Supplier Management solutions

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1. Supplier Data

Challenge:

Many companies’ supplier data is stored in independent systems such as ERP and AP, and this data is fragmented and poorly managed. Without good data, businesses will lack insight and action.

Building a solid data foundation requires two key things: collaboration and automation. Data quality is an enterprise-wide issue and any sustainable solution must be cross-functional. The procurement department should work with other teams in the company who have access to important data to resolve issues timely.

  

When procurement is collaborating with other teams in the organization, the amount of data can be large. Finding data takes time, and as the volume of data grows exponentially (some studies say 40% per year), so does the time it takes to collect it. Data is an ephemeral resource, and to keep up with the times, companies need automation. Portals to be updated manually by suppliers is unlikely to provide real-time information, as a solid data foundation requires automation. To get such a foundation, you should collect, categorize and analyze quality data from the organization. Whether your organization aims to cut costs, increase efficiency, or rapidly scale output, supplier-supported agility needs accurate supplier data.

Solution:

Use real-time supplier management software like 8Manage SRM provides quality agreement and planning features that allow you and your suppliers to establish an agreed and bonded quality standard that both parties can hold accountable for. Quality agreements and plans reduce confusion and improve communication because each party is aware of the others expectations and responsibilities. Most importantly, if something goes wrong, you know what your plan is.

8Manage SRM provides SLA and fine management. You can create service rules and fines mechanisms applicable to services as needed. The system will automatically track the actual execution results in real time and automatically calculate fines.

8Manage SRM supplier management software supports users to set up performance evaluation questionnaires for the evaluated suppliers as needed. The system will automatically send the questionnaires to the user-designated evaluators, and calculate the results according to the preset scores of each answer on the questionnaire.

According to the performance evaluation results, users can upgrade suppliers with excellent performance, downgrade suppliers with poor performance, or even blacklist them.

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5. Strategic Relationships

Challenge:

Strategic supplier relationships are critical to innovation and staying competitive. Many businesses are now realizing that they must integrate and collaborate with suppliers to remain competitive and take the next step toward sourcing excellence. Supplier management is not a new topic, but it has always been the stepson of the purchasing function. Many companies still do not have a systematic approach to selecting strategic suppliers and establishing strategic relationships with them.

Solution:

8Manage SRM offers a recording mechanism to record the communication and commitment between enterprises and each supplier, and enterprises can view these records in chronological order.

Keeping track of what has been discussed and committed clearly and easily strengthens the corporate memory of everyone in the company and ensures that they all walk the talk.

Suppliers as team members

Communication is important for nurturing relationships. 8Manage SRM also allows enterprise employees and outsourcers to form related teams to work and discuss together as team members.

Track all issues

8Manage SRMs contract service level agreement management (SLA) real-time function can detect the difference between promised and delivered in time, avoiding the problem of over-promise and under-delivery. 8Manage SRM can also automatically calculate supplier rewards and penalties based on Service Level Agreements (SLAs) and deliverables results.