Suppliers management is a critical process that ensures organizations effectively collaborate with their suppliers to achieve business goals. It encompasses a collection of processes that enable companies to identify, locate and assess potential suppliers, evaluate and qualify suppliers based on specific criteria. Also known as procurement, supply management includes the purchase of physical goods, information, services, and any other necessary resources that enable a company to continue operating and growing. Facilitate smooth interactions and transactions by integrating new suppliers into the business ecosystem, and finally establish and nourish strong relationships with suppliers.

In today’s global supply chains, companies often engage with tens of thousands or even hundreds of thousands of suppliers. Managing this vast network of partnerships is essential for success. Manual paperwork, double data entry, and human error hinder agility and make manual processes time-consuming and costly.

Effective Supplier Management has several proven benefits to gain, i.e. in agility by prompt identification, qualification, onboarding and management of new suppliers. Increases efficiency by enabling frictionless connectivity and collaboration, directly causing reduce of costs. Minimized transaction of blind spots and enhancement of multi-party visibility leads to risk mitigation, even during crises.

The main goals of supply management are cost control, the efficient allocation of resources, risk management, and the effective gathering of information for business decisions. Effective supplier management contributes to a resilient and efficient supply chain.