SUPPLIER RELATIONSHIP MANAGEMENT
Globalization has swept today’s businesses off their foundations and has rendered the business processes more dynamic, competitive, and complex. Consequently, all organizations engage with suppliers for the provision of various goods and services to maximize business performance. Suppliers form an indispensable part of any business, and hence, managing suppliers is crucial. This includes, but is not limited to, identification, selection, and management off relevant suppliers coupled with a practical evaluation of their performance to ensure they are providing maximum value for the organization’s third-party requirements.
In our definition, Supplier Relationship Management (SRM) is a systematic approach for developing and managing partnerships. It is focused on joint growth and value creation with a limited number of key suppliers based on trust, open communication, empathy and a win-win orientation. Hence Dataction’s SRM services helps you identify and maximize the value of the strategic supplier partnerships. Our contract services include:
Supplier Performance Management
Supplier performance management (SPM) is a business practice that is used to measure, analyze, and manage your supplier’s performance in an effort to cut costs, alleviate risks, and drive continuous improvement. Dataction’s services helps you track suppliers’ performance against numerous paraments broadly translating into cost, quality, and delivery.
The high-level activities include:
The high-level activities include:
- Supplier registration
- Supplier repository maintenance
- Supplier segmentation and risk assessment
- Designing Category-specific metrics and scorecards
- Tracking, Evaluating, and reporting Supplier performance
- Drawing up customized performance improvement plans
Contract Perforamance Management
Procurement teams work hard to negotiate favorable terms that if not monitored and tracked will not deliver substantial value. We have the domain expertise to address process and workflow improvements, the resources to provide contracting support services, and professionals to offer consultation and advice. Dataction helps you optimize the output and accountability of your third-party network by increasing visibility and improving performance.
Following are the services we offer:
Following are the services we offer:
- Progress of reviews and approvals of master agreements, statements of work, contract amendments, and contractual collaterals among reviewers and approvers
- Provide timely reminders and ensure contract closure
- Review contracts for completeness of documentation as per client’s policies and appropriate legal input
- Perform low-to-medium complexity contract development
- Maintain all relevant contracts database structure, files, meta-data, and other relevant information
Supplier Onboarding
The supplier on-boarding process gives organizations a way not only to buy goods and services from, and make payments swiftly to suppliers, but also to gather the information needed to evaluate, approve, and add new suppliers to their ecosystem. Integrating prospective suppliers in this way helps minimize miscommunication and unmet expectations while maximizing the potential for shared success. It also mitigates risk by providing numerous compliance and validation steps to avoid fraudulent vendors and ensures your vendors are healthy and in compliance with all of your requirements. The overall objective is to create a streamlined and cost-effective process.
High-level activities include:
High-level activities include:
- Supplier data essential for verification checks and providing policies and documents to suppliers for their understanding and acknowledgement
- Defining parameters for judgement and conducting evaluation of suppliers. Evaluations range from lengthy and rigorous to basic Dunn and Bradstreet checks depending upon the strategic importance of the suppliers
- Defining requirements and expectations regarding lead times, pricing, delivery, workflows, and business process compliance
- Negotiating contracts and Setting-up payment information and relevant data in the system
- Automating the process wherever possible to create a centralized and structured solution that reduces risk and provides enhanced value