Supplier Relationship Management (SRM)
As businesses seek to increase bottom-line costs, they enhance supplier relationships and make procurement a more strategic focus in the organization. In implementing this strategic approach, organizations are continually faced with the challenge of managing the ‘people’ part of the equation. Relationship management affects all areas of the supply chain and has a dramatic impact on performance. A number of supply chain initiatives fail due to poor communication of expectations. Moreover, the single most important ingredient for successful supply chain management is trusted relationships among partners in the supply chain, where each party in the chain has confidence in the other members’ capabilities.
Shipcom’s supplier relationship management (SRM) solution creates a trust environment and extends the benefits of process efficiency and cost savings. To transparently deliver efficient sourcing, manage procurement functions, and handle procurement process with the key external stakeholder, SRM establishes broader links with suppliers. To manage procurement processes more effectively, Shipcom’s SRM solution environment encourages broader collaboration throughout the negotiation, contracting, and supplier management lifecycle. Integration with suppliers of all sizes becomes economical and easier to manage with our solution.
Shipcom’s centralized model empowers suppliers to manage their own profile, providing access and respond capabilities that allow handling of transactional data such as PO receipts, confirmations, advance shipping notices, and invoices. Shipcom’s SRM solution also allows suppliers to electronically collaborate with procurement and business users during sourcing, bid confirmation, and acceptance. Shipcom’s model takes stakeholder interests into account to deliver a solution based on the customer’s business needs and improves supplier relationships to create a high-performance, high growth environment from which everyone can benefit.
AIT-enabled Supplier Relationship Management Processes
- Product labeling compliance with vendors
- Supplier web portal for PO information
- Integration with freight forwarders
- Shipment tracking from PO to delivery
- Advance ship notifications
- Automated PO receipts
- Reduced procurement costs
- Streamlined process for purchasing goods and services
- Automated operational processes to reduce purchasing errors and avoid impulse buying
- Enhanced collaborative supplier relationships
- Integration of suppliers into your procurement processes
- Accelerated procurement order and invoicing cycle times
- Enhanced e-communication
- Reduced paperwork costs for PO acknowledgements
- Reduced production delays due to shipments errors or clearance delays