Optimizing Supplier Value Management

How Procurement and Supply Chain Leaders Can Use New Sourcing Capabilities to Improve Their Supplier Relationships

We wanted to share the introduction to our Insights Report.
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Table of Contents

2. Executive Summary

3. About the Respondents

4. Key Insights

5. Some Companies Are Missing Key Strategic Sourcing Capabilities

7. Not Enough Companies Are Capable of Reverse Auctions

10. Manual Processes and Data Sorting Are Formidable Challenges

13. Conclusion: Value Management at Your Fingertips

13. Key Suggestions

14. About the Authors

Executive Summary

Vendor value management is now an essential process for procurement and supply chain leaders. It helps them ensure that the right suppliers are selected, that suppliers are providing the right products and prices, and that suppliers are meeting performance expectations in a way that produces value for both parties. Unfortunately, many organizations struggle to overcome the challenges and pain points associated with their current supplier management solutions, or lack thereof.

Manual and paper-based processes are still a struggle for many procurement organizations, and they can directly impact efficiency. Some organizations also lack critical functions in their tools, such as reverse auction capabilities, drag-and-drop building and design functions, and automatic response and aggregation. Lacking these capabilities can lead to inefficiencies, but it can also cause the organization to miss opportunities to generate additional value through its supplier relationships.

This report analyzes the most significant challenges faced by organizations when using their sourcing solutions. Here, we’ll explore how companies can optimize their supplier value management processes by implementing solutions that grant them visibility, automation, and opportunities for engagement.

Many organizations struggle to overcome the challenges and pain points associated with their current supplier management solutions, or lack thereof. Manual and paper-based processes are still a struggle for many procurement organizations, and they can directly impact efficiency.

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