World Class Supplier Performance Management (SPM) Requires Transparent Supplier Feedback Functionality
The future-oriented next-generation procurement organization must be equipped with a digital SPM solution. Organizations need to actively transform their current supplier management processes by implementing an agile, easy-to-use digital platform that fosters open, transparent communication between the supplier and the client.
Effective digital SPM platforms should enable organizations to streamline and enhance their SPM program. The platform solution should include the following crucial functionalities:
- 360-degree Supplier-Client Communication
- Supplier Segmentation
- Performance Management
- Supplier Development and Innovation
- Ability to measure Sustainability and Diversity metrics of individual suppliers
Among its expansive capabilities, SupplyHive provides organizations with simple, easy-to-use technology that paves the way to consistent, transparent communication between the organization and its supplier partners. And perhaps the most important outcome of this open, two-way communication is client-and-supplier collaboration; we are witnessing organizations evolve and become more strategic and innovative with their suppliers while retaining the ability to manage and execute their traditional transactional procurement practices where necessary.
Procurement and internal stakeholder teams use SupplyHive as a way to enable savings, innovation and greater competitive positioning and profitability. As organizations continue to increase spend year-over-year with external suppliers, they must equip their teams with capabilities that go beyond cost savings and transactional procurement; they require a solution that promotes transparency within their supplier ecosystem.
Where SupplyHive allows organizations to create transparency in their supplier relationships, organizations then are able to expedite value creation and enable true business partnering.