Why you should move to the New Era of Vendor Management?
Streamlining the process of creating rich product content while reducing the time-to-market for New Product Introduction (NPIs) is a necessity and constant obstacle for retailers, distributors and manufacturers. This is especially true for consumer-oriented businesses who must rely on suppliers for product information while adding their unique touch to the product with personal branding and media assets.
In many cases, Vendors simply fill in Excel sheets to send product information through disparate systems – none of which offer real-time data validation, standardization and automated workflows to minimize the odds of human error.
Vendor Portals incorporate a series of robust processes to ensure a high level of data quality and reduce the risks associated with the management of the supply chain:
- Vendor Account Management – Provides users with access to a single “source of truth” for Vendor product master data. The portal creates a complete “Entity” record for each Vendor which needs to be pre-approved by the business. Both the company and the suppliers have the option to modify product attributes, relationships, and the product catalogs as they please.
- Vendor Risk Assessment – Gives an overview of the supply chain and ensures that the raw materials and the finished products are in line with all the business rules and government regulatory standards and fit for sale.
- Vendor Risk Monitoring – Assesses the probability of having problems with a supplier and how disruptive this will be for the business operations. Enables organizations to streamline their supply chain and manage their sourcing strategies.
- Vendor Performance Monitoring – This function allows enterprises to handle the changes required for a flexible supply chain and supports an excellent customer service. By monitoring the performance of their suppliers, companies can create a backup plan and manage emergency situations (e.g. a supplier can’t meet up the demand, bankruptcy, or unforeseen natural disasters).
- Business Process Management – Implements business workflows which give access to all the tasks and activities and manage particular risks.