Businesses and industries across the world, especially manufacturing industries, collaborate with various partners in a robust ecosystem to deliver products and services. Combining forces with the industry leaders is the right approach to obtain the best results. A business entity or manufacturer has to remain agile and flexible for the sake of customers and to build long standing Vendor relationships. This is why industry partners like vendors are a key component to the success of a business, industry or service provider.
An effective vendor management system has the capability to drive a business to the next level and engage the contingent workforce. However, this requires a digital or web-based vendor management software application to be really effective. Such a system facilitates the requisition, procurement and distribution process and ultimately the invoicing process. Owing to the many capabilities of automating vendor management system, business and industries stand to benefit greatly from implementing a software such as Vendora that we provide. Here we will explore the ways in which a specialist in industrial coatings, a leader in the industry, who is client of ours, got benefited by the Vendor Management Solution.
Benefit by better selection: The company benefits from a larger selection of suitable vendors that results in better choices, better bidding and better cost, ensuring better value too.
Benefit by better Vendor Performance Management: Through the software, the company obtained an integrated view of all the vendors, thereby giving a clear understanding of what is and is not working. This improves efficiency which leads to improve overall performance of the industrial vendor management system.
Benefit by better management of Vendor Relationship: Managing the relationship among the vendors, is key to the successful operation of the business. Getting info from multiple vendors at the same time in a single place at once, is a great advantage and helps the decision-making process and simplifies it too.
This client, a powder coating specialist, experienced poor vendor relationship, lot of manual tasks and documentation, difficulty in evaluating vendors and other pain points that affected their efficiency, productivity and profitability. However, by implementing this vendor management portal application, the company has improved its process and is now ready for further expansion. They have gained visibility of stock levels, handled spikes in demand and set the level of stock inventory at any given time. Call us to know more about Vendora and how we can automate vendor management workflow and process for better results for you.