If you haven’t yet implemented software for supplier management, you could be falling behind. It’s time to act.
Why Implement Software for Supplier Management?
To Increase Efficiency
Trying to wrangle a colossal database that’s jam-packed with hundreds of Excel spreadsheets is very inefficient. There’s no oversight, no standardisation, and no easy way to identify non-compliance.
Implementing software for supplier management into your current practices allows for streamlining, the act of eliminating process complexities by making them more efficient. This allows organisations to save time, as the streamlined processes are enforced by the implementation of the software.
To Improve Supplier Risk Management
By ensuring that you have organised and efficient processes in place, companies can reduce the risk to brand reputation that can come from mistakes when collecting information from suppliers.
Having technology that digitises and streamlines the initial collection of supplier information can reduce the risk of these mistakes occurring early in the supply chain, and causing major issues down the line, such as product recalls.
Software also allows for the possibility of integration, which creates a great deal of possibility for streamlining. Official data sources are pulled into the system via API for better accuracy or connected to downstream ERP systems.
For Better Strategic Procurement Decisions
The issue with manual, or basic supplier management systems is that you will not get the full value out of your supplier data.
With better data visualisation, it’s possible to identify patterns in the data that can inform your strategic procurement. In short, data visualisation software for supplier management places you in an informed position to achieve your yearly procurement targets.
To Achieve Sustainability Goals
Sustainability is increasing in importance, and larger companies can’t ignore it without eroding their brand reputation.
A litany of significant legislation, such as EUDR, apply to larger organisations. This means they must ensure their supply base is sustainable, for a greener overall supply chain.
By implementing software for supplier management, you will maintain stronger oversight of your supply base sustainability by increasing transparency and identifying trends via data visualisation.
One key issue that prevents companies from achieving their sustainability goals is a lack of visibility regarding supplier carbon activity. This indirectly contributes to the buying company’s overall impact.
By collecting sustainability information about your suppliers via software, you will keep better track of your overall carbon footprint by considering emissions you are indirectly responsible for.
This will also allow you to work with suppliers who have strong sustainability goals that align with your own values.
To Master Supplier Relationship Management
By gaining better supplier oversight, it’s much easier to assess and evaluate your supplier performance, ultimately allowing you to maintain more productive relationships with suppliers, which contributes toward a better functioning global supply chain.
Streamline Processes with Software for Supplier Management
ARCUS® Supplier Management Software digitises and centralises all supplier management processes across source-to-contract, as well as product information management and supplier complaints.
Our systems are configurable to your processes and designed to streamline your supplier management, so you can save time when managing your supply base.
See our essential guide to supplier management here.
To Optimise for Hybrid Working
The pandemic changed the world of work forever by demonstrating that the office wasn’t a complete necessity.
According to a report by CIPD, 51% of private sector organisations now operate via hybrid working. Cloud-based technologies allow users to access the systems they need from any location. This works best when employees are alternating between home, and the office, more so than physical, paper-based systems.
Book a consultation with us at Trade Interchange to discover how ARCUS® Supplier Management Software can benefit you.
