Yet another information-rich webinar we had on 13th September 2022. Hope you could make it to attend the live session and dig deeper into streamlined vendor onboarding and collaboration portals. It not, no worries. Here is the on-demand version; you can register anytime and watch it at your convenience.
Webinar Recap: Streamlined Vendor Onboarding and Collaboration Portals
Meantime, you can also take a recap of our discussion on streamlined vendor onboarding and collaboration portals here; keep reading!
Where is the world of procurement and supply chain heading?
The globalization of markets and the ever-increasing complexity of global supply chains have challenged the resiliency, stability, and agility demands of Procurement Organizations. This chaos has led to supply chain volatility and vendor management challenges.
A “Normal Supply Chain” is “Unlikely” in 2023 Unless you have a robust Vendor Management Solution that meets supply chain needs while Unlocking Efficiencies & Savings for Your Business.
What is vendor management?
Vendor management is much more than procuring goods and services from them and clearing their due invoices on time. Vendor management is the management of their overall engagement experience across every S2P process and sub-processes.
Which are the top burning issues in vendor management?
Procurement organizations are facing numerous vendor management challenges regardless of their maturity level. Here are a few:
- Frictionless and streamlined onboarding of vendors
- Exchanging documents and supplier information consistently and accurately
- Managing vendor contract performance and meeting vendor compliance
- Keeping up with routine inquiries and real-time status updates
However, the top TWO vendor management challenges we have heard across the spectrum of processes are the tedious onboarding of suppliers and hitches in managing supplier information across their lifecycle management.
Our experts strongly affirm onboarding is never complete unless you have a set process or system for information management.
Are there any gaps in vendor management that procurement organizations are facing day in and day out?
43% of compliance and procurement teams find it challenging to identify ESG factors within due diligence processes, and 68% of the global organizations feel that fraud by an external source (vendors, suppliers, partners) is a high or significant risk management priority
Streamlined vendor management results in super easy collaboration and gives your suppliers confidence that it is easy for them to work with your organization. However, to achieve this smooth collaboration, it is imperative to eliminate automation and efficiency gaps existing in the end-to-end vendor management across the source-to-pay collaboration. Source-to-pay processes may not be enabled on the same platform for many businesses; however, organizations should allow those systems to collaborate to provide a connected user experience.
