Improving Vendor Management and Transparency with Technology

1. Improving Vendor Management and Transparency with Technology Technology continues to embrace and alter every business process. There are great benefits that can be accrued with the implementation of the right technology. Vendor management is a vital cog in the organization, if managed well, it can deliver great value to both the organization and the customers it serves and thereby improves revenues & efficiency alike. Some of the key improvements to vendor management that can come about with technological enhancements have been discussed below: 1.Maintain Minimum Thresholds Plan and stay ahead of the supply chain with a pre-defined minimum threshold limit of goods in your inventory. 2.Automated Order Placement Place automated orders to verified vendors in real time to reduce time and cost of inventory procurement. 3.Improved Safety & Security Make your procurement process more secure with electronic data transfer between vendors, suppliers & organization. 4.Analytics & Data Driven Improved analytics to aid a data driven approach to assess consumption patterns, supply chains & price variations in real time. 5.Custom Dashboards & Reports Transparent procurement process with access-controlled dashboards & reports to relevant users for approvals & verification. If an organization is able to implement and embrace, technology-driven procurement then it is most likely to accrue several advantages, some of the key advantages would be: 1. 2. 3. 4. 5. Cost Savings Error Minimization Greater Efficiency Higher Accountability Process Driven Approach