Why Companies Are Employing Supplier Management Software

Getting started with contemporary SRM solutions — from current business demand to actual benefits in Supply Chain you can reasonably expect.


Why Supplier Management Software Does Matter

Nowadays, international companies keep pushing innovative digital transformation and employing the latest supplier management software tools across every department. Apparently, their market rivals are getting more agile, clients are looking for greater customization, and every staff member wants to cut daily routine tasks. Understandably, that would be a continuous journey — that’s why every business owner and department leader realizes it’s never done.

The same is for Supply Chain and Procurement as a whole, as well as Supplier Network management in particular. As companies and their suppliers modernize, everybody is seeking maximum reasonable costs, in line with process automation and streamlined workflows. That also includes supplier networks and supplier management software, which allows to deepen mutual relationships with top partners, in order to retain and keep working only with those who are most profitable and easy to deal with.

Supplier Management Software: Business Demand

What happens when supplier information management isn’t handled as it’s meant to?

  • Losing your key suppliers (worse, when it happens to competitor)
  • Improper supplier performance evaluation due to the lack of visibility
  • Spending too much with non-compliant agents or as a result of heavy tail spend
  • Misaligned supplier information management due to inaccurate/incomplete records

Supplier Network: How It Works

Below is the way supplier management software with a fully integrated supplier network can help companies meet their procurement goals and global business objectives. Greater commercial impact should be expected through the following:

  • Cycle time reduced for supplier performance management and evaluation
  • Driving transparency, better vision and credibility, as well as tighter stakeholder involvement
  • Regulatory compliance and strong control over the process of supplier onboarding
  • Supplier-related risk management and proactive action-taking to well-informed identification and decision-making

Mitigate Supply Chain Risks

Supplier relationship management software helps you measure supplier performance and develop supplier network, thereby, reducing supply chain risk by:

  • Shaping a proper set of KPIs for performance benchmarking and supplier evaluation
  • Creating deeply customized surveying models for different categories via simple drag-and-drop function
  • Strategic collaboration with suppliers by way of long-term development programs readily accessible from supplier network
  • Getting a comprehensive view with quick analysis and accurate supplier information management using smart dashboards and intelligence reports

Supplier Information Management

Supplier management software helps you manage supplier on-boarding process and organize all the updated information related to suppliers in a single supplier network by:

  • Automatic normalization and duplicate-check function for supplier information management during new profile creation
  • Enabling an easy-to-use supplier network serving as a portal which gives a big picture for screening & comparing potential partners
  • Workflow approval and implementation with a high level of data security via automated supplier information management
  • Timely data/status updates with real-time alerting, document tracking, and readily accessible audit trail functions for diversity/insurance certificates, etc. And Nectain team has them all in the latest E-SRM module!

That’s why every modern procurement team should be looking for those supplier management software options, which would provide them with simple user experience, backed with cutting-edge technologies (like RPA, Artificial Intelligence, Big Data, Blockchain, etc.). Put simply, digital transformation itself and supplier management software are now struggling to comply with commercial demands of the entire business, in line with advancing staff employees and the way they are working daily. All that means modern procurement leaders have to shift to the latest tech providers, solution partners and product/service suppliers capable of delivering the maximum value and seamless flow of collaboration within the present-day Supply Chain apparatus.

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