A supplier registration portal is a key component of a supplier diversity program. When implemented correctly and consistently, the portal onboards and prequalifies potential suppliers, collects useful data, and serves as a tool for sourcing qualified suppliers.Externally, a supplier registration portal serves as an entry point for potential suppliers, a welcome mat that says, “We are interested in doing business with diverse suppliers.
And yet, many companies invest in a supplier portal without taking full advantage of all it has to offer. Don’t let your portal turn into a black box of data.
Let’s explore four advantages of having a supplier portal to maximize its potential.
1. Prequalify suppliers.
Determining which suppliers are right for the job is a tedious business. What if we could automate part of the process? Our supplier registration portal is backed by supplier.io’s industry-leading master database. After suppliers register, data enrichment verifies the information and adds missing data, resulting in pristine, standardized supplier data to work with when preparing bidding opportunities or identifying potential suppliers.
The supplier.io supplier registration portal includes a robust set of data fields out of the box. However, you are in control of the data you collect. Customize the registration form with your own specific, targeted questions to narrow down the pool of qualified candidates.
2. Source diverse suppliers.
Effective supplier diversity programs include the entire organization, especially strategic sourcing within the procurement process. Your supplier registration portal makes it easy for buyers to source and include certified diverse suppliers in every bid.
Providing this tool for procurement planners and sourcing professionals will improve collaboration and drive accountability. When buyers have access to an accurate, up-to-date database of prequalified diverse suppliers, integrating supplier diversity into the procurement process is simple and efficient.
3. Measure event ROI.
Here’s an advantage to supplier registration portals you may not have considered: Use your portal to determine the ROI of attending trade shows and business conferences.
Trade shows and business conferences are probably among the most expensive line items in your budget. Given the time, money, and other resources required, you want to get the most out of each conference you attend. If your goal is to attract qualified diverse suppliers with which to do business, a configurable supplier registration portal is a useful tool to measure the value of these events.
Create an event-specific page with targeted questions where potential suppliers can register with your company. Direct suppliers to this page, whether by having them sign up at your booth or with an event-specific URL disseminated via signage, social media posts, and other marketing materials.
After the event, allow suppliers time to return to the office and wade through their post-conference to-do list, then review the data collected. How many suppliers signed up? How many passed your prequalification checklist? And, looking back two or three years later, how many of these companies became part of your supply chain?
Over time, this data will reveal which trade shows and conferences are worth the resources to attend. Bonus: no more collecting business cards and manually entering the information!
4. Free up your time.
Your time and expertise are valuable. A supplier diversity professional should not be tasked with tracking down supplier contact information or manually verifying diverse supplier certifications.
A supplier registration portal that’s configured to your specifications and backed by a robust database shoulders the bulk of onboarding and qualifying diverse suppliers. Now you can focus on strategic tasks, such as building supplier relationships, networking internally to market your supplier diversity program, training buyers and other departments to utilize supplier diversity tools, implementing a Tier 2 program, and reviewing and analyzing your program’s data.
Implementing a supplier registration portal is crucial to the success of your supplier diversity program. Use it to automate the mundane, simplify sourcing, and hold your organization accountable.
To learn more about supplier diversity programs, read our report, 2021 State of Supplier Diversity.