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Supplier Risk Management Strategy: How to Build a Resilient Supply Chain
What is Supplier Risk Management? Suppliers are the foundation of direct materials supply chains. No matter how experienced your procurement team is or how sophisticated your ERP system may be, without reliable suppliers, even the most well-managed manufacturing operations can face disruptions. This makes it crucial for finance leaders to thoroughly understand their organization’s supplier…
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The Traditional Supplier Portal Reimagined: Harnessing Business Insights to Disrupt the Status Quo
Traditional supplier portals handle straightforward transactions between manufacturers and their suppliers. Yet, they often fall short of offering insights that could prevent delays, extra costs, and missed opportunities. This blog explores how SourceDay meets and exceeds these traditional capabilities, transforming how businesses manage and interact with suppliers. Going Beyond Basic Functions SourceDay’s PO lifecycle management…
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The Cost of Downtime When Parts Are Missing
It is a well-known fact in manufacturing that unplanned downtime is a significant threat to productivity and profitability. Beyond the usual suspects like equipment failures, another critical cause is the lack of necessary parts and materials. That’s why highly streamlined direct materials procurement operations are crucial. Enter SourceDay. On-hand and inbound inventory reliability is key…
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A Better Procure-to-Pay Solution: How SourceDay and Medius Address Your Operational Challenges
Navigating the procure-to-pay landscape can be complex, with discrete manufacturers and distributors often facing numerous challenges that can impede efficiency and hamper growth. Recognizing these pain points, SourceDay, the leading provider of PO Lifecycle Management solutions, and Medius, the leading provider of automated accounts payable (AP) solutions, have partnered to offer tailored solutions that directly…
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Strategies for Effective Supply Management in Challenging Times
In supply chain operations, Lindsay Smith is a veteran in the manufacturing industry. He saw situations where missing parts made manufacturers take extreme measures to continue production, even if it was expensive. He provides cautionary tales that SourceDay strives to prevent with its innovative supplier collaboration solution. In this video, Smith recounts two examples where…
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Master Supplier Relationship Management: Your Complete Guide
Human relationships are hard. There are just so many aspects that go into keeping a relationship healthy — constant communication and total transparency being among them. If one of these critical aspects goes awry, things get complicated. And if that communication doesn’t improve, leading to the worst-case scenario, the relationship breaks down altogether. Things Get…