This article stresses the importance of prioritizing security in procurement by partnering with IT and security, creating policies, and establishing workflows. By demonstrating value to company leaders, businesses can mitigate risks like data breaches and theft, and manage suppliers effectively.
Graphite Connect helps businesses identify suppliers with accounts in now-closed banks and expedite updating their banking information to avoid disruption.
Learn how to streamline your supplier information management processes and save time with proactive strategies and automation.
Learn how to move your procurement team from reactive to proactive with efficient processes. Increase visibility and streamline supplier management.
Supplier Performance Reviews: Core criteria every scorecard should include, level of service, cost control, ease of doing business, regulatory compliance, and innovation. Use key suppliers, simple measures, and a consistent process for tracking performance over time. Good performance leads to ongoing collaboration and innovation.
Learn how to handle an underperforming supplier by increasing the frequency of performance reviews, creating a remediation plan, and having a standard process in place. Read the article for more details.
Effective Supplier Lifecycle Management (SLM) involves 5 stages: Segmentation, Contract Management, Performance Management, Continuous Improvement, and Offboarding. This end-to-end approach helps manage suppliers in a transparent, organized, and integrated way to gain maximum value from partnerships, reduce risk and costs, and build lasting profitable relationships.
Supplier Segmentation separates suppliers into groups, allowing for better management of relationships, more efficient use of resources, and better understanding of risk exposure. Segmentation should be tailored to fit the specific needs of your business and can be based on quantitative and qualitative metrics.
Discover best practices for supplier performance management, including how often to meet, what Key Performance Indicators (KPIs) to use and what questions to ask in a performance review. Learn how to build longer-lasting, more profitable partnerships with your suppliers.
Too many procurement teams fall victim to obscurity within their respective organizations. Don’t let the same happen to your team by running internal campaigns to gain the trust of the entire company.