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The mobile, social, and analytics capabilities built into modern best practices have revolutionized organization’s interaction with their suppliers. Increase efficiency and data accuracy with a web-based self-service approach for supplier enablement and profile update. Take advantage of the cloud for an easy platform to securely collaborate on all aspects of the buying cycle including orders, schedule changes, and invoices. Align supplier capabilities and purchasing mix with business goals based on qualifications and performance. Use the following best practice as your roadmap for efficient, data-driven supplier management.
Send prospective suppliers secured links to collect company data (such as provided goods/services) in a structured format. Approve or reject the registration after reviewing and vetting (third-party risk assessment).
Delegate account administration to suppliers. Offer browser-based, self-guided training and help.
Send a reminder to the suppliers for certification renewal (such as Small Business Certification and third-party risk audit). Update data to reflect mergers and acquisitions. Maintain an audit trail.
Suppliers share information on social tool, participate in sourcing events, address service issues, and manage invoices and payments, all on a secure portal.
Conduct periodic assessments of identified suppliers with a risk management questionnaire including OCC (Office of the Comptroller of the Currency) or local equivalents and audit. Review, clarify, and evaluate the results. Automatically add the new qualifications to the suppliers’ profiles.
Evaluate third-party supplier risk profile and relationship against each primary supplier. Analyze supplier performance and distribute more spend to high-ranking suppliers.