What do you do if your vendor management process needs a digital upgrade?

Supply chain is one of the key area in success of any business , competency mapping of suppliers , working with suppliers as an extended arm helps in building trust . Digitisation helps in giving better experiences to the suppliers as well as creating transparency in the whole ecosystem.

Revisiting your vendor management process to identify pain points and areas for improvement is crucial. Once you've done that, incorporating digital solutions can indeed streamline operations and reduce manual work. Software tools certainly help in automating and centralizing these tasks.

Identify software that suits the needs, ensuring it integrates with existing systems, and consult key stakeholders for their input. Before full implementation, conduct a pilot test, then provide comprehensive training for the team. Once the system is rolled out, keep track of its performance and make adjustments as needed to ensure a seamless transition and ongoing success

Digitization increases productivity and transparency of the vendor management processes. First, one needs to assess the current system and identify challenges and areas for improvement. Research the best options based on the company's needs. Work closely with the selected vendor to customize the system to meet the company's needs. Test the system thoroughly and train the users. Roll out the system and monitor the deployment process to address any concerns. Always obtain feedback from the users to identify areas for further improvement

Digital transformation is quite important, it helps plan/track and deliver things better. Assess the process, step by step, maybe perform the detailed VSM, Straighten all parts and then digitise it, so that it benefits both the parties.

1.Assessment: Evaluate the current vendor management process to identify pain points and areas for improvement. 2.Research: Explore digital vendor management platforms and tools available in the market to find solutions that best fit your organization's needs. 3.Requirements: Define clear objectives and requirements for the digital upgrade, considering factors such as scalability, integration capabilities, and user-friendliness. 4.Vendor selection: Choose a reputable vendor or software provider that offers a digital platform tailored to your requirements, ensuring compatibility with your existing systems and processes.

When you review a vendor management solution the first thing you need to assess is the volume and value that you are processing through. Additionally you need to ascertain your methodology of vendor servicing - fixed price or time and material. Fixed price events are very much set in stone and are governed by deliverables. Time and material are more tuned towards need and completion of desired output. Having said that if the value is immense and the number of transactions is large as well it surely pays to have a digitized or automated servicing solution. If there are only minimal one or two transactions a month - it does not necessitate a full blown digitized solution. These are the foundation parameters for assessing needs

Upgrade your vendor management process by going digital. With vendor management software, you can automate onboarding, risk assessment, and contract management, saving time and money. Digital tools like e-signatures and online communication improve efficiency and build better relationships. Keep policies up to date with industry best practices and regulations, and train your team and vendors on how to use your digital tools. Make the switch to digital for a streamlined vendor management process today.

If the vendor management process requires a digital upgrade, I would start by evaluating current processes to pinpoint areas for improvement. Then, I would research digital solutions, collaborate with stakeholders to gather requirements, select and implement the most suitable solution, and provide training and support to users. Continuous monitoring and evaluation would ensure effectiveness, while driving adoption and compliance would be prioritized to maximize the benefits of the upgrade.

Recently, I had the privilege of working with an amazing colleague to experiment a Microsoft PowerApps based internally built low code and cost free solution. This helped to visualize in one dashboard end to end contract management status workflow. Always look for your own team's expertise before considering an external support. Someone in your team will definitely be having an urge to build and improve the situation. Find & motivate them to solve your challenge. SAAS products available in the market (ServiceNow, Kintone, PaperLogic, DocuSign, SignNow etc) are of great help. But, it's important to create an ownership to build your own solution that works best for you because you know the process more than anyone else.

Prioritize functionality, scalability, and user-friendliness when selecting vendor management software. Choose a solution that integrates well, offers robust features, and aligns with your organization’s growth. Reputation, support, and security are equally crucial.

One thing I have found helpful is to explore available digital tools and software solutions that can streamline and automate various aspects of the vendor management process. This may include vendor relationship management (VRM) platforms, procurement software, contract management systems, and supplier portals

Once the process is understood well, it's time to select an apt software .. which should not be a third software in the current system. It should be one, which can be supportive and leverage the current softwares in place. And add value, not burden.

After current assets and needs have been identified, selecting the right vendor management software is crucial for effective vendor management. The software should align with your organization's requirements and support your vendor management processes. It should provide features such as vendor onboarding, performance tracking, contract management, and risk assessment to streamline operations and enhance decision-making. Additionally, the software should be scalable and adaptable to accommodate future growth and changes in your vendor management needs.

Recently, I had the opportunity to use cloud-based procurement tools, which were completely amazing. With these tools, we can maintain a user-friendly database. Additionally, we can log in from anywhere since it is cloud-based. It allows us to maintain all types of contracts and do multiple automations. The only drawback is that it is kind of a standalone tool, and I hope that they can integrate it with existing HRM and CRM software.

