Simple Solutions That Work! Issue 18

Continued on page 29 T he turbulent events of the last two years brought the world, including the Metalcasting Industry, to a virtual standstill. With it, a realization of just how dependent organizations are on close departmental interactions and supplier communities. Companies have reacted by shifting their focus towards collaboration and improving efficiencies. Purchasing is no exception.. Many casting buyers still use antiquated methods for procurement that are both time consuming and often inaccurate. Juggling Excel® worksheets, PDF drawings, emails, and shared file folders to generate RFQs have been replaced with cloud-based procurement specialize solutions specifically for metal and die casters that allow you quickly execute accurate RFQs and manage supplier relationships. The use of these tools greatly speeds up transactions and improves efficiency. You can generate accurate RFQs in less than two minutes and manage the process far more efficiently from a single dashboard. These new software advancements create a more efficient process for Streamlining RFQ & Procurement Processes for Casting Buyers creating accurate RFQs. Instead of creating new categories (which traditionally meant costly custom development), the database includes nearly all iron, steel, aluminum, and other material grades. Engineers and buyers can create a “My Parts” library to easily develop RFQs for repetitive material requests and tasks that can be customized for specific buyers across the globe. All of this allows the casting buyer, to pick and quickly create an RFQ in minutes. Expanding sourcing capabilities and creating a more robust risk mitigation strategy should be on the minds of all manufacturing leaders as they plan for 2023. An expanding supplier database makes sourcing by location, commodities, process, and capability easier and creates a robust and trustworthy network of buyers and suppliers. Instant snapshots with customizable dashboards and reporting make it easier for leadership to forecast, plan, and make project decisions. Improved Supplier Relationship Management allows organizations to compare quotes and analyze them intuitively in a cloud-based software solution. When deciding to order or source materials, buyers communicate directly with suppliers in the dashboard. Discussions and negotiations can also be viewed on the dashboard for confidential conversations between buyers and suppliers for planning purposes. Certifications can also be tracked and filtered through the supplier database. BENEFITS OF SUPPLIER RELATIONSHIP MANAGEMENT SOFTWARE Historically, the Metalcasting Industry has focused primarily on manufacturing processes, production quality, and casting designer and buyer interactions. Often in a secondary position is the development of new ways to source materials and services, improve procurement processes, manage current suppliers, and develop new sources of supply. Now is the time to optimize the processes we use to interact with suppliers. With cloud- based SRM software, a company can sizably speed up the RFQ process, more capably to manage existing suppliers and find new ones, and holistically manage the entire supplier engagement process. TIM MCMILLIN Vice President – Growth MESH Inc. ARTICLE TAKEAWAYS: • Improve the procurement process, manage current suppliers, and develop new sources of supply • Generate RFQs quickly and effectively manage suppliers • Create a collaborative environment for information sharing 27 HOW TO ISSUE