Procurement teams have been allotted increased responsibility of overall spend in, both, direct and indirect purchasing. With this being said, collaboration with the right suppliers is increasingly important for building sustainable top-line value, without compromising on quality and performance. Supplier relationship management is the stepping-stone to reliable selection, communication, collaboration, and innovation with suppliers.
The future of Supplier Relationship Management is here and now.
We have seen that procurement and sourcing professionals are grossly unarmed with the right solutions to complete their jobs- in line with current demands. In fact, chances are, the analytics you can access from the capabilities of your workout app – used during a morning run – are more complex than the digital work tools you have at your job.
Supplier Relationship Management – and the actions involved in the management of suppliers – holds the potential for robust data collection. Data sets generated from SRM actions – such as supplier assessments, governance, supplier evaluations and collaboration, factory audits, and credit scoring – provide an important basis for further decisions regarding suppliers.
Kodiak Rating helps your procurement organization harness supplier-related data, ensuring you have the supplier intelligence necessary to build progressive, trustworthy, supplier relationships..
of CPO’s agree that Supplier Relationship Management is a key priority to enhancing their overall procurement strategies.
Start turning your Big Data into action!
This is Supplier Relationship Management shaped for the future.