Companies rely on suppliers or vendors for the products or services required to operate, whether it’s raw materials to manufacture products, advertising materials, equipment, or office suppliers. To keep on top of supplier performance and build stronger business relationships, a company may use a supplier relationship management (SRM) software.
Learn more about this type of software, why it’s important, and how top SRM software solutions compare.
What is supplier relationship management (SRM) software?
Supplier relationship management software is used to organize supplier information and maximize supplier benefits and value. The software is a part of a supplier relationship management system that allows for monitoring and traceability of all external sales and procurement across your entire enterprise.
Supplier relationship management tools allow you to automate your procurement cycle and centralize the information into one system. It eliminates supplier information inaccuracies, offers instant access to all supplier contracts and information, and improves supplier accountability.
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Why is SRM important?
Supplier relationship management is important because it creates better communication with suppliers and provides vital information to stakeholders so they can make smarter decisions regarding procurement strategies.
Benefits of supplier relationship management software
Supplier relationship management software offers enhanced visibility into your supply chain and allows for cost traceability for better budget management.
These tools also help you gain instant access to the information you need to make necessary changes to improve budget spending, address supplier issues, and track supplier performance to ensure suppliers are meeting established company requirements. With SRM software, you are able to develop stronger supplier relationships and negotiate better contracts with your suppliers.
Why companies use SRM software
Any company that relies on suppliers to provide external goods or services via direct and indirect procurement may use SRM software to automate processes and workflows, centralize data, and better manage supplier information.
SRM software enables companies and procurement managers to better manage their workflows and automate processes and communication for better supplier management. In addition, SRM may permit add-on solutions for third-party applications for integration with existing network systems.
5 best supplier relationship management (SRM) software
Pipefy is a business process automation solution that can be used for supplier management, in addition to building and optimizing procurement and purchasing processes. The platform centralizes important process information, like contracts and supplier databases.
It allows for full visibility of supplier information for better supplier communications, faster approvals, and measurable department spending with customizable dashboards. Easily integrate Pipefy with your existing software to create a seamless operation for better stack extensibility, and improve collaboration between key approvers, suppliers, and connected processes — securely and from a single platform.
ProcureWare is an e-procurement system offering sourcing, contract management, and supplier management features. It allows companies to perform enhanced online bidding tasks, contract administration, risk management, reporting, and document management. The software offers collaboration and visibility in supplier management for both small and medium businesses.
Ivalua provides supplier relationship management tools designed for easier source-to-pay workflow. It digitizes all procurement processes and allows for greater information transparency and accurate data quality. Ivalua has supplier management features, such as request management, supplier master data management, and sourcing and contract management.
AdaptOne is a cloud-based supplier diversity and management platform. It allows companies to better manage supplier risks and maintain compliance requirements. AdaptOne offers supplier management, supplier diversity management, and certification management solutions. It also offers a supplier-facing platform so suppliers can better update and manage their information.
5. SAP Business One
SAP Business One is a business management software. It integrates departmental information into a single software platform so you can manage procurement and purchasing tasks. While it has business-wide applications, it offers purchasing functions such as quotation requests, approvals, and goods receipt PO updates.
Efficiently manage your supplier relationships with low-code automation
Pipefy’s easy-to-use visual user interface makes supplier management easier by automating repetitive tasks, centralizing supplier data, and improving process traceability and collaboration between connected departments and processes.
Learn more about how Pipefy can improve your supplier relationship management systems.