Supplier centricity focuses on integrated relationships. Today’s supplier interactions are largely tactical and lack any real insight or platform integration. That’s why the future of procurement is dependent on creating a new operating model to support supplier centricity; one which drives supplier performance and relationships to a new level while fostering innovation and mitigating risk.
This model is one where suppliers will:
- have access to key information to help build robust solutions
- integrate into your environment through supplier-managed storefronts and master data portals
- contribute to the business, product, and category innovation
- receive feedback through sentiment, community feedback, and traditional performance metrics
- self-manage purchasing transactions through payment
To mitigate supply chain risks in unprecedented times, some organizations have implemented initiatives such as Supply Chain Mapping. Procurement functions can map the Supply Chain from the conversion of goods from raw material to semi-finished conversion to finished goods. Using this map, organizations can indigenously manage suppliers or goods movement and proactively act to transfer risk over a complete supplier base within the ecosystem.
With organizations focused on managing spends, building a strong and highly robust supplier base, RFPs have gained prominence in the operating model. Organizations need newer ways to work with internal stakeholders and external partners with proper communication. RFP is an effective tool to communicate the internal procurement needs to external suppliers via digital procurement technologies. Organizations are now discovering and engaging with suppliers to identify potential delays or operational risks. Organizations have also started identifying alternate sources of supply existing suppliers fail in any evaluation parameters. Organizations have now started floating RFIs as a market research tool for sourcing in categories and added preference for local suppliers.
Attend the session to know how you can automate Sourcing Using RFx on ServiceNow
- Importance of cross-functional collaboration in RFP-to-Award Cycle
The role of RFP Software
- Create RFPs using pre-built questionnaires and RFx templates
- Collaborate with vendors and internal stakeholders
- Evaluate and Score RFP responses from vendors
Demo: Aavenir RFPflow in ServiceNow
- How Digital workflow streamlines end-to-end Source-to-award cycle
- Implementing a centralized, secure, and full-text searchable repository for supplier queries, RFP templates, and all RFP responses
- Seamlessly manage the source-to-contract process for any RFP
