Supplier management is fast becoming a leading priority for many companies.
The need for more control of supplier relationships has grown out of a greater appreciation of procurement risks.
Gaining awareness of how healthy the supply chain is a key issue. It means having visibility of your suppliers and setting clear expectations of service.
The objective is to utilise suppliers to drive down costs, improve profit margins and enhance product quality and flow.
Companies that lack supplier management capabilities are unable to realise the full value of their supply base.
Through the effective management of suppliers, companies can capture operational excellence and innovation to meet their growth objectives.
However, when buyer-supplier relationships breakdown, poor communication heightens the risk that serious supply chain problems will occur.
Poor operational effectiveness leads to costly disruptions and disputes which can prevent buyers from achieving margin & turnover targets.
Improving supplier management allows organisations to control costs, improve service, mitigate risk and achieve better value from vendors.
Supplier management allows companies to develop standard practices and performance measures to oversee improvements and costs reductions in the supply chain.
Ultimately it’s about getting more from vendors, more accurate data, better product quality and more effective relationships.
Supplier portals manage the recruitment, on-boarding, enablement and performance of trading partners.
One of the main benefits to focusing on supplier management is gathering powerful data. Without accurate intelligence, effective procurement is almost impossible.
Shared visibility makes it much easier to interact with suppliers and validate & maintain accurate information.
An advanced portal gives a single unified view of supply chain activity, automating electronic document processing and integrating workflows and collaboration.
Benefits accrue quickly when suppliers adopt new breed portal technology. One of the first benefits is the elimination of phone queries from suppliers. Another obvious benefit is the new level of information about orders, invoices and payments.
The main benefits include:
Supplier management technology is often viewed as the preserve of larger companies.
The perception of a sophisticated supply chain is that it takes a lot of time, money and technical expertise to get it right.
New technologies are making innovation affordable and attainable for companies of all sizes.
Are you having difficulty managing invoices and orders? Do you want to enhance your buying power and work smarter with suppliers?
TradeHub:Buy from Celtrino is a supplier portal that's purpose-built for businesses with multiple locations to manage all their suppliers.
Enquire now or watch this short video to find out more.