5 steps to managing your supplier compliance
With the results of the State of Supplier Management 2016 survey in mind, Greenstone has outlined five key steps to help you shape your supplier due diligence process and understand risk and compliance in the supply chain.
- Define what information you need to collect
What is important to your organisation? Do different supplier groups or categories have different compliance requirements? Do the reporting frameworks you use dictate the information required?
- Engage your organisation
In order to be successful you need internal engagement at all levels. All relevant parts of the business need to understand their role in supporting the supplier engagement programme from initial contact through to supplier development.
- Prioritise your suppliers
You probably won’t be able to engage all of your suppliers at once. Prioritise your supplier selection on factors such as risk, spend and legislative reporting requirements.
- Identify the solution that best suits your needs
Online solutions provide the best way to achieve high levels of coverage and compliance, giving you the analytical tools you need to identify risk efficiently. They all vary so finding the right one to suit your needs is important.
- Define processes for dealing with supplier responses
The most important point from both a buyer and supplier perspective is to use the data collected. There should be assigned responsibility within the business for dealing with any non-compliance in specific areas, and there may be a need for a minimum overall standard for suppliers to meet.
Talk to us
At Greenstone, we work with organisations to enable them to get meaningful results from their supplier data. As well as software solutions, we have a dedicated team of industry experts to help, advise and support companies at every step of the reporting journey. We are committed to helping organisations have access to data that talks to you.
Greenstone’s SupplierPortal solution connects buyers to their suppliers, ensuring that they can effectively manage compliance and identify risk areas. Our clients from across various industries recommend SupplierPortal as a secure, easy to use online environment which allows them to automate supplier compliance monitoring and performance analysis, streamline data verification and audit processes and collect all relevant information in one place.
Email email@example.com or call +44 (0)20 3031 4000 to book a demo.