You might already be collecting your supplier information with a spreadsheet, so why would you want to change this approach and what are the advantages of moving to an online process?
What are the main benefits of moving to an online process?
Efficient and user friendly way to gather information from suppliers
Access to supplier information at the touch of a button
Comprehensive analytical tools across a large volume of data
Easy identification of supplier compliance and mitigation of risk
Information stored securely and accessible by multiple users
What does an online solution for collecting and analysing supplier data look like?
An online solution means that you have immediate access to a consolidated database of supplier information which is presented in a consistent and user friendly way. This makes the process more efficient and ensures any potential risk areas can be identified quickly and handled accordingly.
The switch from an offline to an online solution moves your supplier due diligence process from an exercise in data gathering towards analysing and managing the data proactively, ensuring any risks are identified and addressed.
Online solutions provide users with a suite of analytical tools including: compliance tracking, benchmarking, scorecards, flags and exception reporting. Suppliers also benefit from increased efficiency in completing information requests and, with some solutions, are able to publish their responses to multiple buyers, avoiding duplication of effort meeting the requirements of multiple information requests.
Online solutions are also scalable across large volumes of suppliers and geographies, providing different levels of automated assessment to ensure that irrespective of the size of your supply base you are alerted to potential risks immediately.
Ensuring you get the information you need
Using an online solution shouldn’t mean that you can no longer collect the information that is relevant to your organisation.
Greenstone’s SupplierPortal includes pre-defined questionnaires to cover the majority of your needs, including: commercial information, anti-bribery and corruption, labour standards, health and safety, IT security and environment. Proprietary questionnaires can also be included to address questions that are specific to your organisation.
Ensure confidentiality of data
Suppliers are far more likely to provide you with accurate information if they know it will be kept confidential and is not available publicly. Going online will make the process more efficient but this should not be at the cost of information security.
Getting value form your suppliers’ information
The ultimate aim of collecting supplier information online should be the ability to access the information quickly and efficiently to meet your own reporting requirements. For example, through the SupplierPortal buyer analysis suite, you have the ability to perform detailed analyses of the information you receive, track compliance and manage risk, putting you in a position to engage with suppliers and improve performance.
However, organisations view information differently and have different requirements of their suppliers. An online solution should always provide not just the tools but the flexibility to meet your organisation’s unique requirements. This flexibility should also account for the various business needs across the organisation that result from a large supply base.