Supplier Management Software- Key Features & Benefits

2024-08-21

In today’s fast-paced business environment, companies often need to manage multiple suppliers simultaneously. Handling all these processes manually can be quite challenging. To overcome this issue, supplier management software has emerged as one of the best solutions available in the market.

User-friendly supplier management software, such as the highly-rated 8Manage SRM, offers numerous features and benefits that can enhance business processes with greater productivity, leading to outstanding results.


Features of Supplier Management Software

1. Easy Onboarding

Supplier management software simplifies and accelerates the onboarding of suppliers. It reduces time wastage by screening suppliers in real-time and provides comprehensive information about them. The use of diversified catalogs further streamlines the entire process.

2. Collaboration Support

Cloud-based supplier management software enhances and facilitates collaboration with other processes and suppliers. Due to its easy integration with other departments, it allows for the efficient monitoring and analysis of supplier performance while avoiding redundancy in business operations.

3. Efficient Tracking

The software closely monitors supplier performance to derive valuable insights from vast amounts of data. It also helps identify blacklisted suppliers.

4. Supplier Self-Service

This feature allows suppliers to update their information freely and receive regular notifications about new orders and payments.

5. Review of Critical Information

Supplier management software assists in reviewing all critical information related to risks associated with any third-party suppliers. This is achieved through the implementation of appropriate rules and regulations. Additionally, it helps collect and store all important contracts in one place for future reference.

Advantages of Supplier Management Software

1. Centralized Management

Everything from supplier onboarding to billing information and contracts is managed in one place. Supplier management software simplifies the data retrieval process and facilitates faster analysis of the information.

2. Strengthened Supplier Relationships

With built-in features, suppliers can create custom criteria for all aspects of their interactions. The transparent review of supplier performance boosts supplier morale and fosters strong connections between suppliers and management.

3. Risk Reduction

Supplier management software also helps reduce risks related to suppliers and their methods of operation. Sometimes, companies need to meet certain criteria to onboard suppliers. With cloud-based supplier software, all supplier-related compliance can be efficiently managed.

4. Enhanced Value

The primary goal of supplier management software is to provide better value to companies in terms of their financial investments in suppliers. If implemented correctly, it can result in significant long-term cost savings. The reverse auction feature helps companies keep procurement costs as low as possible.

5. Increased Productivity

Using supplier management software can boost the overall productivity of a company. From finding the right suppliers to procuring the necessary products and ensuring timely replenishment, everything is smoothly planned within the software.

Choosing the Right Supplier Management Software

8Manage SRM is an advanced end-to-end solution in the industry, enabling you to manage supplier information, lifecycle, performance, and risk within a single system.

- Gain a unified supplier record with a high level of data trust
- Integrate consistent supplier qualifications and segmentation with other procurement processes
- Extend supplier risk management and compliance across the entire supplier base

With relevant real-time spend analysis, savings tracking, supplier performance, delivery quality scoring, and more, 8Manage SRM helps your team track KPIs, facilitates easy supplier onboarding, offers comprehensive rating capabilities, and provides reliable supplier self-service. From start to finish, 8Manage SRM is the ideal solution to meet your supplier management needs.