The recent events from an internationally impacting pandemic have meant that there is a larger incentive for businesses to start looking into ways in which they can transform the supply chain post-reward.
Due to the sudden spike in recent events, including a global lockdown, many companies struggled to come to terms with the way in which this may affect the productivity and responsiveness of some of their key suppliers. In addition, it was clear that based on a large majority of respondents in a recent survey McKinsey had carried out, there was a need to further transform the way they manage vendors, at a large scale across the contract’s lifecycle. Firstly, a huge 85 per cent of respondents had apparently struggled with inefficient digital means of transparently tracking and managing the supply chain. And second, 48 per cent said that the growing need to work remotely had impacted the speed in which executives made decisions in planning to uphold the maximum strength to continue supplier sufficiency.
These stats show the need for the leaders of the procurement world to improve the way in which they can quickly access means of managing the supply chain effectively. A critical way to this improvement is through the digitisation of a central hub which better overlooks the potential issues and needs for action discovered at a much broader level, given the recent pandemic.
With the need to better improve, understand and implement such digital means of bettering vendor management across the front-line, having a solution that looks towards rapid implementation and a quick up-skill for the workforce is key to establishing better supply chain visibility in quick succession. This includes being able to collaborate transparently amongst the roles and responsibilities defined across the vendor management system, as well as introduce analytics which helps to realise the performance highs and lows of a supplier. In order to build that resilience and conquer the widespread issues seen at a vendor level, and improve supply chain stability, many businesses will need to bring forward solutions that support automated analytics across the performance, relationship, and risk of a supplier at both the contract and service level.
Therefore, what are 5 key points Brooklyn can support the business with in order to transform the way you manage vendors, and maximise the counter benefits from achieving a Vendor Management Centre of Excellence over a two week period?
- Enable agile ways of working by deploying a platform consisting of automated workflows – from the onboarding phase of a contractual agreement, all the way through to the termination or exit strategy of a supplier.
- Providing front-line risk management against all the activities produced between the relationship. Discover exposure of supply chain risks at a much more granular level, whilst returning executive-level insight into the overall risk imposed by the supply chain.
- Examine the supply chain blueprint through advanced surveying and complete SLA attainment, all via a single pane of glass. This will help supply chain leaders determine the next steps and strategic decisions against the current state, post-worldwide events.
- Embed Brooklyn quickly and integrate with existing systems, following our suit of an API-first platform. This will help bring forward existing data and information to the platform and realise the value in days.
- Reorganising and building quick wins through effective governance and performance-related analytics, to enhance the value received from your vendors. This includes accelerating social, economic, and environmental benefits put in place by the supplier, through a tailored Vendor Management Framework bespoke to the business.
Implementing the 5 features above which Brooklyn covers broadly and with confidence, will allow companies to focus their business processes on ways to build resilience, across a set of performance and risk management processes. Bring forward harmonised workflows across your front-line workforce, with the same transparency and objectives to get the most out of your vendors, whilst minimising risk and avoiding relational disruption.
In times of crisis, it can be extremely challenging to get complete oversight of the critical and important vendors in agreement during and further to the recent pandemic. To find out the best way to move forward in pursuit of improving supply chain management, get in touch to speak to some of our subject matter experts, or request a demo here.
