As global business continues to evolve, characterized by shorter product lifecycles, more demanding customers and consumers, increasing demand and supply and continuous cost pressures, supplier lifecycle management in the supply chain has become more critical than ever before.
Supplier Lifecycle Management (SLM) is the key to meeting these challenges and creating a transparent and consistent supply chain relationship. The concept behind SLM is to help companies identify the right supplier and find better value, while reducing both costs and risks by focusing on quality throughout the process, resulting in a true competitive advantage.
The Solution – SoftExpert SLM
SoftExpert SLM provides tools for an organization to manage suppliers throughout the lifecycle of a relationship. It provides a 360° view of the supply chain, allowing relationships to be tracked from initially discovering and qualifying a supplier to performance management, ongoing maintenance and supplier rationalization.
The solution allows companies to define web portals and configurable forms where suppliers can enter required information on their own, such as products and services, licensing, certifications, financial data, health and safety experience, project history, and personnel qualifications. SoftExpert SLM also helps to identify key suppliers for auditing based on their risk scores and makes it easier to conduct compliance assessments and surveys based on internal policies, laws, regulations, standards and other compliance requirements.
Supplier Lifecycle Management – SLM
Through end-to-end contract management capabilities, SoftExpert Supplier Lifecycle Management generates contract documents from standard templates that are automatically populated with supplier information. Companies can define automated workflows and customize business rules for contract routing and approval, ensuring information is reviewed and approved before any contract award. As a result, companies can manage contracts in a smarter, faster and labor-saving way.
SoftExpert SLM automates procure-to-pay processes (P2P), from item search to invoice matching and payment authorization, which can be integrated into contract management. Buyers source the right product from the right vendor at the right price and get it faster too, enforcing policy compliance and providing complete visibility and control of the progress of purchase orders at all times. The electronic control of Invoice-to-Pay process optimizes payment schedules, mitigating fraud and avoiding operational errors while increasing process speed and efficiency.
SoftExpert Supplier Lifecycle Management ensures materials received from suppliers are of the highest possible quality to keep business processes running efficiently. With nonconformance and CAPA resources, the solution allows you to streamline the investigation and resolution processes, so you can address supplier defects before they enter your manufacturing process. Companies can track scores and KPIs to identify trends and changes in supplier performance. The solution allows for benchmarking on supplier improvement over time and identification of the best performers.
Quickly identifies, evaluates and qualifies new suppliers.
Reduces the time, effort and paper used to create, manage and monitor contracts.
Manages supplier risk to streamline how you deal with suppliers across the enterprise.
Increases visibility of compliance for both regulatory and contractual obligations.
Improves your suppliers’ quality and delivery performance.
Ensures precise control of expenses with suppliers.
Reduces time and costs in performing compliance activities and controls.
Facilitates supplier compliance with your corporate standards.
Streamlines the supplier data management process.
Safeguards brand, reputation and business continuity.
Using an ERM Assessment Process to understand vendor risks