Supply Chain Performance

How Supply Chain Collaboration Software Works

Supply chain collaboration software helps improve and streamline the relationships between you and your suppliers, beyond what your ERP can do. That’s right – having an ERP isn’t enough. Around 55-75% of ERP projects fail to meet their objectives.

Supply chain collaboration software fills these gaps by providing you with ways to expedite purchase order (PO) changes, automate AP processes like invoice matching, and more. You won’t have to worry about where an order is, or if it’s shipped, or if your supplier will read your emails in time again.

Spreadsheets won’t cut it. Here are some ways a using software like this can simplify your data management:

1.) Address Your PO Data Issues

Getting PO change details back to your ERP is a time-consuming, manual process. They can leave you with big stacks of emails and spreadsheets that lead to delays.

A PO collaboration platform can help you get past these problems by getting you real-time details on each PO and instant access to past and current data.

You can create data interfaces with suppliers to make PO data management quick and seamless, doing away with the need for you to change data on more than one platform. Innovative systems like these help you focus more on making the best products and less on PO issues.

2.) Automate Your AP Process

The demand for automation will keep growing for the next several years, but you don’t need to wait for your ERP to catch up with the times. 

Invoice Automation helps match PO invoice and receipt data. It makes tracking and correcting errors easier for you and allows you to speed up your payment processes. Automation may also reduce time spent on AP by reducing the number of errors which can increase productivity by allowing you to focus on other details besides payments and errors. 

Moving from a complex, manual, spreadsheet laden system to a simple, software based one can help transform your day-to-day operations.

3.) Track Your RFQ Data

Businesses today want more flexible ways to manage their data and collaborate with suppliers. An RFQ solution allows you to compare your RFQs and view bids from more than one supplier. It makes looking at vendors side by side, and awarding business to them in whole, or in part much easier. It also comes with the added bonus of avoiding human errors and skipping out on hidden fees. 

4.) Coordinate With Your Suppliers

At SourceDay, we believe strong relations between suppliers and buyers make a positive impact in the supply chain world. This being said, we all know that countless things can go wrong between an order being placed and a shipment being delivered, and it often leads to frustration for both parties. Supply chain collaboration software provides a better way to resolve tensions, even before they arise.

How Supplier Performance Tools Can Help

Ditch the countless email threads and efficiently facilitate two-way coordination with each supplier through software. Leverage supplier scorecards to measure supplier performance with tailored metrics and share this information with your vendors. This type of transparency and accountability will help them provide better service, build more rapport with them and strengthen business relations over time.

The Benefit to Suppliers

It’s important to set your suppliers up for success. By using supply chain collaboration software, they can access information regarding payment clearance, auto updates to order status, and more crucial data. With this information, from the first point of contact to payment and delivery, you and your suppliers can come up with the best plan of action for each order.

Choose SourceDay for the Best Performance

At SourceDay, we know that you need solutions that benefit both you and your suppliers. Our platform will help you and your vendors get ahead of common supply chain issues. Sign up for a demo today, and let us help you exceed your goals with our supply chain collaboration software. You’ll be glad you did when you have strong supplier relations, gain more customers, and grow your business.