Simple Solutions That Work! Issue 18

also all supplier organizations to integrate into one system. This allows both organizations to collectively manage relationships and ultimately streamline and speed up workflows. SRM software can provide automated methods to: • Execute RFQs and track quoting activities • Communication between buyers & suppliers • Assist sales in initiating requests & manage quotes to customers • Classify and segment suppliers • Provide a vehicle to allow suppliers to manage information, documentation, capabilities, & certifications • Integrate supplier performance scorecards • Provide an avenue & opportunities for supplier development and innovation CONCLUSION Cloud-based software tools that are industry specific can provide significant advantages for closer collaboration with suppliers. They can provide quick and easy generation of RFQs, fast access to a well-mapped supplier database, and a portal to identify potential suppliers. All of this leads to higher levels of efficiency in sourcing, buying, and collaborating with suppliers. It also reduces that waste typically associated with trying to figure out how you last did something – to provide an accurate and profitable RFQ. To best evaluate these tools, companies should complete an analysis of current procurement practices. This kind of discovery process is the best way to determine the value these tools might bring to the organization. Time is valuable – why continue to waste it with old-school methods when there are easier and more affordable ways to achieve operational excellence? Contact: TIM MCMILLIN [email protected] 30