What is supplier information management?
Supplier information management (SIM) refers to a system a business uses to capture, store, update and analyse all supplier data into a single location.
It helps organisations create a detailed understanding of their supplier’s capabilities and weaknesses.
Typically, SIM tools are packaged into an online portal, where suppliers can self-serve on-boarding, account maintenance and data management processes. It also includes processes to complete full audits to ensure compliance and minimise supplier risk.
In addition to the features mentioned above SIM, also sends automated alerts to ensure suppliers can stay on top of key metrics and documents with the need of administrative overhead from the buyers.
Benefits of supplier information management
Supplier information management offers significant benefits for procurement teams and the most common are listed below:
- Cut administrative costs – instead of having to manually enter supplier information yourself, SIM encourages suppliers to self-serve, ensuring you have the latest information for your business, without entering the data yourself – therefore saving time and cash.
- Automates certain tasks – SIM automates many rudimentary tasks. Alerts, notifications and messages are sent to suppliers to ensure that essential documents are kept up-to-date. In addition, rudimentary compliance tasks can be automated to ensure new certifications and accreditations are kept up-to-date. SRM also intervenes when suppliers don’t update their details, by putting non-compliant suppliers on hold.
- Centralises data – with just one system managing all your supplier data, you’ll avoid duplication, reduce errors and ensure all of your supplier data is the same across your entire business. This ensures that all teams in the business are on the same page.
- Capture key information– SIM encourages procurement teams to capture better quality data on their suppliers. This includes risk metrics, KPIs and specific supplier capabilities. This information proves to be invaluable for procurement teams when it comes to evaluating suppliers.
About Wax Digital
There are numerous eProcurement solutions in the marketplace, and web3, is one of the leaders. Supplied by us, Wax Digital, we’re well known in the UK and beyond for our work in the procurement industry.
At Wax Digital, we put the customer at the heart of everything we do, and these four points illustrate exactly why:
- Gartner ‘Visionary’ company – we’ve been identified as a ‘Visionary’ on the latest Magic Quadrant report for Procure-to-Pay Suites (also known as purchase-to-pay) – which we feel demonstrates the ongoing excellence and development of our eProcurement solution.
- 98% client retention – we have long-standing relationships with our clients, who have continued to work and grow with us over many years. Our customers come to consider us as their go-to expert in everything procurement-related and value our expertise and support.
- £23bn of spend under management – totalling everything that goes through web3, courtesy of our clients, we manage over £23bn of spend, illustrating the scope and scale of our solutions.
- Powering trade in 102 countries – Wax Digital powers procurement for organisations in 102 countries. web3 is available in 15 languages including English, Chinese (simplified), Dutch, Spanish and German. Web3 is also used by over 260,000 users worldwide.
Find out more
For more information about SIM, and how web3, a market-leading eProcurement system can help your business, follow this link.