{"id":681,"date":"2013-08-05T12:38:50","date_gmt":"2013-08-05T12:38:50","guid":{"rendered":"https:\/\/stagingwww.zycus.com\/the-why-what-and-how-of-supplier-management-an-introduction"},"modified":"2023-10-19T13:40:40","modified_gmt":"2023-10-19T13:40:40","slug":"the-why-what-and-how-of-supplier-management-an-introduction","status":"publish","type":"post","link":"https:\/\/dev.zycus.com\/freshz\/blog\/procurement-technology\/the-why-what-and-how-of-supplier-management-an-introduction","title":{"rendered":"The Why, What and How of Supplier Management \u2013 An Introduction"},"content":{"rendered":"

As per a recent Hackett Group 2013 study, 64%<\/b> of the responding organizations cite Supplier Relationship Management<\/i>as \u2018major\u2019 or \u2018critical\u2019. Another 56%<\/b> of the organizations cite Reducing Supply Risk<\/i> as \u2018major\u2019 or \u2018critical\u2019<\/p>\n

In a study conducted by Zycus amongst procurement professionals, 81%<\/b> of Europe based organizations and 78%<\/b> of Asian based organizations have invested or planning to invest in supplier management<\/a> solutions.<\/p>\n

The above statistics highlight the growing significance of supplier management solutions in strategic procurement.<\/p>\n

\"The\"<\/p>\n

Recently Peter Smith, Managing Director, Spend Matters,UK \/ Europe in the white paper, Putting the Supplier at the Heart of Procurement Thinking<\/i> suggested that<\/p>\n

\u201ctime may have come for procurement executives and organisations to put Supplier Management at the heartof their strategy\u201d<\/strong><\/p>\n

With the procurement world vibrating with the news and talks over supplier failure (Read: Bangladesh factory collapse<\/a><\/ins>, Ikea\u2019s meatball scandal<\/a><\/ins>, etc.), supplier innovation, supplier relationship management, conflict minerals rule etc., it\u2019s hard to ignore the fact that suppliers ARE your organizations\u2019 partner in success or in crime (Read: failure).<\/p>\n

Managing supplier information<\/a> manually or through home grown tools is a resource consuming process. Lack of information repository may result in duplication or loss of data. Additionally, lack of proper evaluation process may result in working with non-competent suppliers even when there are better suppliers in the market.<\/p>\n

Another facet to increasing focus on supplier management is to get your supplier\u2019s \u2018attention\u2019 or being the \u2018customer of choice\u2019 for your key suppliers. It\u2019s a two-way street, when an organization appreciates supplier\u2019s role in its success, suppliers in turn value this partnership.<\/p>\n

Today the market is flooded with supplier management solutions. With features like supplier portal, templates, approval workflow, etc. these tools aim to make managing suppliers<\/a> easier!<\/p>\n

In the next blog we will discuss the driving forces behind for supplier management tool implementation.<\/p>\n

Learn More: Vendor Management<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

As per a recent Hackett Group 2013 study, 64% of the responding organizations cite Supplier Relationship Managementas \u2018major\u2019 or \u2018critical\u2019. Another 56% of the organizations cite Reducing Supply Risk as \u2018major\u2019 or \u2018critical\u2019 In a study conducted by Zycus amongst procurement professionals, 81% of Europe based organizations and 78% of Asian based organizations have invested […]<\/p>\n","protected":false},"author":1,"featured_media":101882,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[1937,1939],"tags":[712,713,714,547,356,690,715,384,716,717],"ppma_author":[170],"class_list":["post-681","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-procurement-technology","category-supplier-management","tag-managing-supplier-information","tag-non-competent-suppliers","tag-proper-evaluation","tag-supplier-information-management","tag-supplier-management-2","tag-supplier-management-software","tag-supplier-management-solution","tag-supplier-performance-management","tag-the-why","tag-what-and-how-of-supplier-management"],"acf":[],"authors":[{"term_id":170,"user_id":0,"is_guest":1,"slug":"zycus-inc","display_name":"Zycus","avatar_url":{"url":"https:\/\/dev.zycus.com\/freshz\/wp-content\/uploads\/2025\/02\/zycus-author.png","url2x":"https:\/\/dev.zycus.com\/freshz\/wp-content\/uploads\/2025\/02\/zycus-author.png"},"author_category":"0","last_name":"Agentic Procurement Platform","first_name":"Zycus","job_title":"","user_url":"https:\/\/dev.zycus.com\/freshz","description":"Zycus is an Agentic Procurement Platform that is redefining procurement from Source-to-Pay to Intake-to-Outcomes. Its unified platform combines native Intake, agentic AI, and an end-to-end S2P core to help enterprises drive real procurement outcomes \u2014 not just transactions. Recognized by Gartner, Forrester, IDC, and customers worldwide, Zycus is shaping the next generation of procurement with the Merlin Agentic AI Platform."}],"_links":{"self":[{"href":"https:\/\/dev.zycus.com\/freshz\/wp-json\/wp\/v2\/posts\/681","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dev.zycus.com\/freshz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.zycus.com\/freshz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.zycus.com\/freshz\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.zycus.com\/freshz\/wp-json\/wp\/v2\/comments?post=681"}],"version-history":[{"count":0,"href":"https:\/\/dev.zycus.com\/freshz\/wp-json\/wp\/v2\/posts\/681\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dev.zycus.com\/freshz\/wp-json\/wp\/v2\/media\/101882"}],"wp:attachment":[{"href":"https:\/\/dev.zycus.com\/freshz\/wp-json\/wp\/v2\/media?parent=681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.zycus.com\/freshz\/wp-json\/wp\/v2\/categories?post=681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.zycus.com\/freshz\/wp-json\/wp\/v2\/tags?post=681"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/dev.zycus.com\/freshz\/wp-json\/wp\/v2\/ppma_author?post=681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}