarter

By automating day to day tasks like tracking open orders or updating PO lines, procurement teams can spend more time on strategic planning. Instead of spending time tracking all POs, you can devote more time to working with suppliers and problem solving specific PO issues.

2. Mobile PO Management

Push notifications for acknowledgments and alerts for late orders allow buyers to easily manage POs while on the go. Quickly find PO updates and browse all communication between buyers and sellers organized in a single dashboard.

3. Avoid Costly PO Errors

Avoid costly data entry errors on POs. Suppliers can import data directly from SourceDay into their system without manual entry. All PO updates are automatically transmitted back to your ERP in real-time so you can always operate with 100% accurate data.

4. Improve Delivery Times

Every time a supplier makes a change, such as a due date, the buyer has the option to approve or reject the change. With accurate data and improved communication, you can do a better job forecasting deliveries.

5. Master the Art of Inventory Management

The supplier PO dashboard mirrors the buyer’s view keeping your supply chain in sync with your business requirements. Anticipating the market’s need and only ordering what is required to do business helps keeps your overhead low. Streamlining inventory management means higher profit margins and less risk.

6. Make Better Business Decisions

Data is the cornerstone of sound business decision-making. Having access to real-time data can help with decision making and avoiding costly mistakes.

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SourceDay Announces ‘Built for NetSuite’ Status

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We’re thrilled to announce that SourceDay’s supplier collaboration portal SuiteApp has achieved ‘Built for NetSuite‘ status. The new SuiteApp, built using the Oracle NetSuite SuiteCloud Computing Platform, offers a cloud-based supplier collaboration solution that meets Netsuite’s level of standards for security, data privacy and overall quality.

As businesses embrace cloud ERP, thousands of companies are using NetSuite across a multitude of industries to lay the groundwork for their companies, run them, and scale. Retailers, manufacturers, and wholesale distributors have achieved significant operational efficiencies using Netsuite to gain access to real-time business data and accounting automation. SourceDay’s partnership with Netsuite means that businesses are now able to grow their operations using accurate Supplier data and actually solve the issues that appear in the ‘first mile’ of the supply chain through SourceDay’s Supplier Collaboration Platform.

With the launch of its SuiteApp, SourceDay is driving efficiencies between manufacturers, distributors and their suppliers by providing accurate, transparent and real-time data to break down procurement communication barriers.” – Guido Haarmans, VP, SuiteCloud Developer Network and Partner Programs, Oracle NetSuite.

SourceDay’s Built for Netsuite (BFN) status means our platform’s lightweight integration is continuously validated by NetSuite and SourceDay. So your planning, scheduling, production, and customer service teams can operate on accurate supplier data in real-time. The results speak for themselves. A typical SourceDay customer experiences the following benefits:

  • 90% supplier enablement
  • 35% improvement in on-time deliveries
  • Reduces mismatched invoices by 33%
  • 25% improvement in buyer productivity

To master the procurement process, more companies need to pay attention to the ‘first-mile’ of their supply chain operations. For too long, manual processes for data entry and PO management have stifled communication between suppliers and buyers and led to costly errors. “Organizations need an efficient and responsive supply chain to stay ahead of constantly changing expectations and that requires open lines of communication across the entire value chain,” said Haarmans. SourceDay’s solution automates communication and drives actionable two-way collaboration between the buyer and supplier to help reduce waste, errors, and inefficiencies.

Procurement is often a huge pain point in the supply chain as miscommunication and incorrect data can lead to unnecessary costs and wasted productivity. Our SuiteApp enhances automation to help make it easy for companies to master the procurement process and increase efficiencies across the supply chain.” – Clint McRee, COO, SourceDay.

Learn how SourceDay can help your company achieve these results!

Continue reading about our partnership with NetSuite:

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Top 3 Reasons Supplier Portals Fail

Reasons supplier portals fail chaos Reasons supplier portals fail chaos

According to Spend Matters, a recent survey found that 60% of supplier respondents had to log on to 10 or more supplier portals every month; 10% log on to more than 50. And, 40% said that portals had increased (rather than reduced) their department’s workload.

The supplier portal landscape is crowded. There are so many portals available that suppliers are suffering from supplier portal fatigue! Companies are desperate to find a software solution that creates transparency between buyers and suppliers in every stage of an order’s lifecycle. But, with the plethora of portals available, why are suppliers and buyers still struggling to manage orders?

We’ve uncovered the top 3 reasons supplier portals fail.

1. Supplier Drop-Off

When customers adopt a new supplier portal, suppliers have to learn how to use the new system. On paper, this sounds great. The portal syncs with your ERP, there’s increased data transparency and its free for the supplier!

In reality, some suppliers and buyers spend a significant amount of time learning new portals only to see minimal changes in their daily workload. Because most supplier portals are complicated to use, users often resort back to their old manual processes for their work. Even after adopting a portal, tasks such as invoice matching and invoice processing are still completed manually through email and paper checks.

Learning a new portal is a big change and its not always worthwhile for suppliers! Suppliers are asked to work with so many ERP specific portals that it’s difficult to keep track of logins and passwords. Learning an entirely new system for one customer, who may order once or twice a year, is not a worthy investment.

2. Supplier Onboarding & Maintenance

The design, logic, and upkeep of a supplier portal is ultimately tasked to the buyer’s IT department. Without customer service teams available, IT departments become the primary source of training and help for suppliers using a new portal. It’s not uncommon for buyers to work with thousands of suppliers. With supplier turnover, IT departments don’t have the time to work year-round onboarding new users and answering a never-ending stream of support questions. Needless to say, adding a new supplier portal is an IT nightmare.

3. Management Fatigue

Integrating a supplier portal can take months. The portal needs to sync with the ERP, staff needs to be trained, and both the buyer and supplier need to be on the same page. Without the right technology partner, this involved process can mean a slow time to value. Some portals require significant training because they’re hard to use. If staff is unable to easily use the portal and get their workflow running smoothly, there’s no value in spending the money. So management is often skeptical about supplier portal projects unless there is a clear and defensible ROI.

SourceDay Solution

Unlike legacy supplier portals, SourceDay is ERP agnostic. Our software can connect with any ERP system through one unified platform. In other words, you can throw out your sticky note full of supplier portal passwords. With SourceDay, you can manage all of your suppliers or buyers in one platform with real-time, easy to read data and PO status updates in the form of push notifications.

SourceDay automates routine tasks such as invoice matching or PO collaboration and frees users to focus on bigger issues and higher-level strategy. With access to support staff and an easy cloud-integration process, SourceDay provides a clear ROI quickly. Our training and support services make SourceDay adoption a simple process for all users; suppliers have a resource to go to for all questions and buyer-side IT departments are free to focus on their own internal needs. We recently spoke with an Account Representative from Global Manufacturer SMC to hear about his experience adopting SourceDay and learning the platform in only an hour.

Trying to dig deeper? The SourceDay sales team joined the conversation and weighed in on what causes supplier portals to fail. Learn more on the topic in the full webinar.

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