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Supplier Intelligence

When Is It Time for a New Supplier Management Solution?

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Do your stakeholders question the value of your supplier diversity program due to lackluster results? Is your supplier diversity team struggling to meet established goals? Are you losing your passion for supplier diversity under the seemingly endless tasks of manually verifying data and preparing reports? Then it might be time for a new supplier management solution.

If you're ready to utilize advanced technology to be more efficient and cost-effective, if you're ready to automate tasks to alleviate your supplier diversity team's sense of being overwhelmed, if you're ready to expand your supplier diversity program with the support of stakeholders, then it's time for a new supplier management solution.

Advanced Technology

Modern supplier management solutions rely on advanced technology to ensure data accuracy, identify potential new suppliers, and analyze metrics to create meaningful reports. When looking for a new supplier management solution, put these items on your checklist:

  • Data enrichment – A supplier management solution that uses verified data sources gives you confidence in the accuracy of your data.
  • Supplier locator tool – Identify potential new suppliers by geographic location, industry, size, revenue, certification, and multiple other criteria.
  • Reporting and analysis – Generate reports based on verified data that allow you to set benchmarks, stay compliant with contract requirements, and create meaningful goals to drive your program's growth.

Automation

Your supplier diversity team is trying to do it all: verify data, identify and vet potential new suppliers, communicate with current and potential suppliers about new opportunities, build a Tier 2 program, and establish lasting relationships with suppliers. Do yourself—and your company—a favor and automate as many of these tasks as possible.

Data verification is a snap when you have a supplier management solution with data enrichment. A customized supplier portal vets potential suppliers before your team invests time establishing a relationship. Set up monthly and quarterly reminders scheduled to go out automatically to relevant suppliers.

When you automate the mundane, your team can focus on people instead of data. With the hours returned to your workday, you can strengthen relationships with your suppliers. Perhaps you'll start a mentoring program and enhance your supplier development initiatives.

When Nino Campos of Oracle partnered with CVM Solutions to automate the seemingly endless task of data verification and supplier identification, he reclaimed hours of daily time to spend elsewhere. He gained executive buy-in, thanks to detailed reporting and more face time, and he launched an internal campaign introducing supplier diversity to everyone in the organization.

Ease of Use

All the data accuracy and automation bells and whistles in the world are useless if they're hard to use. You're busy enough without following eight steps to locate a potential supplier or clicking through 12 windows to generate the report you need. A quality supplier management solution is intuitive, customizable, and easy to use.

Look for a solution that was designed by supplier diversity experts—people who actually need to perform the same tasks you do as easily and quickly as you do. Seamless integration of supplier diversity tools means the full suite works together, giving you deeper insight into your program and supplier needs.

The best solutions are constantly upgraded based on user comments and suggestions. Business and consumer needs are evolving faster than ever; make sure your supplier management solution is evolving as well.

Support

Experienced, qualified supplier diversity experts set the great supplier management solutions apart from the mediocre ones. Look for a solution that provides support from experts in the area of supplier diversity. Yes, you want technical support – most solutions offer that—but supplier diversity requires specific skill sets and expertise. Supplier diversity professionals can help you create a business case for supplier diversity, establish goals, expand scope, complete award applications, and more.

When you're through feeling overwhelmed by your supplier diversity program, it's time to seek out a new supplier management solution. Use advanced technology to automate tasks and feel confident that you're working with accurate data. Get the support you need to grow your program and meet your goals. Reclaim your passion for supplier diversity.

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For over a decade CVM's mission has remained unchanged, to lead the transformation of Supplier Diversity program management and to support Supplier Diversity programs. CVM helps corporate supplier diversity programs in every stage of their evolution; from those that are just getting started, to the most advanced, world-class programs. Equipped with unparalleled data intelligence, superior technology and expertise guidance, businesses can effectively establish and advance their Supplier Diversity initiatives.