Selecting appropriate software is a critical step in upgrading our vendor management process. It involves carefully evaluating available options to ensure they align with our organization's needs, goals, and budget.

Start by exploring various digital solutions. Investigate the different options available in the market, which could include cloud-based applications, vendor management software or even the creation of a bespoke solution. Next, assess potential solution providers. Compare various vendors based on factors such as their product offerings, pricing, customer service quality, and customer feedback.

Transitioning is an important step, it can break a wonderful software coming in. So plan the phases carefully. Have some champions identified internally, who get involved from the word go, so that they understand the system well. These champions will be your Master key to future hiccups which usually comes during transitioning phase.

Involve all the stakeholders in the organisation-: - Create a database with all the potential failures which can occur and have a strategy to prevent those failures/ shortcomings - All the stakeholders have to be involved while identifying the potential failures - Set small milestones to assess the progress of the transition to the new digital technologies - Select a pilot line/product/process to gauge the impact of the new technology before horizontally deploying it across the organisation Customisation of the technology in line with organisational aspirations - Is the technology going to help us become a market leader - Will it give us an edge over our competitors - Is it in-line to deliver world class products at competitive costs

(2) shilpi shankara bhat halemane (shilpi is now in a good solid relationship, this is for family info only)he has just started a new job as Head Brewer in a company in Portland OR regionage 37 years, DOB 15th april, 1986, approx height 5ft 9 inlives in Portland, Oregon state.. in our house there.(now hired by a different brewery in Portland OR area only)worked as head brewer at logsdon farmhouse ales brewery, now relocated to portland from nearby washougal, washington state salary about $ 45,000  per year... promoted to head brewer a few years back, runs the factoryhas BS degree in mechanical engg from Drexel university, Philadelphia, PA and another BS degree in food science fermentation specialty from Oregon state university, Corvallis OR

Planning a transition to a new system requires a detailed roadmap to ensure a smooth and successful implementation. A roadmap outlines the key steps, milestones, and timelines for the transition process, providing a clear plan of action for all stakeholders involved. It helps to identify potential risks and challenges, allowing for proactive mitigation strategies to be put in place. Additionally, a roadmap helps to allocate resources effectively and manage expectations, ensuring that the transition is completed on time and within budget.

To digitise the vendor database, we need to create a project plan. Firstly, we need to create a team and assign roles. Then, we should prepare a clear vendor database in Excel format with contacts, addresses, categories, categories and due diligence. Excel formats are easy to import into any ERP system. Once we have uploaded the data, we need to generate the report and make sure everything is correct. After the final review, we can proceed with the final import. Finally, everything will be digitalized and can be used anywhere and anytime for organisational purposes.

You can’t anticipate everything, but you can certainly plan for what you know. Document, review and communicate your plans. Ensuring you have internal support is also key.

Prepare and carry out the implementation. You'll need to decide between a parallel run or direct integration. A parallel run allows you to test the new solution alongside the existing process to verify its superiority and ensure its promised features are functioning as expected. On the other hand, direct integration could lead to cost savings, but also carries with it the risk of proper system implementation. After selecting the best approach, proceed with the solution's implementation.

Successful training is not just about imparting knowledge; it’s about empowering staff to embrace the digital changes and contribute effectively to the organization’s success.

Defining the requirements in a digital vendor management solution, such as vendor onboarding, performance tracking, communication tools, document management, and reporting capabilities should be the initial step. A vendor management tool that aligns with requirements, considering factors like cost, scalability, and user-friendliness. Plan the implementation carefully, including timelines, training, and testing should be selected. Teams should be trained on how to use the new tool effectively and conduct a pilot test with select vendors before full deployment. Performance should be monitored in collaboration with vendors.

Up skill and training is essential for everyone. Ensure everyone understands the new process and can leverage the system effectively

Implementing the software is crucial for the success of the system. Common concerns in non-adoption include fear of redundancy, fear of data entry, and fear of loss of authority. These concerns need to be addressed by emphasizing the potential benefits of the system and removing the barriers people perceive, such as the fear of losing importance.

Training staff is important, one mistake which is done is .. when a new system comes, everyone is expected to master it all. Instead the plan/materials / sessions should be divided into pieces as per the job they are to perform and not mastering it all in one go. This will unnecessarily elongate the learning cycle and mistakes cycle.

Trainings also have to be strategically planned- - Train specific staff members in a way which integrates their skill set with the new technology. All staff need not ve trained on everything. - Also plan assessments post training to understand if the people have grasped the purpose and use of the new technology. - Also encourage members to give suggestions of how to better integrate the technology in the organization systems

Training your employee on every update in the organisation. Will boost employees knowledge on the product and services of the organization.

