Maximise the value that your supplier management strategy delivers to your bottom line
The Supplier Challenge
In order to leverage relationships with suppliers in a way that benefits the customer, an organisation needs seamless data integration and access from all sources. However, this can be difficult when there are multiple systems used for different purposes or processes which makes it hard to truly collaborate on decisions about how best to deliver services and ensure revenue growth.
The challenges of executing a well-defined supplier relationship management strategy include the need to manage risk and mitigate it effectively with additional precautions and processes while complying with current regulatory obligations.
Supplier Relationship Management
Supplier relationship management is a business initiative that many companies undertake to build mutually beneficial relationships with suppliers.
Top business drivers for implementing supplier relationship management strategies include cost optimisation, risk mitigation, top-line growth from supplier innovation, operational process improvements and the ability to drive and deliver a mutually beneficial relationship that assists in the attraction and retention of trusted partners.
Supplier Relationship Management Challenges
Long, Manual Onboarding Process
- Multiple channels through which supplier applications are received to keep track of
- Manual vetting and tracking of supplier information
- Manual processes and tools expose organisations to unnecessary risk
Limited Supplier Visibility
- Siloed information sources requires manual data consolidation for reporting
- Lack of data hampers our abilities to truly partner with suppliers
Strained User Experience
- A slow process, requiring significant man hours to facilitate supplier onboarding
- Repetitive manual work reduces employee productivity
- Manual repetitive processes are both labour intensive and costly
Leveraging technology for automation
Drive consistency and compliance to minimise cost significantly while improving outcomes and eliminating complications.