Are you and your organization too facing vendor management challenges such as,
- Poor transparency
- Siloed and dispersed data
- Manual and limited collaboration
If yes, you have landed on the right page. Here are the key takeaways from our recent webinar - in collaboration with the Sourcing Industry Group. We focussed on enlightening our audience on how to drive organizational efficiency and manage supplier risks with centralized vendor onboarding and source-to-play collaboration.
Driving Excellence with Vendor Management
Vendor management is way beyond managing vendor relationships across S2P processes, it is also about engagement experience and collaboration experience.
Managing and nurturing vendor relationships comes with various challenges in the real world. And this myriad of challenges is faced by procurement groups and buying organizations alike.
Supply chain volatility is at an all-time high. Let’s take a look at some of the events that shook the entire supply chain industry.
A “Normal Supply Chain” is highly unlikely in 2022 unless you have a robust Vendor Management Solution that meets supply chain needs while unlocking efficiencies & savings for your business.
Most of the P2P implementations fall short of ROIs because procurement forgets to address the supplier experience: enablement, onboarding, messaging, and everyday usability. Therefore, it is crucial to understand the understand what the vendor onboarding and supplier management challenges, their impact, the risks they pose, etc., to drive organizational efficiency and churn greater ROI from your S2C and P2P implementations. Also, considering the vast scope of source-to-pay, it becomes challenging for organizations to respond to emergencies and internal/external risks.
Beating Vendor Management Challenges
Vendor management is not a one-off exercise but an ongoing process. The most common vendor management challenges that we keep hearing are:
- It’s a nightmare to provide invoice status updates to vendors constantly
- My vendor relationship managers do not manage relationships – all they do is receive documents & provide updates
- We just lost 2 customers as we could not onboard vendors serving them in time
And much more…
Vendor management starts with the proper onboarding of vendors. However, the biggest challenge with supplier onboarding and registration is inconsistent information and compliance risk. Also, lengthy approval processes and tedious verification processes result in too many non-PO vendors in a real-world scenario.
Vendor onboarding is not just about collecting information but also includes performing vendor due diligence.
Did you know, as per the recent research, 51% of external relationships are not going through a formal due diligence check at the onboarding stage?
Automating the vendor onboarding process can beat the vendor onboarding challenges and provide a connected vendor management experience. Vendor collaboration portals can play a game-changing role in entire vendor lifecycle management.
Organizations can enable critical S2P processes through vendor collaboration portals, like vendor onboarding, vendor due diligence, vendor obligation management, sourcing, RFP, contracting, vendor payments, and others.
Know all these and more from the FREE on-demand webinar - brought to you by Aavenir in association with Sourcing Industry Group. Hear the industry veterans unveil answers to many burning issues on Vendor Onboarding and Supplier Management. Moreover, get an exclusive sneak peek at Aavenir's path-breaking Vendor Management Solution - Built on the NOW platform.
