Superlative Procurement Tool: Supplier Management Software
How do you manage your supplier performance effectively - to your suppliers’ delivery performance, adherence to the contract terms and conditions and conduct, with you and your organization. Secondly,, how actively, you manage the relationship with them? When things go wrong with your suppliers or when you want to boost up your suppliers' performance, you need an effective way to handle the situation. Knowing whether they're underperforming is one thing, but getting them back on track is another. ProcurEngine provides the Supplier Relationship Management Software functionality, where you can have a more structured, organized and transparent way of dealing with poor performance by improving relationships with your suppliers. Every plan will be incorporated into a comprehensive supplier relationship management program with all the suppliers involved. We'll assign the suppliers to the plans and measure the results.
Supplier Relationship Management Software: An Overview
Supplier relationship management software enables companies to proactively manage their supplier relationships on the basis of centralized supplier management, selecting the most appropriate suppliers, analyzing their performance, and by identifying risks related to supplier collaboration. It’s a key component of supply chain management, it optimizes efficiencies in a way that benefits all parties involved.
Benefits Of SRM:
- Establishing relationship timelines with new suppliers can be drastically reduced if supply chain management practices are optimized.
- Enhancing efficiency can also be achieved by identifying supplier relationships aligned with corporate goals.
- SRM helps businesses find suppliers who offer fixed pricing, which reduces cost fluctuation concerns.
Main Features Of SRM:
- Streamline your supplier onboarding system with workflow-based approval of new suppliers from your corporate website.
- Various options for assigning approval of new vendors to specific users in order to ensure the effective qualification of suppliers.
- Using PE's unique tagging based classification you can categorize suppliers into several categories of products or services.
- The ability to update suppliers' basic information, upload documents, and prevent costly mistakes is available during real-time updates.
- View all the information about the suppliers in one place with the option to have the information verified by industry experts.
- A system that allows multiple people, within an organization, to rate your suppliers based on multiple criteria.
Achieving Success With SRM Software
ProcurEngine includes the following important factors when executing SRM projects to bring the customer additional value:
- Automating high-level activities such as sourcing and online procurement software in order to increase productivity and free up staff for high-value tasks related to SRM.
- SRM processes are highly visible, from supplier onboarding and prequalification to strategic sourcing and purchasing activities.
- Analytics of supplier performance to assess supplier risk accurately and enable informed SRM-related decisions, such as those about optimal criteria for bid evaluations or optimal selection scenarios based on AI recommendations.
- An efficient online tool for finding information about suppliers, business units, and regions as well as the ability to navigate documents (contracts, invoices, reports, logs with timestamps etc.).
Any business that uses e-Negotiation will succeed when all buyers recognize its value and begin to use it. In addition to its deep level of engagement with the customer's team, ProcurEngine's training sessions and prompt application support ensure the buyer remains focused on creating value while adhering to compliance.
During negotiation processes, post-negotiation activities, and supplier collaborations, ProcurEngine helps B2B buyers to overcome challenges. ProcurEngine's e-Negotiation platform allows buyers and sellers to build trust through a short, transparent, and win-win business process - thus fostering a culture of trust.