Posted on 5th November 2018

Market Data

Procurement Moves Forward with Connected Supplier Relationship Management

With supply chains becoming more globalised, technology rapidly advancing and increased participation in social media, there is room for a professional procurement and supply network.”

Great post on how the digital age is slowly taking effect and transforming the way professionals work through collaboration and integration.

In this recent post Tom Daly is proposing how could some form of technology like social networks work in the procurement and supply chain process? He identifies a social network platform would provide:

  • A buyer and supplier rating system
  • An easy connection with current suppliers through different media, such as instant messaging
  • A Supplier sector sign-up database
  • E-auctions

Through our time of supplying contract management systems to clients both in the public and private sector, we have seen the continued growth of the need to have a system which has the functionality to connect the supplier relationship management process. Surprisingly CPO’s are not on top of supplier data, as they have information, but it is information from invoices which is misplaced across the organisation.

As supply chains become more globalised it is important to maintain good supplier data efficiently and effectively so CPO’s have the ability to measure supplier performance and see how they comply with legislation and standards. The ability to communicate easily and build supplier relationships to bring value to the business also plays a key role to bring together a more collaborated platform.

We have developed our Accord system around these requirements so it is not only a register of contracts and contracts manager, but also a Supplier Database which integrates with contracts and handles all supply chain data and supplier relationship management, so the procurement department can the get the most from their suppliers.

The supplier relationship management functionality is providing the benefits Daly has identified;

  1. Our functionality allows departments to evaluate new markets and new suppliers by sending out policy questionnaires via Accord automated messaging to accept or reject contract work so procurement can make more strategic decisions.
  2. We have enabled suppliers to login and manage their own insurance and legal compliance to reduce procurement workload and create more time for evaluation.
  3. The integrated software allows companies to push work out to suppliers and create alerts for automatic triggers to let your supplier and team know you require documentation.

The management of communication and relationships to improve business is just as important as managing large data. Moving procurement and supply chain processes forward with the rapid growth of technology to help professionals work, can indeed provide valuable benefits to improve business.

How are you currently managing your supplier relationship management process?

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