Understanding Supplier Relationship Management
What’s the first thing that comes to your mind when someone says Supplier Relationship Management (SRM)? — Suppliers’ behavior, performance, or adherence to the terms of the contract. Well, it’s all of the above. Supplier Relationship Management is a systemic approach to assess all of your suppliers’ contributions on the whole to your enterprise. In other words, SRM will let you explore, examine, and quantify buyer and supplier relationships to improve efficiency and productivity while minimizing unnecessary costs.
But how will you quantify your suppliers’ contributions and what do you do to actively manage that relationship? Knowing that your suppliers are not performing up to the mark is one thing and helping them to get back on track is a whole different scenario. This is where Supplier Relationship Management software comes into the picture. Whenever things go south or you are looking to improve your suppliers’ performance, you will need an effective mechanism in place to handle the entire process.
iQuantum SRM - A Supplier Relationship Management Software
Supplier Relationship Management Software
Building better relationships with your suppliers is crucial for a successful buying outcome. To enable this, you will need a powerful governance structure, an appropriate supplier engagement model, and a number of focused, joint tasks. iQuantum Supplier Relationship Management software will help you meet your procurement objectives while effectively managing your supplier relationships.
iQuantum Performance — Features
Assists you in actively measuring the suppliers’ performance and build suppliers’ base while minimizing supply chain risk by:
- Setting performance benchmarks and measuring suppliers against them.
- Implementing simple drag-and-drop ability to create highly customized surveys for several categories.
- Coordinating with suppliers by creating development plans/programs that can be accessed anytime by the suppliers from the supplier’s portal.
- Creating intelligence reports, dashboards, and other helpful analytics for a broad view and swift analysis of the Suppliers’ performance aiding in decision-making and risk-avoidance.
- Raising a SCAR (Supplier Corrective Action Request) against suppliers to address problematic issues, find remedial actions as well as prevent such similar issues in the future.
iQuantum Supplier — Features
Assists you in effectively managing your suppliers’ on-boarding process and organize all the updated information of your suppliers in a single place by:
- Cross-verifying duplication and auto-normalizing the suppliers’ data while creating the suppliers’ profile.
- Providing a self-service supplier portal for screening of potential suppliers.
- Making sure that suppliers’ information is always updated by utilizing document tracker, supplier alerts, and audit trail, e.g. diversity certificate, Insurance certificate, etc.
- Automating approval workflows to execute data stewardship and security.
Make the Supplier Onboarding process quicker, simpler, and completely connected by letting your vendors’ onboarding teams collect, upload, and sync documents digitally while on the field. Send them to the verification team and integrate them in real-time based on product category or verticals they handle or any other criteria of your choice.
iQuantum Vendor Onboarding Software Features
- Simplify and digitize the vendor onboarding.
- Specify obligatory onboarding documents for your organization and attach the same.
- Real-time screening and approval by the verification team of new vendors.
- Automated notifications will be sent to both parties on a successful vendor onboarding process/contractor onboarding process.
- Track your vendor onboarding team in real-time.
Minimizing the procurement costs and turnaround time are the topmost priorities of enterprises in the current business-aggressive environment. Eliminate manual work, streamline the purchasing process, and save time & money, manage end-to-end procurement flow effortlessly with our Procurement Management Software – you no longer have to think about intricate entries. With well-guided procure-to-pay software, everything is managed via a single smooth interface.
iQuantum Procurement Management Software Features
- Generates POs instantly and sends them to suppliers automatically
- Its flexible approval workflow gives you 90% faster approvals and deliveries of products and services you require to do your job.
- Instant reports will assist you to gather actionable insights and make informed decisions towards saving time, resources, & money and data-driven supplier management.
- Simplify your purchase requisition and order process and easily track them in real-time to get the pre-approved spend flowing via the procurement system.
RFx Management (RFP, RFI and RFQ)
Issue an RFP, RFI, RFQ, or any other kind of information request with ease and speed — introducing an effortless, digital process (eRFx). iQuantum’s RFI Project Management lets you gather information more efficiently than ever so that you get the answers you need in no time. Once you decide to issue an RFx, we are there every step of the way. Right from designing templates and publishing requests to inviting respondents and tracking progress, our RFP Management software makes your process easy, meticulous, and 100 percent electronic.
iQuantum RFx Management Features
- Create an RFx and send it to your vendors in the quickest way possible.
- No need to create separate spreadsheets for structured information, such as product descriptions, costs, etc. Instantly add tables and drop-down lists to any RFx template.
- Seamlessly connects people who want to request information with those who want to respond, in a single, digital workspace.
