While every company’s supplier management challenges are different, there are some common problems that arise no matter what industry it happens to be in. Since SourceDay’s customers represent a diverse range of verticals, Colby Young, VP of SourceDay’s NetSuite Business Unit, and Christine McAvoy, Director of Customer Success, recently co-hosted a webinar to share some of their success stories—each of which illustrates an ability to overcome a common problem facing high growth companies.
Challenge #1: Overcoming the Business Impact and Cost of Late Deliveries
Farmers Business Network, a high growth agribusiness distribution company, servicing farmers all over North America
Farmers Business Network faces a constant race against the clock to get their customers what they need, when they need it. One of their top issues was that they were moving so fast they had no visibility into what was happening in their supply chain. If it took emails and sticky notes to get a task done, they did it—but this approach came at a cost. The bandwidth required to work that way was not sustainable, nor was it free from errors. Disparate communications channels didn’t allow them to set proper customer expectations. Eric Scott, Global Procurement Operations Manager at Farmers Business Network, described the change ushered in by SourceDay, saying it was like “the blinders had been lifted.” His team suddenly knew what was going on with their inbound inventory. In a seasonal business like this, it is essential to be able to make PO-level adjustments and communicate the resulting impact to the customer as quickly as possible.
Challenge #2: Addressing Risk to Revenue and Growth Goals When Products Are Not Delivered on Time
Winky Lux, a high growth health and beauty makeup brand
Winky Lux had formed a great partnership with Target, but production delays made it difficult for them to keep items on store shelves. Target was not going to accept endcaps with very few products on them, so supplier communication issues were putting Winky Lux’s steep growth trajectory at risk. They invested in SourceDay to make sure that they had the tools and systems in place to scale. As Nate Newman, their COO and Co-Founder, explained, the company is now ready to double their business because they have NetSuite and SourceDay in place, strengthening their internal operational process and extending those improvements out to the supplier network.
See how SourceDay helped Winky Lux achieve 100% growth in 2020
Challenge #3: Ensuring Quick Time-to-Value for New Solution Implementation and Adoption
DuraMark Technologies, a high growth manufacturer of safety labels
Most users are very busy doing their ‘day jobs’ and implementing new technology can be difficult—a tough combination no matter how high the promised ROI is. DuraMark managed to set a SourceDay implementation record. Speaking of time-to-value, they were up and running in just six days. This was critical for their organization because agility and innovation are among their core competencies. But DuraMark didn’t just achieve internal agility; it included their suppliers too. They were surprised at how quickly SourceDay onboarded their suppliers—both large and small—by combining intuitive technology with an organized supplier onboarding team.
Discover how DuraMark was live on SourceDay in just 6 days
Improving Supplier Performance to Fuel Growth
All three of the challenges described above hinge upon improved communication with suppliers. By managing communications through a central system, companies and their suppliers stay on the same page effortlessly, and in real time. That is the reason these three clients were able to mitigate their growth risks, de-risk their revenue, and ultimately eliminate the impact of supplier delays. Having a gap between your company and your suppliers puts your business at risk. Farmers Business Network, Winky Lux, and DuraMark were able to extend NetSuite’s capabilities to their supplier networks with quick time-to-value using the SourceDay ‘Built for NetSuite’ solution.
Watch the full webinar, ‘How 3 NetSuite Customers Improved Supplier Performance to Fuel Growth,’ on-demand now. Ready to see how SourceDay’s solution can improve your supplier communication? Request a demo today to get started.