360 deg view of suppliers' sourcing events, awarded spend and approved/rejected categories help in improved negotiations with them. Krinati Supplier Management syncs with ERP so that the profile is managed in one place. Sourcing buyers get immediate feedback about supplier performance during the sourcing cycle leading to proactive decision making while inviting suppliers to sourcing events or awarding business to them.

The scope of supplier management includes all activities related to the procurement and management of goods and services from external suppliers. This includes:

Identifying potential suppliers: This involves researching and evaluating potential suppliers to determine which ones are the best fit for the organization’s needs.

Selecting suppliers: Once potential suppliers have been identified, the organization must choose which ones to work with based on factors such as price, quality, and delivery capabilities.

Negotiating contracts: Once a supplier has been selected, the organization must negotiate the terms of the contract, including the price, delivery schedule, and payment terms.

Managing relationships: The organization must maintain regular communication with its suppliers and work to build strong, mutually beneficial relationships. This may involve regular meetings and performance reviews.

Monitoring performance: The organization must track the performance of its suppliers and ensure that they are meeting the terms of the contract. This may involve setting performance metrics and regularly evaluating the supplier’s performance against those metrics.

Managing risks: The organization must identify and manage any potential risks associated with working with a particular supplier, such as the risk of delays or quality issues. This may involve developing contingency plans in case a supplier fails to meet its commitments.

Overall, the scope of supplier management covers all activities related to the procurement and management of goods and services from external suppliers, from identifying potential suppliers to monitoring their performance and managing risks.

Krinati Supplier Management

by Krinati Solutions Private Limited