Building strong supplier relationships is crucial for manufacturers to succeed. Traditional supplier portals, which are often hard to use and inefficient, have been the primary option for managing these relationships. They often don’t meet the evolving needs of modern manufacturing. SourceDay is a forward-thinking solution that enhances supplier relationships through a user-friendly and efficient platform, transforming these partnerships that are essential to the health of manufacturers and distributors. .
The Need for SourceDay’s Supplier Collaboration Tool
The founders of SourceDay learned from personal experience that traditional supplier portals lacked the ability to manage the back and forth of buyer/supplier communications and PO changes well, leading to frequent misunderstandings and business disruptions. They saw the need for a simpler, more effective solution. They developed SourceDay with a focus on eliminating the need for manual follow up and manual data entry, and creating seamless supplier collaboration. SourceDay has since become the leader in managing the lifecycle of purchase orders within supply chains.
SourceDay is designed to fit how buyers and suppliers work so they can focus on completing tasks and not adding additional processes to their day. The solution quickly and easily captures critical data across email, EDI, and through a platform, allowing the supplier to quickly review, make changes and updates, accept and send, all without the need for a login. This flexibility lets both buyers and suppliers choose their preferred way to connect, fitting into their existing processes and making it easier to learn and use.
This emphasis on simplicity has led to widespread use among suppliers.
Boosting Transparency and Visibility
A major benefit of SourceDay’s approach is that it brings all data together centrally. Manufacturers can see updates to purchase orders all in one place, in the form of a clear, intuitive, single dashboard. This clarity is extremely important since POs change 52% of the time. When both buyers and suppliers can see order statuses and information in one location, it cuts down on miscommunication and builds trust.
Lowering Costs and Improving Financial Management
Manufacturers using SourceDay have cut costs by keeping less buffer stock, preventing staff overtime and even reducing buyer admin hours, and paying fewer expedite fees when deliveries are late. SourceDay customers experience up to 96% parts OTD from suppliers. This allows them to keep schedules on track for on-time delivery, helping them meet or even surpass their revenue targets.
And these savings help manufacturers manage their finances better. With 100% accurate pricing, they have fewer AP holds from three-way match fails, allowing them to pay suppliers faster.
A Success Story from CMD and a Key Supplier
CMD, a company that makes equipment for producing plastic products, shared how they improved dealings with 400 suppliers using SourceDay. One supplier, CMAFH, appreciated the better visibility and communication. Previously, CMD had a buyer who spent all their time managing order confirmations by checking emails and manually inputting data. SourceDay offered a single, clear view of all transactions, which drastically reduced mistakes in orders. The supplier, CMAFH, quickly adapted to using SourceDay and began getting paid faster thanks to the streamlined processes. CMD also uses SourceDay’s Supplier Scorecard to track each supplier’s performance and hold them accountable for timely deliveries.
Transforming Digitally for a Competitive Edge
Adopting SourceDay’s forward-thinking supplier collaboration platform is more than just upgrading technology; it’s a strategic shift in how manufacturers interact with their suppliers. By choosing this innovative alternative to traditional portals, companies are not only solving operational inefficiencies but are also boosting their competitiveness in a demanding market. For any manufacturer aiming to enhance supplier relationships, investing in such technology is not just advantageous; it’s necessary.
