What is Supplier Management Best Practice?

In the modern business environment, organizations rely heavily on a complex network of vendors and suppliers to ensure their success. While these networks can contribute greatly to your organization achieving its strategic goals, they can also introduce considerable risk to your organization.

With this ever-growing dependency on these networks and the increase in risk, this means the traditional methods of onboarding, assessing, and managing these entities with disparate or manual processes no longer meet the expectations of stakeholders and customers, as well as failing to meet the requirements of auditors and regulators in many cases.

It is critical for organizations to have processes for onboarding, assessing, and monitoring their supply bases to optimize their performance and reduce the risks to their organization.

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Ivalua’s Supplier Management solutions provide a modern and digital process for on-boarding vendors and suppliers, establishing and maintaining accurate master data, and assessing and mitigating risks using internal and external performance and risk data, all in a 360-degree view that informs all processes involving these vendors and suppliers. The Ivalua solutions provide efficient and modern cloud-based solutions for meeting the needs and expectations of all your stakeholders.

Gather and validate the necessary information from your vendors quickly and effectively

Ivalua’s supplier portal allows you to quickly collect information from the supplier to support a simple, quick, and effective onboarding process. Ivalua’s no fee supplier portal provides your supply partners self-service access to provide all required information, including, but not limited to, certifications, qualifications, and financial information.

Ivalua’s robust and configurable workflow supports your compliance management activities and provides you the ability to segment suppliers and have various subject matter experts within your organization to validate and approve new suppliers or supplier changes.

Ivalua’s solution can also become the source of truth for vendor data throughout your organization. Combining our supplier portal with smart deduplication and merge capabilities can provide you with clean and reliable records that can be used in Ivalua’s solution and across multiple systems and ERP(s).

Ivalua has enabled our transformation journey effectively, making Procurement more agile and digital. It really began with a focus on suppliers and clean supplier master data to make better decisions. Resolving this empowered efficiency, visibility and much more value creation for the business. Contact Sales

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Assess, understand, and mitigate the risk from your supply base.

Hone your supplier management , conduct assessments, and perform due diligence and risk management monitoring of your supply base using the information that is most important to your business. Ivalua provides you the ability to proactively assess the risk factors that are important to your business.

Our solution allows you to configure the type of risks, metrics, and scorecards needed to meet the unique needs of your business. Ivalua’s solution allows you to combine objective risk and performance data with stakeholder feedback to arrive at an assessment that informs your business processes. The automated campaign feature allows you to automate and track this process to assess the level of risk at an entity or contract level.

Additionally, Ivalua’s third-party risk management ecosystem can enhance your internal data with data from third-party risk management experts to complete the overall risk profile and provide data to make informed and actionable decisions.

Collaborate with vendors on issues and to drive continuous improvement

Ivalua’s solution does more than monitor and assesses risks and performance. With the ability to collect data from across the entire Source-to-Pay platform and the ability to collaborate with vendors and suppliers, you can receive alerts and collect real-time data to drive quick and effective actions on performance management issues such as late deliveries, invoice issues, or service level non-compliance.

This can greatly mitigate production or business impacts. Further, our solution provides the ability to engage with your vendors on improvement plans to address systemic issues or drive continuous improvement initiatives.

Suppliers and internal stakeholders can review the improvement plans, assign and track action items, review key metrics, and perform project management actions on these improvement projects in the solution.

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Contact one of our associates to see how Ivalua can meet your Supplier Management needs.

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