The growth and sustainability of any business is directly linked to the success of its supply chain. Building and managing one can be incredibly complex, mainly for procurement teams. This is especially true if you don’t know where to start expanding. It’s also possible that any spend reports generated don’t provide a clear answer as to whether or not the goals are being met in the first place.
Luckily, there are currently pre-existing supplier management solutions, such as procurement analytics software. Not only will this save you time and lessen your stress, but you’ll be able to develop an even more streamlined process. This also dramatically cuts down costs, increasing your savings, which can go to other areas of the company.
Concrete Starting Point
If you have a supplier management system, you’ll be able to bypass manually establishing relationships with new suppliers each time. You can search and filter a number of factors, including areas of expertise, category, commodity and location, among others. An effective supplier locator tool will be able to provide you with the most up-to-date information, like how to contact companies and suppliers.
If you play your cards right, being able to expand your supplier base will give your bottom line a huge advantage. Finding key suppliers will not just increase revenue; it will increase market share and drive costs downward.
There is so much that can be saved by using a data enrichment process. You can diversify your supplier base and keep your records free of any possible duplicate entries. It’s also very important to create relevant metrics you can track and align to your business’ core. The metrics may include category assessment, cost savings and avoidance, revenue growth, and supplier rationalisation, among others. Contract and supplier management doesn’t have to be overly expensive.
Your procurement team may be spread thin. Benchmarking, bid opportunities, building relationships with suppliers, establishing goals, identifying and qualifying suppliers, implementing news suppliers and tracking and reporting spend – these are just some of the tasks that the carry out. Depending on your company’s available resources, all of these moving parts that make up the supply chain may be overwhelming your team.
Cut down administrative workload by making onboarding suppliers more convenient through a supplier registration portal. This will free up your team so they can focus on other matters that will enrich your business’ procurement strategy.
Getting supplier management software is one of the best things you can do for your company. When you have the right tools in place, supplier management can become more streamlined. This will allow everyone to concentrate their time and effort towards tasks that involve more personal touches, such as keeping a good relationship with suppliers.
More and more businesses are turning to digital solutions, allowing them to move quickly and efficiently and to generate higher margins. If you want to see for yourself how supplier a management solution can benefit your business, it’s time to utilise a cloud-based system for your company’s processes.