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Supply Chain Performance

Trends in Supply Chain Solutions

At SourceDay, our supply chain solutions integrate into your ERP and improve processes between you and your suppliers. We provide you with ways to streamline the supply chain path and prevent the likelihood of delayed or missing shipments. Our software lets you place your communications into a single platform to make life easier for all parties.

You’re likely thinking about what trends can affect your business. Here are the top supply chain trends to watch out for and how SourceDay can help meet your needs:

1.) Demand for More Advanced Analytics Tools

The demand for automation and advanced data tools will continue to grow in the coming years. These tools can help you reduce the gravity of disruptions with quick, digital supply chain functions. You can add automation to your company’s workflow by using Al-based software.

SourceDay provides you with AP Automation software to match PO, receipt, and invoice data. Our software makes it easier for you to detect and address discrepancies. Once we find data mismatches, we guide buyers, suppliers, and other stakeholders toward an accurate workflow to fix them effectively.

Moving from a manual system to an Al-based one can help lead you towards strategic growth for your business.

2.) Demand for Simpler Collaboration Tools

Businesses today seek more straightforward supply chain solutions that help them collaborate with suppliers. At SourceDay, we provide you with a single, unified dashboard view of all RFQs. You can obtain the best access to the number of submissions and sort them by status and deadline.

Here is a list of items you can compare right from the dashboard:

  • Business notes
  • Dates
  • Discounts
  • Line items
  • Quantities
  • Sales tax
  • Total cost

You can view quotes beside each other, which helps you choose which suppliers to trust with business deals. If you receive quote requests with several line items, you can split the RFQ and award business deals to more than one supplier.

Our PO Collaboration software provides the best coordination with your suppliers so you can reduce delays and discordance. Effective collaboration makes you more productive and helps you meet your goals.

3.) Demand for Better Supplier Relations

Relations between supplier and buyer can make a difference in the supply chain world. POs change 52% of the time as consumer demand evolves. These changes can lead to discontent or miscommunication between you and suppliers.

Supplier Performance Tools

Our Supplier Performance feature allows for more two-way communication with suppliers. The Supplier Scorecard brings you more custom metrics that encourage efficiency from suppliers throughout the process.

Here are four metrics that make up the Supplier Scorecard:

  • On-Time Percentage
  • Overall Score
  • Price Variance
  • Rate of Response

These data sets bring more clarity to the communication process and give suppliers insights into their performance. As suppliers address their pain points, you’ll be able to trust them more and build relations over time.

Supplier Enablement Tools

Our Supplier Enablement tools can help bring you ways to build and keep trust between you and your suppliers. Suppliers get free access to this cloud-based platform.

Here are some perks suppliers gain with these Supplier Enablement tools:

  • Auto vouchering to know when payments clear their portal
  • Changes that head instantly to your ERP
  • Fast tracking methods for order issues
  • Instant access to each order status
  • One-click acknowledgment of POs
  • Auto confirmation updates sent to you
  • One-click action for suppliers to approve or deny order changes
  • Real-time access to your data, past communication, and plans of action

From the first contact to the final payment, you and your suppliers can gain the best insights for each order. Data from our solution helps you be more effective and leads to stronger relations with suppliers and consumers.

4.) Demand for More Eco-Friendly Supply Chain Paths

Some people once viewed supply chain paths as a linear process with these steps:

  1. Start as raw material
  2. Build disposable goods
  3. Ship goods out to customers
  4. Use and throw away

People now endorse the idea of a circular supply chain path where you can reuse raw materials and used goods. These supply chain solutions can help you be more eco-friendly and lead you to financial gains.

As raw substance becomes rarer, prices will begin to increase. If you have reusable materials or goods you can no longer use for their intended purpose, you can still use them for other needs. They’ll allow you to save money on lower storage, shipping, and building costs.

How Tech Software Can Help You Achieve Your Goals

Al-based tools can help you and suppliers share data on reducing waste and keeping more materials in production. 

Choose Source Day for Supply Chain Solutions

At SourceDay, we have tools to help connect you with the best supply chain solutions. Schedule a demo today, and let us help your business reach new heights. You’ll be glad you did when you grow your business and strengthen relations with suppliers and customers.