Why is SRM important in Digital Procurement?
When we speak about building relationships in a company, it goes without saying that we are referring to our customers. We know and understand that for a company to grow, forging strong relationships with customers is paramount. However, it’s imperative that we pay equal attention to the ones that ensure that our customers get the right service…. these are our suppliers. Eyvo offers a comprehensive e-procurement solution with many tools to effectively build and manage relationships with vendors.
A procurement department is an integral part of a company’s workings with suppliers being their point of convergence. Needless to say, strengthening the supply chain by better relationships should be a strong focus to guarantee a competitive advantage.
We can achieve a mutually beneficial relationship with our suppliers by adopting the below practices:
This is essential as it eases the process of demand and supply. The more detailed information suppliers receive the better they can deliver. To stay on top of these things, it would also help to draw out clear Service Level Agreements to avoid any unnecessary rows.
To understand that this is a two-way street would be useful. Treating suppliers as partners instead of ‘just’ vendors would certainly go a long way in building trustworthy relationships. Depending on your business, this could be involving your suppliers in the initial development stages of a product or suggesting suppliers of deadlines well in advance giving them ample time to prepare. Explaining processes to suppliers also makes them feel involved thus ensuring that they fulfil the demands in a timely manner and within budgets.
We may have the need for a product, but the supplier knows the product extensively. This becomes an apparent advantage when we want to reduce costs while maintaining the quality of a product. Discussions with suppliers can help us implement the best methods required to achieve the desired results.
How Eyvo can help
Eyvo provides a Supplier Portal to our customers. Suppliers can log in with their credentials to view or update purchase orders issued to them, update or add prices to the items they supply or update their own details. This platform will be a great asset to procurement managers who can digitise the coordination’s between their departments and their suppliers.
Contract Management is a crucial purchasing tool that helps managers negotiate and manage the administration of the Service Level Agreements. Contract managers can set the contract value, start and end dates and send out reminder notifications to themselves prompting them of an expiry date as well as view the value of all the orders sent to suppliers.
Vendor Risk Management
Vendor Management is an optional module in Eyvo, which helps you ensure that your Vendors are in compliance with various rules and regulations. Vendors upload documents to the Eyvo system. Within the Eyvo procurement platform, the documents are rated, and an expiry date is attached to the document as a reminder for the Vendor Risk Manager.
Eyvo offers an automated RFI module that gives an opportunity to suppliers to bid on products, submit relevant documents and ask questions to buyers. This enables buyers to initiate a strategic sourcing platform with either an open or sealed bidding process and suppliers to increase their sales and connect with buyer in real time.
There are dozens of suppliers available to us. However, the need of the hour is having on board a select few trustworthy suppliers instead of a database that only boasts of numbers and not quality.
Contact us to know more about how our eBuyerAssist purchasing software can help collaborating with your suppliers to manage your supply chain processes.