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Below, we outline the 5 steps toward modernizing supplier management, addressing both transparency and effective engagement. Gain control of your supplier data. Data remains dispersed among multiple systems, with duplicates and errors common. Leaders must plan out the long-term data approach when selecting technology.
Daniel Koh is currently leading a team of 130 sourcing and pricing professionals globally. He had taken on a few leadership roles in Flex such as Procurement Compliance Director, led the GlobalSourcing team, and is currently member of Flex Supply Chain Council and Supply Chain Risk Management.
Niul Burton wrote a great article in Industry Week titled “Procurement 2025: 10 Challenges that Will Transform GlobalSourcing”. To do this, you need to have the right data, workflow, and technology that gives a snapshot of supplier profiles and history at the push of a button. Globalization. Today this rarely exists.
Technology must be employed that supports securely sharing all relevant information between internal stakeholders and suppliers, and it must support effective planning and transparency for project teams. Without sufficient data, you end up making unknown and sometimes unnecessary compromises, exposing organizations to other risks.
The Company also cares about the user experience, suppliers and the transparency of Procurement operations within the entire organization. The integrated database of suppliers or the functionality enabling to run tenders, facilitate the process and provide an abundance of precious data.
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