PayStream Advisors Supplier Network Management Report
Understanding the Challenge….
According to Spend Matters, “the lack of consistent, high-quality supplier information is costing the typical Global 2000 company tens to hundreds of millions of dollars annually.” Many companies have up to thousands of trading partners across their organization, leading to significant business risk and financial cost when supplier data is inaccurate or not maintained. Because many B2B processes are currently executed using manual and error-prone processes - it’s been estimated that suppliers can spend in excess of $1,000 per supplier each year in supplier management costs.*
Understanding the Answer….In order to be successful, companies must constantly:
- discover, assess, and onboard new trading partners
- facilitate the electronic exchange of business documents
- consistently measure and improve upon performance
Companies moving toward Supplier Network Management (SNM) solutions are finding it easier to accomplish the aforementioned challenges, effectively manage their supply base, and deal with regulations.SNM solutions maximize the value of supplier relationships by ensuring quality throughout the supplier relationship lifecycle.This whitepaper will examine….
- The history of the business network
- The Supplier Network Management universe
- How to identify an SMN that meets your organization’s needs
*Gartner: Supply Chain Strategy 2010