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Supplier Relationship and Compliance  Importance

Eyvo are happy to announce the publication of our latest optional module, our Vendor Compliance and Supplier relationship module.

Lets say you have purchased a new eProcurement system, now what?

Are you just going to use it for tracking your expenses and managing the audit and approvals process?

You could, but you could also get a little more creative and decide that you will let the system actively watch over your suppliers, not just the orders you send them but the way the supplier conducts themselves.

What does that mean in reality?  Well, one of the functions that our system allows is for you to actively chase your vendors for important documentation, such as liability insurance updates, governing body compliance statements, green policies, hiring policies, warranties, certificates of conformity, quality assurance renewal documentation, licenses, tax documentation, annual reports, financials…the list goes on.

When you ‘on board’ a new supplier (you do have a process for that right?  If not, you need our RFI module!), you should ask them for certain key document sets as part of your contract with them.

Being a new supplier, they will be eager to please and no doubt supply you with whatever documents you ask of them and you will file them away and likely forget they exist.  However, if you use a professional Supplier Compliance system, that system will not forget; when those documents expire (likely within the next 12 months), the system will send both you and your supplier an automated reminder to update the documents in a timely fashion.

If they don’t update them, your supplier is out of compliance and you will be alerted accordingly.

This ensures that you have an up to date set of docs to refer back to.  It puts the obligation onto the supplier to ensure they are current with your requirements to continue being an approved supplier.

Furthermore, it’s no good just having a supplier submit their documents if the docs are not up to standard; that is why we have a ‘document review’ process.

When a supplier submits a document, any document, its uploaded into the system by them directly via our supplier portal and its then sent for review by a designated ‘documents review’ person or department.

The document is given a risk score, for example lets say you require all new suppliers to submit Insurance Liability docs that prove they have cover up to $2m per incident and so they submit a valid liability document that is current but it only goes up to $1m liability coverage.

It will fail document review and be rejected and sent back to the supplier for update and re-verification.

Now, expand that simple example to many other documents you might need to keep track of and you start to get the picture.

That is what our new Supplier Compliance and Supplier Relationship management module does.

If you would like to see a demo of this new module then please Contact Us