Improve performance and cut risk with smart Supplier Management
web3 Supplier Management delivers a comprehensive platform to manage your direct and indirect supply chain. Speed up onboarding and reduce risk through a centralised view of supplier information, and drive value and innovation with a powerful toolset to manage performance and relationships.
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What is Supplier Management
New to the term Supplier Management, or need to refresh your memory? Here’s our explanation.
Supplier Management refers to a buying organisation administrating suppliers’ information, interactions, performance and relationships. Successful supplier management involves gaining complete visibility on the information, interactions and ongoing performance of their entire supplier database, with the purpose of driving value and reducing risk from a buyer/supplier arrangement. Supplier Management is typically composed of two elements, Supplier Relationship Management (SRM) and Supplier Information Management (SIM).
Supplier Relationship Management, or SRM, uses key metrics such as value of trade, scarcity of supply and impact on operations to comprehensively segment suppliers into a tier system based on their criticality to business operations. Each tier indicates the degree of active relationship management that is required to develop collaborative relationships with suppliers to drive better value and competitive advantage.
Supplier Information Management, or SIM, is the practice used by a buying organisation to capture and store all supplier data in a single repository. Dedicated SIM software allows suppliers to self-serve everything from registration to account maintenance, with full audit and approvals functionalities to minimise risk. Automated alerts are also sent to ensure suppliers maintain key metrics and documents without the need of administrative overhead from the buyer. This practice encourages buying organisations to create formalised procedures to drive supplier compliance and minimise risk across their entire supplier base.