Supplier Management

When it comes to effectively managing business commerce, locating the best suppliers and negotiating the best agreements are a good start. But it’s only the beginning. To be successful, companies must constantly discover, assess, and on board new trading partners, ensure that their information is accurate and up-to-date, and continuously measure and improve upon performance. Yet many buyers and suppliers struggle to do this.

According to AMR Research, managing supplier information manually is a costly drain on business—in some cases more than $1,000 per supplier on an annual basis. But it doesn’t have to be. When information—enabled by technology—becomes visible across the organization, costs per supplier quickly fall to below $150. Yet achieving complete visibility on supplier information isn’t easy and there are a number of challenges that make it difficult:

  • Inaccurate and fragmented information spread across multiple, disconnected systems
  • Incorrect, incomplete, and out-of-date supplier records
  • Lack of visibility into supplier performance, risk exposures (financial, brand, reputation, disruption) and financial metrics
  • Inconsistent or non-existent processes to on board new suppliers and measure performance Large numbers of suppliers, making supplier segmentation and prioritization efforts cumbersome and, as a result, limited
Why Supplier Information Management
With Supplier Information Management, companies can overcome these challenges and fuel better relationships with key trading partners. A unique Software-as-a-Service (SaaS) solution, the Supplier Information Management delivers state-of-the-art technology that enables companies to quickly identify and assess new sources of supply, rapidly on board approved suppliers, and gain a 360-degree view of supplier information performance and risk. With Supplier Management services and expertise, companies can access best practices and templates to ensure proper supplier selection, measurement, and compliance management. And a robust SaaS-based supplier information management portal delivered through our Network makes it possible to unify platform, process, and supplier profiles on an enterprise-wide basis and create a unify platform, process, and supplier profiles on an enterprise-wide basis and create a unified supplier record/profile to facilitate buying, selling, and managing cash in a single location.

 
     
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