Knowing your suppliers is an important aspect in procurement and purchasing, as conquering your supply chain and having an effective supplier relationship management strategy will help you drive supplier performance, initiative and improvement.
Businesses need to be collecting data on their supply chain to ensure they know everything they need to know to make more informed business decisions.
A centralised system can provide your team with a 360-degree view of your supplier, by allowing you to maintain and manage compliance by providing a platform for your business to collaboratively work with your suppliers.
Over the years Accord has become more than a contract management system and has been developed to help your business go further by providing the tools for an effective supplier relationship management strategy with supplier KPI’s; all while creating a collaborative working environment for your users and external vendors with a secure supplier portal.
The development of Accord’s supplier performance management module is allowing you to have an instant view of your supply chain so you can identify any risk, cost savings, innovation opportunities and successes, value for money initiatives and customer satisfaction.
While Accord’s supplier portal is ensuring nothing gets missed by allowing your suppliers to login and manage their own information, reducing your procurements team time required to process information and manage suppliers; instead pushing the responsibility out to your external vendors and saving time and money to free up resources and put focus on improving other aspects of the procurement process.
Procurement departments should discuss KPI’s with other stakeholders and, where possible, involved suppliers too. This engagement could make the difference success and failure. Whether you are wanting to manage quantitative, qualitative or cultural data, Accord’s supplier KPI functionality can help you manage all the associated data to create clear insights so you can understand your supply chain.
Involving the suppliers with their own supplier login to go through a supplier portal will allow the supplier to see all the contract they have in place with you and give them the responsibility to manage their own insurance and compliance, as well as be easily notified of any non-conformance to address and improve their KPI’s.
This development into Accord to support and drive and improve your supplier relationship management strategy is allowing businesses to reduce the time required to process information and reduce the potential for human error by providing a simple and easy to understand system to allow you to manage and measure the data against your supply chain, have an automated alert and escalation process, while helping you make more informed decisions.
Knowing everything you need to know about your supply chain and ensuring the supplier is involved in that process provides a common ground and common language for supplier and stakeholders to achieve a collaborative working environment so both can focus on generating quality services and enhance productivity.
Learn more from our team and how innovative contracts management can empower your business.