Greenstone has recently updated its supply chain management software solution SupplierPortal with enhanced supplier risk management and corrective action functionality.
This provides SupplierPortal users with a joined-up and fully automated approach to identifying high-risk suppliers, engaging with suppliers and remediating supply chain risk.
In line with our brand promise, Data that talks to you, this new capability ensures that clients are immediately benefiting from the data that they are collecting from their supply chain. In addition, the automated analysis and communication efficiencies mean clients can achieve enhanced supplier engagement without impacting current resources.
How does it work?
SupplierPortal users can use the Greenstone questionnaire library, or distribute bespoke questionnaire content and document requirements to their suppliers. Using the flagging function within SupplierPortal, the system can automatically identify high, medium and low risk supplier responses.
Suppliers who trigger these risk flags are placed into the risk management area, where risks are categorised and can then be addressed accordingly. Users are able to send out corrective action requests to multiple suppliers at the same time across each risk category, and set deadlines accordingly for suppliers to respond.
Suppliers and Buyers communicate directly about each action, and if necessary share further evidence documentation for review. Risks that are satisfactorily addressed are then signed off accordingly and tracked on the risk dashboard.
Supporting the process is a series of automated email notifications sent to both suppliers and buyers to ensure that risks are closed as efficiently and promptly as possible.
The benefits to clients
A core benefit of SupplierPortal is to enable clients to gather data and supporting information from a large number of suppliers across a complex supply chain. Once collected, users can then interrogate the data efficiently in order to identify the risks that need to be addressed. This new enhanced risk functionality further strengthens this benefit by distilling hundreds or thousands of supplier responses into a relatively small bucket of manageable risks and actions. This means that even small teams can manage the supplier corrective action process themselves.
One of the most tangible benefits this enhanced SupplierPortal functionality brings is improved supplier relationships. In a very short period of time our SupplierPortal clients have gone from having very little understanding of their suppliers, let alone communication, to having direct conversations online around very specific issues. This gives great confidence to our clients that they are building more sustainable and collaborative relationships, which can in due course move beyond compliance to becoming much more mutually beneficial.
SupplierPortal is a Software-as-a-Service (SaaS) supply chain management software solution that provides your business with a single point of transparency across your supplier network, ensuring that compliance, performance, and risk can be managed seamlessly. Features include:
- Best practice and bespoke supplier assessment questionnaires
- Suite of analysis tools
- Risk flagging and scorecards
- Contract management
- Risk management and corrective actions
- Integration with ERP and procurement systems
- Compliance reporting
- Carbon emissions calculation
- Alignment with global frameworks
Sign up for a demo to see how SupplierPortal can enable responsible supply chains.