When “Best of Breed” Supplier Management Isn’t – Don’t Get Burned
- Supplier Management
Successful supplier management requires multiple perspectives from purchasing, finance, IT, compliance, and supply chain management in order to achieve the business impact your C-suite expects.
Regardless of where the process begins, whether it’s in accounts payable, compliance, sourcing or procurement, a single source of truth ensures that all parties use the most accurate and complete supplier data available. But data alone only takes you so far.
What to look for in a best of breed supplier management solution
A “best of breed” supplier management solution must exhibit not only breadth in solution coverage, but also depth of functionality. Key elements you should look for in order to ensure that you can optimize your spend management and drive ROI include:
- Cloud-based self-service and collaboration
- Automated workflow management
- Risk & compliance management
- 3rd party data integration
- Next generation supplier networks
- Configurable registration profiles
Be wary of vendors who take a single-function solution like sourcing, add a few additional supplier management capabilities and claim their solution is best of breed.
Unfortunately, these solutions tend to buckle when put to the test. While no vendor can be perfect at everything, leading supplier management vendors will have breadth across their solution suite as well as depth that includes tightly coupled applications, the ability to optimize all processes and a robust roadmap to demonstrate how they will continue to deliver new capabilities.
At JAGGAER we understand the importance of suppliers and supplier management, which is why we have integrated our Supplier Network into our complete Source-to-Pay product suite. Learn how we are being recognized for leading solutions, and what we have to offer your business.