Challenges with traditional approaches to Supplier Relationship Management:
Today, businesses are more reliant than ever on suppliers and contract manufacturers to scale production and ensure quality as they bring increasingly complex products to market.
This means their approach to supplier relationship management is critical to their success.
According to a recent Gartner webinar, nearly 6 in 10 organizations are planning to reinvent their supplier management process in the next three years to address existing and upcoming challenges. To gain a competitive advantage, they must find creative ways to manage risk and compliance and optimize collaboration with suppliers. As they strive to meet these objectives, organizations are typically hindered by inefficiencies such as:
- Fragmented workflows across the supplier management, sourcing, and contracting processes
- Poor visibility into supplier compliance and monolithic qualification processes
- Lengthy cycle times and increased costs
- Poor or no visibility into common risk areas
- Weak supplier collaboration and communication