A Step Toward Procurement Excellence
Given the current global remote working scenario, Supplier Relationship Management is becoming a key tool for procurement success. Procurement teams in enterprises across the globe continue to struggle with inadequate information on supplier profiles, lack of compliance and sustainability data resulting in regulatory compliance issues, lack of RFx integration for ease of inviting and tracking supplier quotation, and lack of performance management of suppliers, resulting in dissatisfaction from supplier performance losing possible savings.
Supplier Relationship Management is important for any enterprise as it helps build a long-term relationship between your organization and its suppliers. In addition, it helps minimize financial, business, and compliance risk. Gartner defines this as a process that “enables organizations to control costs, drive service excellence, and mitigate risks to gain increased value from their vendors throughout the deal life cycle.”
Supplier Relationship Management is essential but doing it well can be difficult. The above-said typical challenges and pandemic, on top of that have brought additional disruptions.
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SRM Strategy Creation Through iQuantum-SRM
- Helps supplier build a Rich profile with its AI powered profile builder.
- Data enrichment for integrity in supplier data and diverse data information
- Helps achieve performance matrix with historic performance thereby helping purchasing teams making smart decisions
- Integrated RFx to streamline full Rfx process and also allows to track historic quote data
- Ensures sustainability and compliance in always current throughout active contract
- Maintain certificate and insurance renewal process
- Automate supplier approval and onboarding process globally
- Global supplier ratings
- Engage with suppliers through its robust Events/News/Opportunities module