Choosing the right vendor training platform can significantly impact the efficiency of your workforce planning and recruiting initiatives. The modern-day vendor training solutions have built-in functions and capabilities that can reduce many challenges due to the recent advancements in industry technology. With numerous vendor training platforms on the market, it might be difficult for businesses to select the right platform to best enhance their workforce initiatives.
In this article, we will see what a vendor training platform is and how it helps grow your business.
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What is a vendor training platform?
A vendor training platform is software created to assist organisations in establishing relationships with suppliers, acquiring supplies, processing payments, facilitating vendor or supplier communication, and managing the entire vendor process and relationships smoothly – all from a single application.
Advantages of choosing a vendor training platform
Opting for the right vendor training platform has many advantages, which includes :
- Hassle-free recruitment, assessment and onboarding of vendors – Finding a vendor is more complex than just looking through potential vendors and sending them a list of the goods or services your business needs. Before selecting a vendor, you’ll frequently have to go through a lengthy and time-consuming process of gathering quotes and bids. Once the process is over, companies need to onboard their suppliers to work with them, utilising their internal purchasing and communication workflows. The routines and procedures suppliers must follow during the purchase process are organised by a vendor training solution, allowing them to ramp up more quickly.
- A single dashboard for all vendor and supplier-related information – An LMS for vendor training facilitates the complete process of managing suppliers and using data to make decisions. It consists of keeping records of recent and past purchases, evaluating the risk profiles of vendors, examining supplier metrics, handling compliance, tax information and payment collection, handling electronic invoices etc. The effectiveness of their procurement strategy is accessible to finance teams through a common dashboard, along with what has to be modified and how.
- Third-party integrations and data storage – Every transaction, issue, and information related to supplier concerns can be stored and traced back to your vendor training platform. Similarly, vendor training platforms can integrate with external, third-party applications for operations and finance. This helps the operations and finance departments to seamlessly transfer data between several platforms and to make decisions more quickly.
- Easy contract management – The learning management system for vendor training enables businesses of all sizes to generate, review, and approve contracts. The terms of the agreement, the working relationship between the parties, and any severance clauses that would apply in the event of default by your vendors are all stated in vendor contracts. These contracts can be easily created from scratch or from a template with the help of a vendor training platform. Workflows can also be used to handle contracts at scale.
- Transparency in collaboration and communication with vendors – Without a strong communication system, suppliers might send the wrong goods, orders might be delayed, and conflicts might occur. In order to explain precisely what a client wants for each purchase, the terms the supplier will deliver them for, and how long these conditions are applicable, a vendor training LMS platform can be leveraged.
- Ongoing support for vendors – The supplier training LMS acts as a procurement tool that can be used as a direct support system for identifying and resolving supplier concerns. You can notice and handle these issues before they become worse.
No matter how strong your vendor training platform is, you will still encounter problems if your finance team and external suppliers or vendors can’t start using it right away. As your procurement process slows down, you’ll realise that purchase requests are piling up and fraudulent payments are going undetected. Finding the best learning management system for vendor training is the solution. It helps you streamline the procurement process, keep track of all your purchases from a single point of reference, reduce fraud through strict and improved audits, and design unique workflows for analysing transactions.
Mykademy’s vendor training platform empowers businesses to provide efficient training to suppliers and vendors about their products and services. Our cloud-based LMS for vendor training helps you beat all your training challenges. Schedule a demo or get a 14-day free trial if you wish to know in detail.