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 platform does much more than what traditional supplier portals could. It’s a tool for daily operations and a strategic resource that provides valuable business insights. It analyzes data throughout the PO lifecycle to spot trends and prevent problems before they affect the business because data has proven that 70% of supply chain issues happen before shipment.
A major advantage of SourceDay is how it automates the flow of information and communication with ERP systems. SourceDay streamlines the PO lifecycle management through seamless, two-way integration with ERP systems. Buyers work within the SourceDay platform, consolidating all PO updates and acknowledgments, regardless of how suppliers interact with the POs. Suppliers can use the interactive email workflow without logging in, log in to the portal to manage multiple POs, or connect through their EDI feed. This flexibility ensures buyers receive all PO updates and acknowledgments within SourceDay, maintaining a cohesive process. This integrated approach reduces human error and ensures accurate PO data flows back into the ERP, enhancing operational efficiency and enabling faster, better decision-making.
Scoring Supplier Performance
Assessing supplier performance is crucial for maintaining a reliable supply chain. SourceDay simplifies this process by providing real-time performance scores for your suppliers based on key metrics such as on-time delivery rates (OTD), responsiveness to POs, and price variance. These scores help identify improvement areas and set a benchmark for successful supplier relationships. By leveraging these insights, businesses can more effectively develop their suppliers, enhancing overall reliability and performance.
To further support supplier performance tracking, we’ve introduced the SourceDay Success Report to go out to team leads on the buying teams. The goal of this report is to provide critical insights to help leaders stay on top of key metrics and drive continuous improvement with their suppliers and buyers.
Key Features of the Success Report:
- Key Performance Metrics:
- OTD: Monitor your current OTD rates, track changes week over week, and compare against others in your industry with comprehensive benchmarks.
- Supplier Engagement: Evaluate supplier performance with detailed engagement scores to identify top performers and areas needing attention.
- Buyer Analysis: Assess on-time delivery performance by buyer, highlighting engagement levels and pinpointing areas for improvement.
- Regular, Actionable Updates:
- Bi-weekly Delivery: Receive reports every two weeks directly to your email inbox.
- Performance Trends: Visualize week-over-week performance trends to quickly identify improvement opportunities.
- Actionable Insights: Gain clear direction on what to do next based on the data.
These insights guide you to make proactive, informed decisions, enhancing efficiency, strengthening supplier relationships, and de-risking supply chain processes.
Ensuring High Adoption Rates
Traditional portals often struggle with low user adoption due to their complexity and rigidity. SourceDay overcomes this challenge by offering a user-friendly and adaptable platform that meets the diverse needs of suppliers. Our solution guarantees high adoption rates by simplifying how the supplier can collaborate on POs and eliminating technical difficulties.
Strong Supplier Relationships – A Competitive Advantage
Transitioning from traditional supplier portals to SourceDay’s advanced platform is not just a tech upgrade—it’s a strategic shift that delivers significant competitive advantages. SourceDay accelerates and de-risks key supply chain processes, ensuring up to 96% on-time delivery rates and up to 80% efficiency gains for the direct procurement team. This leads to a 22% reduction in buffer stock and a 70% reduction in days to process invoices.
By providing real-time data accuracy and enhanced supplier collaboration, SourceDay reduces inefficiencies and strengthens supplier relationships, ultimately boosting operational performance. For any business aiming to improve supplier management and stay ahead of the competition, embracing SourceDay is essential, not optional.
Let SourceDay’s team of experts show you how our innovative solution can advance your team to the next level of supply chain productivity. Contact us to find out more.
