Vendors are the one of most integral parts of every organization.
They supply commodities and services that are valuable to your business, enabling you to accomplish your business milestones smoothly.
It is vital to ensure that suppliers deliver qualitative services on time. And that’s why you need to implement a vendor management process in your Salesforce instance. This will help you mitigate risks like missed contract renewal, compliance failure, bleeding costs, etc., while handling multiple vendors. It helps you handle and manage multiple vendors from a single location while helping you to handle your core business operations.
In this blog post, we’ll let you know how vendor management in Salesforce helps you combat challenges you face throughout the management of your vendor lifecycle.
Managing Multiple Vendors – The Salesforce Way
Salesforce vendor management is fast and easy. It is a cloud-based solution and includes built-in solutions that help you increase engagement with vendors, drive collaboration, streamline the vendor procurement process, and more. It enables you to bring all vendors, bids, and project components to a single place.
How Vendor Management Works in Salesforce?
Salesforce uses Lightning Bolt solutions to manage multiple vendors. In this, you need to create an opportunity in Salesforce using your administrative end to notify all vendors and invite quotations. Once you scrutinize all vendors and bids, you can award the tasks to all chosen vendors within Salesforce, and keep track of work progress.
The Lightning Bolt solution in Salesforce offers 3 key modules that help you manage multiple vendors from one place. Here are the modules:
- Request for Proposal Module: While handling new or third-party vendors, your company’s information might come at risk. With this module, your vendors can participate in an RFP using the onboarding process and later help them participate in the bidding process along with existing vendors. Once the onboarding process is done, vendor information can be generated into a contract and sent to other legal departments for review. In this, the entire process is automated and transparent on one system that any Salesforce user can view.
- Purchase Requisition Module: Purchase request form is quite mandatory when you have to purchase goods or services from vendors to run your business operations. If done manually, it can be time-consuming. But with Salesforce, you can generate the purchase request and send it to the procurement authority in a single click. Salesforce users can create purchase orders and invoices in one module itself. Vendors can also upload their information, which streamlines the onboarding process. With this, they can also view the purchase orders created by their clients. In this module, vendors can also submit their invoices and check the payment status.
- Compliance Module: This module revolves around vendor complexities and risk assessment. In this, contract information is kept in a single place that enables vendors to update their data hassle-free. This module also offers compliance surveys that improve the vendor-client relationship, helping businesses rate their vendors’ performance based on the contract terms and conditions.
By now, we have understood how vendor management works on Salesforce. However, every business requires customizations based on their unique needs. Let’s understand how we helped a customer leverage Salesforce vendor management and transformed the way they collaborated with their vendors, in a case study.
The customer runs a branding firm and has a large network of vendors for outsourcing tasks for any client project. It became difficult for them to manage vendors communicating through different sources, track and compare quotes, evaluate project progress, and meet deadlines set by their clients. The entire process was time-consuming and affected the overall performance of their business.
On the Salesforce platform, our Salesforce developers built a solution to enable the customer to quickly create an opportunity with the BoM (Build of Material) document and line items. After the project/opportunity was created in Salesforce, the customer added the vendors’ list from whom they wanted to receive a quotation.
The customer can now automatically send a unique email to each vendor asking them to bid on a specific opportunity on Salesforce. The email generally contains information about the opportunity and a quick link to the vendor portal that displays the opportunity details and allows them to submit their bids. The project owner immediately gets the notification whenever any bid is submitted and can easily view all bids updated by different vendors, their status, bid value, and then decide which vendor to go with.
The bid of the chosen vendor gets highlighted on Salesforce and they receive an email including detailed summary of project requirements. Once accepted, it automatically gets updated in Salesforce and notifies the vendor to proceed with the project.
Our customer got full control over projects and could easily track all the bids/quotes submitted from different vendors on a single platform for better decision-making.
Vendor management in Salesforce lets you reinvent your traditional vendor handling practices and enables you to run your business operations more conveniently. This helps you build a transparent relationship with your vendors. With Salesforce vendor management in your corner, you can combat any pitfalls or other pain points that you experience throughout the vendor lifecycle.
Want to Start with Vendor Management in Salesforce? Let’s Talk!
If you have more questions on whether to choose Salesforce vendor management, just drop us a line at [email protected] and we’ll take it from there.
Popular Blog Posts
Visualforce vs Lightning: Simplified and Demystified
10 Best Practices for Managing Salesforce Knowledge
How to integrate Salesforce and NetSuite effectively, affordably
Leverage Salesforce to Manage Multiple Vendors from One Place
Optimize Custom Codes with SOQL Queries