A web based tool to integrate purchasing function which provides a platform to electronically process all the activities, track the Items, requisitions, supplies, vendors etc.
Over the years many companies have moved from a single vendor to multi-vendor platform to gain competitive advantage. In order to optimize inventory, organizations must maintain an information system to keep a track of the vendor history and the procurement process flow. Ensuring that correct vendor information is entered, and updating relevant contracts with new information in a timely manner are two major pain points of vendor management. To improve the vendor management process, it is important to identify new vendors to discover de-risk dependencies on incumbents, track and evaluate vendors on a regular basis. Successful procurement managers also realize introduction of new vendors can create the required competition within the incumbents and improves service/product delivery. Not only will regular monitoring of vendors ensure they are meeting your expectations, it will also allow you to proactively take measures to seize opportunities or mitigate risks. Vendors’ substandard performance results in hampered process due to issues such as high procurement costs, faulty products, delay in delivery etc. Thus, there is a need of an effective vendor management system which looks at reducing risks while ensuring high performance, which will outperform manual systems and processes.
Our vendor identification and rating service provide standard approaches to identify new vendors, evaluate their capabilities and service offerings and compare them with existing vendors. Based upon participation eligibility, performance capabilities, compliance, policies and contract requirements, our approach enables objective evaluation of vendors. Also, our process where we consistently rate vendors on their capabilities, expertise and experience ensures the allocations are just and value enabling.
Vendor rating is based on pre and post-hoc measures including financial data, company capabilities, their SLA records and other performance criteria.
Our vendor identification and rating services help companies gain from
- Right selection of suppliers that have the capability and the systems to supply products, materials
- Objective and comparable performance capabilities of all vendors and maintain the internal controls of the purchasing
- Identification and selection of healthy suppliers for increased competition