- Free your team members from performing low-value activities, such as data entry, filing, etc. by automating tasks that are already completed manually.
Find out the high-performing suppliers with iQuantum’s Vendor Performance Management – Supplier scorecard metrics that identify those vendors who should be reused and those who should be dismissed. These vendor scorecards will provide your enterprise with opportunities for enhancing relationships with your vendors.
- Instantly create a supplier list to save all the pertinent information of multiple points of contact, address, and financial information, such as payment terms and tax percentage which will be automatically applied to the orders.
Enterprise Risk Management
iQuantum Supply Chain Risk Management offers a structured and systematic approach for handling organizational risks. Developed on the M7 Integrated Risk Platform – creative by design and backed by uniform risk assessment methodologies and measures, Vendor Risk Management gives the enterprises the capability to precisely understand risks and obtain clear visibility into the top risks they may encounter. Multi-dimensional risk assessments depending on numerous qualitative and quantitative parameters, such as Annual Financials, SEC/Public Filings, Credit Limit, Peer Analysis, etc. can be performed to establish the organization’s risk profile.
iQuantum Enterprise Risk Management Software Features
- Enhance operational efficiency by minimizing the cycle time and expenses of risk assessments, while increasing resource usage.
- Drive agility and risk-based decision-making by offering a single view of the prime risks encountered by the enterprise across the first and second lines of defense.
- Develop confidence with regulators and executive management by building a robust risk data governance and issue reporting structure with unobstructed lines of accountability.
- Deliver forward-looking risk visibility with imminent risk metrics and indicators that will assist in anticipating and countering adverse risk incidents.
With the expansion of an enterprise, both geographically and functionally, tracking and monitoring compliances ain’t an easy task. With iQuantum Enterprise Governance Risk and Compliance Management solution, you get an overall view of your compliances and acts as a risk mirror for your enterprise. There are powerful, real-time dashboards that show the compliance health of your enterprise at one glance, aids in generating reports and graphs for MIS to seniors and higher management.
iQuantum Compliance Management System Features
- With GRC system, you can conduct a risk assessment on compliance-related changes to recognize gaps in compliance and decide the priority of implementation.
- Automate responsibilities and notifications via intuitive workflows.
- Assess how changes in Compliance Risk Management can influence the enterprise.
- GRC tools will help you effectively track laws and regulations that come from multiple sources and address compliance issues promptly.
iQuantum’s Direct Sourcing solution will change your conventional methodologies of procurement by offering a robust, comprehensive, and unified source-to-play platform for direct material sourcing. Right from strategic sourcing to purchasing and payments, you will be able to streamline and simplify your Direct Spend Management with iQuantum.
- Efficiently handle the complete lifecycle of procurement, including returned orders.
- Right from purchasing to supplier management, everything will be smoothly taken care of this unified suite.
- Take direct deliveries, pro forma purchase orders, and landed- costs, including shipping, insurance, and unrecoverable taxes.
- Facilitates direct procurement of products and services, and establishes centralized buyer capability across your enterprise.
iQuantum Indirect Spend is a cloud-native unified source-to-pay-procurement software that offers comprehensive spend, sourcing, and all kinds of procurement functionalities for indirect purchasing of materials. Right from creating requisitions to sourcing and handling purchase orders to making payments, you can easily speed up your indirect procurement services by automating your source-to-pay workflow processes.
iQuantum Indirect Spend Management Features
- Streamlines all your indirect source-to-pay procurement processes and organizes all the pertinent information in one place to assist you in making informed indirect sourcing decisions.
- Spend analytics, sourcing, contract management, savings tracking, and vendor management All under one unified indirect buying platform.
- Simple to set up, deploy, learn and utilize, with no requirement of extensive training.
Procure to Pay
iQuantum’s Procure-to-Pay software is a next-gen suite that comes with guided Procurement System (GPS) technology that assures consistent and reliable buying decisions. Our Procure-to-Pay solutions were built to offer breakthrough improvements in year-on-year savings, empowering procurement teams to utilize their time more productively which further improves return on operating costs. We leverage the latest cutting-edge transaction processing capabilities, along with the state-of-the-art Procure-to-Pay process, and experience of optimizing procurement operations to deliver value beyond savings for enterprises across the globe.
iQuantum Source-to-Pay Software Features
- Right from order processing and spot buying to procurement data management, our p2p automation is created to optimize all your purchasing processes.
- Our p2p process-focused approach and industry-wide expertise assist us in understanding even the most obscure nuances of every category and produce the most suitable solution to address any challenge with greater efficiencies and savings.