How to Choose the Best Supplier Relationship Management Software

Partnerships can be challenging, and keeping track of the numerous concurrent interactions between the plethora of stakeholders that a company interfaces with is no mean feat. From sourcing suppliers, to setting up contracts and order purchasing coordination, and even invoicing as well as payment coordination – there are a multitude of steps in which mistakes can be extremely costly. Thankfully, supplier and vendor relationship management software tools simplify all that.

Defined as strategic developments in business, focused on optimising and effectively managing relationships with third-parties, Supplier Relationship Management (SRM) systems are a key component of any flourishing business. Introduced with the goal of systemising interactions with suppliers and enhancing supplier delivery performance and quality, as well as compliance, there exists a suite of SRM tools on the market designed for various organisational needs.

Before even approaching a trusted and established partner such as Hand Global Solutions to implement these solutions, how does a business determine the best Supplier Relationship Management software suited to their needs? What capabilities should these Suppler Relationship Management software tools possess in order to provide the most value for your company? Let’s take a look.  

1. Easy Usage & Implementation

While many businesses would ideally want for an all encompassing vendor relationship management software, the first factor to consider with regards to picking the ideal supplier relationship management tools is the ease of use and implementation. Should a particular supplier management software be too complex to implement internally, it might pose even more challenges for suppliers to adopt while simultaneously dissuading them from using the software effectively. 

In addition, the respective vendor relationship management software must have a user-friendly interface that is intuitive for all partners. Communication and keeping track of issues and problems within the supply chain is crucial, and both the business as well as vendors must be able to effectively utilise the supplier management software to do this.

2. Summarised Dashboard

One major advantage of supplier management software is visibility, providing a clear overview of all supplier relationships and analytics about performance management issues. The ideal vendor relationship management software should possess a summarised dashboard that not only provides the aforementioned overview but also equips your business with relevant information such as a supplier’s delivery times, quality and prices, as well as compliance scores. 

The ability to track and visualise these indicators, allowing businesses to evaluate the performance of every supplier across the board concurrently, is essential in deciding which suppliers are beneficial in the long-term for success. Furthermore, such software must be able to strike a delicate balance between supplying the necessary wealth of information and not overloading users with non-pertinent data that might otherwise cloud their judgement.

3. Staff’s Ability To Execute It

With newly introduced supplier relationship and service contract management software comes a need for trained personnel, geared to optimise relationships with suppliers. One way to effectively introduce new technologies and encourage adoption is to foster an internal culture of constant upskilling and improvement, where employees benefit from the chance to build their skill sets. In addition, managers should also be provided with training opportunities so they can continue passing on their knowledge. It is imperative that management is able to equip team members with these skillsets in order to obtain maximum value from any procurement tracking software solution. 

Further intrinsic characteristics such as analytical competencies and relationship building competencies set the foundation for strong supplier relations, and upon understanding the nuances that go into such activities, staff must also posses detailed knowledge in the handling of supplier relationship management software in order to take point and communicate.

Choose The Right Software With Hand Global Solutions

Choosing the right supplier relationship software for your business is the first step to success. For those unsure how or where to begin, trusted and reliable partners such as Hand Global Solutions make  implementation and adoption an easy affair. 

With up to 20 years of experience in Enterprise Level Software Solutions over 89 countries, Hand Global Solutions is dedicated to providing one-stop IT solutions for companies seeking to upgrade or implement digital strategies and transform their business.

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