The Future of Supply Chain Collaboration and Vendor Management is Here
The market is demanding more and more of your products – and while consumers may ultimately win, this pressure has strained the relationship between brands and suppliers. Demand planning is more important than ever, and buyers and suppliers must work together to ensure the availability of materials at the right time in the right quantities at the right price.
That’s why we believe the future of Supplier and Vendor Management starts with strong specification management.
Specifications are changing faster than ever. Changing regulatory environments, higher SKU counts to meet consumer needs, and an increasing desire to be sustainable all require a new approach to vendor management and supply chain planning — one that leverages Supplier Management Software.
Excellent Supplier Collaboration Starts with the Right Mindset
How can you enable a truly collaborative relationship with vendors and suppliers in the supply chain?
It starts with recognizing that suppliers and vendors aren’t just order-takers for a brand; they’re valued, trusted partners in the supply chain management process that enable a brand to succeed in the market. While the fulfillment of a requirement is essential, brands, suppliers, and vendors alike should recognize that it takes careful chain planning and execution from all sides to produce successful outcomes.
What Are the Benefits of Integrating and Collaborating with Suppliers?
Strong supplier collaboration is critical for maximizing value. When executed correctly, brands can improve costs by simplifying product development and design, establishing standardized processes, and streamlining their journey to market.
To achieve these benefits, suppliers should be involved in more than just procurement processes. They can use their expertise in materials sourcing and design to make better recommendations that could result in higher cost savings and/or a higher quality solution.
This is the true value of collaboration. When all involved parties are able to provide their expertise, stronger relationships are forged and each side can achieve an optimal outcome.
How Do You Collaborate with Suppliers?
Conventional methods of supply chain collaboration typically involve multiple tools, including email, spreadsheets, and shared drives. Different versions of the same product end up scattered in various files with no easy way of knowing if you’re working from the most recent version.
Specright offers a supply chain management software solution that empowers brands, suppliers, and vendors with a single source of truth at the spec level. From product development to lifecycle management, teams can leverage data to improve planning and execution and the supplier relationship at large.
Here’s How Specright’s Supplier Management Software and Vendor Management Platform Works
With Specright’s Specification Management platform, suppliers can access a digital, up-to-date specification controlled by the brand. That means there’s no more duplicating specs across suppliers. All data is in real time at scale, so suppliers can trust they’re receiving the latest version of specs. Using the supplier collaboration portal, suppliers and vendors can better understand a brand’s direct materials needs, which enables both suppliers and vendors to improve their execution process.
This prevents suppliers from producing out-of-spec products or packaging requirements that might be hiding in email inboxes or shared drives. With everyone on the same page, you can instantly gain visibility into production, improve your supplier performance, and rest assured that the right products are being made.
Manage Supplier and Vendor Documentation
Contracts, certificates of analysis, NDAs, facility audits – the list goes on. Today, brands and suppliers have to manage an increasing number of documents. Contract management may often be considered a full-time job, and it is further complicated by fragmented systems and processes that aren’t designed to facilitate it. Furthermore, the need to have up-to-date and historical copies has made this task unmanageable without collaborative software.
With Specright Supplier Relationship Management (SRM), brands can keep track of suppliers and store and manage all relevant documentation tied to the spec-level. This creates unmatched visibility into your supply base and simplifies the contract management process once and for all.
Conversely, suppliers can manage all relevant customer documentation – and again store it to the spec-level so they can focus more on production and less on documentation. Now that’s what we call a win-win.
Track Supplier Scorecards
The need for accurate reporting across the enterprise is here to stay. With detailed specification and supplier data in Specright, it’s easy to generate a supplier report or dashboard to keep a pulse on your supply chain.
Gaining supplier-specific analytics can help you improve investor relations and supply chain operations, and help your project managers make better data-driven decisions. Just think about what your company could do with that kind of advantage.
Discover New Suppliers and Vendors with VX
Building better relationships between brands, suppliers, and vendors can allow each to recognize profitable opportunities and become an integrated leadership team. Spec-level data is key to improving direct spend management, procurement, and overall delivered value.
VX For Brands
In the past, finding a new vendor or supplier for your brand meant launching a complex, months-long process. It doesn’t have to be that way.
With VX, you can quickly find suppliers that meet your needs. Whether it’s by proximity or capability, your new partner is only a click away.
VX For Suppliers and Vendors
For suppliers and vendors, matching in-house availability to customer capabilities is usually done with a dreaded RFP or procurement software.
With VX, suppliers and vendors can list their capabilities and instantly get matched with opportunities, reducing the time it takes to find new customers.
Learn Why Specright’s Approach to Supplier and Vendor Management Is Unlike Any Other
Traditional approaches to supplier management focus primarily on supplier data. The reality is, that’s only half the picture.
Only by linking suppliers to specifications can brands realize the value of supplier and vendor management programs — that’s the value of Specright.
Are you ready to tap into that value?
Frequently Asked Questions
Supplier management refers to all of the systems and processes used to power supplier relationships and collaboration, as well as audit performance and meet project deadlines. Strong supplier management practices are crucial to running an efficient supply chain.
A supplier is a business or person that makes goods available to another business or service. Suppliers are often referred to as the first link in a supply chain, existing strictly in a B2B relationship. A vendor is a business or person who purchases products from a company, then sells them to someone else. They’re often considered the last link in the supply chain and can participate in B2B or B2C relationships. Suppliers and vendors have roles in different industries or applications, to get more information on these differences, read this blog post.
Supplier management is the infrastructure and best practices needed to facilitate effective supplier collaboration. Key components of a supplier management infrastructure include: data visibility, versioning and change history capabilities, and approvals workflows. Without a supplier management infrastructure, there’s often a lot of manual work, delayed projects, incorrect data, and other problems. Once a supplier management infrastructure is in place, it’s easy for suppliers to collaborate and drive innovation. For more info on how to use supplier management to power collaboration, check out this post.
Benefits of supplier management include, but are not limited to: more ease in scaling your business, stronger supplier relationships, saved time and resources due to decrease in administrative work, traceability and transparency in your supply chain. To hear more about how supplier management can benefit your business, contact us.