The ICI Supplier Relationship Management application places long-term engagement with suppliers at the core of the end-to-end relationship management process, from supplier onboarding to disengagement, in order to ensure compliance, minimize risk, and provide a more holistic view of supplier relationships.

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
Icertis ICI SRM

The Solution:

Built on the Icertis Contract Intelligence (ICI) platform, the ICI Supplier Relationship Management (SRM) application enables businesses to handle both standard supplier management challenges and those unique to their business cases, processes, and policies. The AI-powered application allows user to:

  • Segment monolithic supplier onboarding and compliance processes with a progressive step-up approach, thereby reducing onboarding cycle time significantly
  • Encourage supplier collaboration with an easy-to-use collaboration portal
  • Manage supplier databases, and analyze and measure the performance of vendors throughout the contract period
  • Increase control and reduce the risk of non-compliance with integrated contract management and risk management functionality
  • Identify an organization’s most strategic suppliers to develop and manage long-term relationships
  • Manage effective supplier off-boarding upon the termination of a contract or a relationship

“Our mission at Elkem is to contribute to a sustainable future by providing advanced silicon, silicones and carbon solutions, and adoption of new digital capabilities is a central part of our strategy. We saw significant opportunity to compete more effectively in our global markets by connecting the data in our contracts to commercial and supply chain systems. Icertis’ advanced capabilities will drive analytic-based decision making and additional commercial opportunities as we continue to grow.”

Ole Garborg, General Counsel, Elkem

Whitepaper

Realising a Holistic Approach to Procurement Through Advanced Digital Contracting

Contractual supplier commitments are often disconnected from supplier performance data available in operational systems, which can have a significant negative business impact.

Contracts are the foundation of a company’s relationship with its suppliers, and hence they are an excellent basis for organizing a holistic procurement and supply management strategy including pricing, timeframes, specifications, SLA performance requirements and so on. To know more download the whitepaper now!