Supplier Portal Success Requires Broad Adoption

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PaymentWorks Announces Survey Results and Innovative New Service

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The appeal of self-service, which is prevalent in the consumer world, is finally trending in the corporate world. Companies are tired of manual, routine communications that tie up valuable resources.

A survey of finance professionals in large enterprises executed jointly by PaymentWorks and sharedserviceslink reports a direct correlation of satisfaction with supplier portals and the rate of supplier adoption. The survey was conducted with finance and shared services professionals and identified three important trends:

1. Growth. There is significant growth in the use of supplier portals. According to the report, 39% of respondents have deployed supplier portals, and 49% are likely to deploy one over the next two years. Among the three types of portals (ERP, home-grown, and 3rd party), 48% expressed a preference for 3rd party portals.

2. Objectives. Increased productivity was cited by 63% of respondents as the primary objective for portal implementation.

3. Satisfaction. High adoption and utilization is essential for high satisfaction. Dissatisfied respondents eliminated fewer than 25% of communications. A direct correlation was identified between the reduction in number of routine supplier communications and satisfaction with supplier portals. Factors impacting adoption include ease of onboarding, ease of use, support, and training.

Thayer Stewart, CEO of PaymentWorks said, “The appeal of self-service, which is prevalent in the consumer world, is finally trending in the corporate world. Companies are tired of manual, routine communications that tie up valuable resources, and suppliers increasingly prefer to exchange information online.”

The PaymentWorks solution, introduced today, is a robust software service that optimizes the secure exchange of information between large and mid-sized companies and their suppliers to ensure efficiency throughout the invoicing and payment process.

“Portals currently in use are likely to have dated, cumbersome user interfaces, impeding onboarding and adoption,” according to Stewart. “PaymentWorks is easy to use, does not require a large investment of time or money to deploy, and enables companies and their suppliers to connect and communicate with each other as easily as people connect on LinkedIn or Facebook.”

PaymentWorks and sharedserviceslink will host a webinar on April 14th at 1PM EST to introduce the full results of the survey and all registrants will receive a copy of the report.

Register at http://www.sharedserviceslink.com/event/5-ways-to-make-your-supplier-portal-a-success

About PaymentWorks
PaymentWorks enables large and mid-sized companies to exchange information securely with suppliers to ensure efficiency throughout the invoice to pay process. Our ERP-agnostic, cloud-based software is quickly deployed and set apart by EnterpriseConnectSM, a networking model that achieves rapid, organic supplier adoption. http://www.paymentworks.com

About sharedserviceslink
sharedserviceslink helps the shared services market set and achieve their strategy for success. We provide content, knowledge, insight and tools through our web services, conferences, webinars and reports, and we connect shared services professionals with peers and experts. http://www.sharedserviceslink.com

Media Contact
Allen Carney, allen(dot)carney(at)paymentworks(dot)com

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Thayer Stewart
PaymentWorks`
+1 (617) 500-8085 Ext: 501
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