Educate your team on the operation of the new system. This should be done via comprehensive guides or documentation and dedicated training sessions. It's crucial for your staff to feel at ease with and skilled in the new system to guarantee a seamless transition. Continuous support is crucial, so ensure assistance is readily available as your team familiarizes themselves with the new system.

Have a team in place, suggest not the senior folks.. the junior ones and ask them to play with the system given the work-flows. UAT can happen with both the teams involved. This brings good understanding of the system and ensure robust test coverage.

Having a specialist team focused on tests and releasing new features using the canary method can minimize bugs and have a more secure release. Unfortunately, companies don't give real value to tests and rush all the process, forgetting that quality is one of the things that make the customers stay

(2) shilpi shankara bhat halemane (shilpi is now in a good solid relationship, this is for family info only)he has just started a new job as Head Brewer in a company in Portland OR regionage 37 years, DOB 15th april, 1986, approx. height 5ft 9 inlives in Portland, Oregon in our house there.(now hired by a different brewery in Portland OR area only)worked as head brewer at logsdon farmhouse ales brewery, now relocated to portland from nearby washougal, washington state. .. salary about $ 45,000  per year... promoted to head brewer a few years back, runs the factoryhas BS degree in mechanical engg from Drexel university, Philadelphia, PA and another BS degree in food science fermentation specialty from Oregon state university, Corvallis, OR

To upgrade vendor management process digitally, consider implementing vendor management software, automate routine tasks like contract management and performance tracking, establish clear communication channels with vendors, and ensure data security measures are in place.

Keep a close eye on the functioning of the new system. This involves tracking its performance, understanding how it's being used, and evaluating whether it's meeting the set objectives. This monitoring can be done through built-in analytics, feedback from users, performance indicators or any other suitable methods. Use this information to make informed decisions about further improvements. Also, consider scheduling regular reviews of the system. These could be quarterly, semi-annually, or annually. In these reviews, look at the overall performance of the system, user satisfaction, return on investment, etc. This will help in identifying if the system is still serving your needs or if it's time for another upgrade or change.

implementing vendor management software to streamline processes, track vendor performance, automate workflows, and enhance communication with the clients and the vendors. Assess current needs, research available solutions should be there on proactive basis and consider factors like useabilty, scalability, integration capabilities, and user-friendliness before making a decision. Additionally, ensure proper training and training tools for the team to maximize the benefits of the new digital tools.

Continuous vendor monitoring allows companies to identify, assess and mitigate potential vendor risks. TPRM can help reduce the likelihood of data breaches, cyberattacks, and other types of business disruptions that can result in financial losses, legal liabilities, and reputational damage.

In the digital upgrade of vendor management systems, meticulous planning for data migration is essential. Begin by assessing all vendor data, prioritizing essential information such as active contracts and performance records. Choose a migration method suitable for the data's complexity, ensuring compatibility between old and new systems. Develop a detailed migration plan, assign roles, and set clear timelines. Test rigorously to validate accuracy and integrity. Train users for seamless adaptation to the upgraded system. Post-migration, monitor closely and maintain data governance practices to sustain quality and relevance amid evolving vendor dynamics.

1. **Assessment**: Evaluate your current process to identify pain points and areas for improvement. 2. **Research**: Look into available vendor management software or platforms that align with your needs. 3. **Selection**: Choose a solution that offers the features you require, such as vendor onboarding, performance tracking, and contract management. 4. **Implementation**: Integrate the chosen software into your existing systems, ensuring compatibility and data migration if necessary. 5. **Training**: Provide training to employees who will be using the new system to ensure a smooth transition. 6. **Testing** & **Rollout** 8. **Feedback and Iteration**

When upgrading a vendor management system, it's important to assess business needs, involve vendors, plan carefully for data migration, conduct user training, ensure security and compliance, integrate with other systems where necessary, look for process improvements, have a change management plan, and establish performance metrics and monitoring.

Don't forget to also prioritize security and compliance requirements when selecting a vendor management solution. Ensure that the platform adheres to industry standards and regulations, such as GDPR, HIPAA, PCI-DSS or SOC 2, and provides robust security features to protect sensitive vendor data.

Reporting needs of the users need to be analyzed and discussed. Whether it is transactional level reports or special curated dashboards with drill down capacity are crucial for effective use of any new application. These minimum critical reporting requirements should be included in the first phase of the implementation. Another aspect are the integrations with ERP or other systems to be developed. This activity should be part of first page.

Goal: What do you want to achieve with a digital upgrade? Improved efficiency, better risk management, or stronger collaboration?