Why a single source of truth is needed to maximise value from strategic supplier relationships

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Moving the needle from tactical supplier management to true supplier engagement is no small feat. From the challenges of regularly gathering and maintaining accurate, relevant data about a relationship to the growing business need to drive differentiated value from key suppliers, the strategically-minded procurement organisation has far more on its plate than ensuring SLAs and KPIs are being met on a monthly basis.

 

Yet, the average procurement function typically lacks a toolset built specifically for the challenges of strategic supplier engagement, leaving risks unnoticed and opportunities untapped. 

 

Spend Matters believes our Supplier Engagement solution fills this supplier relationship management white space. By consolidating all internal and external data both sides need to create a truly engaged relationship, the solution helps procurement organisations maintain the basics while prioritising collaboration, proactively surfacing issues, and identifying beneficial topics for discussion during governance meetings. 

 

The result?

 

Procurement can more effectively deliver on its commitments to internal stakeholders, going beyond simple supplier performance management (a hygiene factor), to more importantly, driving improved risk avoidance, better competitive planning, continuous improvement and innovation, and faster identification of new business opportunities - bringing increased value to the members of the value chain it works with.

 

In this new report, Spend Matters’ expert analysts take a long hard look at the challenges around strategic supplier relationships, the benefits of evolving supplier management to true engagement, and why a single source of truth is needed to realise maximum value.

 

Access the full report here: Spend Matters - Evolving Supplier Management.

 

Visit our website for more information on our Supplier Engagement solution, and read how we helped a leading Aerospace and Defence company to unlock value from its strategic suppliers.

Prerna Dhawan

Prerna Dhawan

Since joining The Smart Cube in 2007 Prerna has occupied a range of roles from Analyst to Client Account Manager and now draws upon this experience in her current position as Vice-President of Client Solutions across Europe and the UK. Regularly mistaken as a Hispanic, despite originating from India, Prerna has finally conceded and is now taking a language course so she can finally talk back to the people who turn up and start speaking at her in Spanish.

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