supplier management

 For companies in the product-delivery business, success depends on the ability to acquire, retain and effectively work with suppliers to meet customer expectations for quality products — delivered on time and in full. As much as 50% of a company’s value can depend on its supplier relationship strength. 

 But as supply chains have become global networks of networks, supplier management processes have grown increasingly complex, time-consuming and costly. Supplier management process includes  numerous benefits i.e. enhanced supplier verification, improved on-boarding and stronger life cycle tracking. 

Result: more effective supply chain relationship management. 

1. Managing vendor deliverables: This involves ensuring that vendors deliver the goods or services that have been agreed upon, on time and to the required quality standards. This may involve setting delivery schedules, monitoring progress, and taking corrective action if necessary. 
2. Co-developing new processes: Working collaboratively with vendors to develop new processes that meet the specific needs of the company. This may involve identifying areas for improvement, setting goals and objectives, and developing strategies for achieving them. 
3. Upgrading suppliers: Continuously evaluating vendors to ensure that they meet the company's requirements and upgrading them as necessary. This may involve conducting regular performance reviews, identifying areas for improvement, and providing feedback to help the vendor improve their performance.  
4. Continuous quality improvement: Implementing strategies to continuously improve the quality of goods or services provided by vendors. This may involve setting quality standards, monitoring performance, and taking corrective action if necessary.
5. Managing compliance: Ensuring that vendors comply with all relevant laws and regulations, as well as company policies and procedures. This may involve conducting regular audits, reviewing documentation, and providing training and guidance to vendors. 
6. Payment of invoices: Ensuring that vendors are paid in a timely and accurate manner for goods or services provided. This may involve setting up payment schedules, monitoring invoices, and resolving any issues that arise.
7. Reduce supply chain risk -  Mitigate risk — even in times of crisis — by eliminating transaction blind spots and enabling multi-party visibility to minimize vendor disputes.