ENGAGE YOUR VENDORS
Supplier Relationship Management
Suppliers are the largest area of spend in your organization. It's time for a strategic approach to supplier relationship management.
Vendorful's SRM software simplifies the collection and updating of key supplier data like Certificates of Insurance, DEI status, and more. And with easy automation to support issuing performance surveys, collecting performance data, and aggregating spend activity, you can free yourself of manual tasks and focus on high-value initiatives.
Winning with Vendorful
Automating Vendor Management and Scorecarding
To meet compliance requirements, Ravenswood instituted a comprehensive evaluation process of all suppliers that exceeded a predetermined spend threshold. Upon generating the list, a team of people compiled a list of relevant stakeholders and kicked off the evaluation process, which was built on top of spreadsheets and email. The good news? They were able to collect the data they needed. The bad news? The only way to do this at the required scale necessitated a significant time and resource pull. Add a dash of Vendorful and then...
Streamline supplier data and contract capture
Eliminate the manual overhead of supplier data collection. Vendorful allows for turnkey customization of data fields while eliminating cumbersome email threads and manual data entry. Easily keep data up to date to minimize risk and understand the characteristics of your supply base.
Keep data fresh and reduce risk
Breathe easy as automated alerts to suppliers, onboarding progress tracking, and integrations into 3rd-party systems keep data fresher than produce in a farmer's market.
Connect with other systems
Vendorful's rich API and integrated iPaaS support make it easy to share data between systems. Collect and update data once and see it everywhere, in ERP and P2P systems and beyond.
Be strategic, not just tactical
Procurement professionals report spending 40% of their time doing manual tasks. By delegating these tasks to Vendorful's SRM software, you can spend that time engaging your suppliers in ways that provide strategic value.
Real-time supplier performance insights
Across all industries, renewal rates for suppliers are generally uncorrelated with customer satisfaction. Why? Customer satisfaction data is available by suppliers, but rarely to procurement teams. Vendorful's supplier performance and scorecard software puts this critical information in the hands of procurement.
Customize and automate stakeholder surveys
Build custom surveys with a drag-and-drop interface, set weighting, and configure categories. Then simply set it and forget it and watch the data flow in.
Visualize quantitative data in real-time
Set up performance metrics to track like quality, delivery timing, and others alongside KPIs and evaluate quantitative performance in real time.
Configure smoke signals and remediate problems
Set performance thresholds for both qualitative (survey-driven) and quantitative data and receive notifications when suppliers are underperforming.
Create and execute repeatable workflows
From supplier onboarding to quarterly business reviews to corrective action plans and more, organizations have their own ways of doing things. Vendorful allows these organizations to codify their workflows in a point-and-click interface that marries data and process. The result? A win for both ease-of-use and compliance.
Create intake forms to kick off processes
Move away from emails, chat messages, and water cooler conversations and to intake forms. Build your own forms to collect data to kick off any number of processes.
Design workflows that map to your business processes
Create bespoke workflows to collect and approve data, onboard suppliers, run sourcing events and more. Once created, these workflows can be executed repeatedly, ensuring consistency.
Keep track of long-running processes
Observe long-running workflows, identify bottlenecks, and simplify access to collected data. Be "in context" at all times, rather than jumping from screen to screen.
Vendorful SRM key features at a glance
Easily send custom messages to one or many suppliers.
Create, filter, and report on fields that you customize.
Ingest, tag, and track spend data into Vendorful.
Category managers and other users customize their own views of the data.
Execute and store contracts and metadata. Get notified in advance of key dates.
Pull in lines of business and stakeholders, granting limited access to supplier data.
Tight sourcing integration
Invite suppliers to sourcing events like RFPs and reverse auctions.
Build and save custom reports and add them to your reporting dashboard.
Assign and receive tasks from colleagues and track them to completion.
Want to see Vendorful SRM Software in action?
How long have you wanted that seat at the table? Vendorful's suite of SRM capabilities automates manual processes and provides deep insight into supplier value, empowering procurement teams to make the leap from tactical to strategic.