Written by: Amy Cornforth
Posted on: 30/07/21
Tokyo 2020: Feel Like a Winner with Effective Supplier Management.
After a year on the backburner, Tokyo 2020 started on the 23rd of July, commencing weeks of competitive sport, ending on August 8th.
The Olympics aim to operate by several set values, having these core principles construct the foundation from which the Olympics operate.
These are; Excellence, Friendship, and Respect.
Like the Olympics, if you operate with a set of strong values in mind, making decisions based on these core principles, it can help achieve the overall goal your company is aiming for. Therefore, by applying strong aims and values to supplier management, you can adopt the best possible processes.
Efficiency
According to a survey conducted by 3Gem, procurement teams in the food and drink industry spend 1-2 days a week on average chasing suppliers for information. Additionally, quality and technical professionals typically spend 12 hours a week on this job. This is a task that can be automated with an efficient and well-thought-out system. By sending out questionnaires with mandatory fields when on-boarding supplier data, the company can eliminate the need to chase suppliers for missing details by ensuring they have sent all the information the company requires in the first instance, whilst also placing responsibility into the supplier to enter the information directly.
ARCUS® Supplier Information Management (SIM) on-boards information using these questionnaires. In addition, it can also streamline supplier management further through automation, with automated reminders which remind suppliers to complete and update their information, further eliminating the need to do this manually.
This means that employee talents can be applied to more complex projects that require less repetition.
Visibility
Miscommunications or a lack of transparency in supplier management can lead to several different issues, such as the duplication of data, working from an out-of-date document, or submitting data in an inconsistent format. This can lead to time being wasted; therefore, visibility is imperative in supplier management. According to a survey by 3Gem, 65% of businesses pursue strategic sourcing management to increase efficiency.
ARCUS® Strategic Sourcing Management (SSM) maps the stages of your current or planned sourcing projects, allowing the company to increase visibility over the projects for those involved and identify any potential bottlenecks.
Collaboration
Team-working is at the heart of any workplace, and most jobs require teamwork in some shape or form. Therefore, by heightening the capacity to collaborate with both suppliers and other members of your department, or even those outside your department, the company can adopt a more effective process. Using a system that places more responsibility on the supplier to give the correct product details can result in a system where the risk to brand reputation is significantly reduced.
ARCUS® Product Information Management (PIM) increases the level of co-operation between the company and supplier, by allowing suppliers to enter important product information directly into the system, which reduces the risk of errors from re-keying data.
To learn more about ARCUS® Supplier Management Software, have a look at the video here, or contact us at Trade Interchange.