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Putting the ‘Relationship’ Back in SRM

This sponsored Viewpoint article has been provided by ConnXus
The content below does not express the views or opinions of Spend Matters.
Visit https://connxus.com/ to learn more.
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At ConnXus, we’ve worked with countless buyers and suppliers — ranging from global fortune 500s to small and diverse businesses. One of the biggest opportunities we consistently see between buyers and suppliers in the B2B space is the ability to boost supplier relationship management (SRM).

Successful SRM is a pivotal milestone in maximizing the value of your supply chain. Developing relationships with your suppliers can help foster collaboration, drive innovation and impact your bottom line.

What makes you different from your competitors?

Together with your suppliers, the story of your procurement spend and impact can be told in a way that gives you a competitive market edge. Streamline your sourcing strategy with a focus on SRM. To begin, consider the important role technology plays in strategy.

Tomorrow’s Technology for Tomorrow’s Needs

Yesterday’s technology no longer works for the type of data and the scope of work that has been increasingly demanded from the sourcing and procurement function. Old ERP systems are often slow and cumbersome, with high overhead costs and archaic functions that limit business users.

Today’s internet of things (IoT) connected devices, cloud-based databases and mobile supply chains are making a global impact on the buying industry. SRM technology allows you to process your relational supplier data quickly and effectively, combining diverse and non-diverse suppliers in a secure, one-stop repository. APIs allow your software to speak to each other and deliver robust information, giving autonomy to business users. Demand more from your technology.

We Put the ‘R’ in ‘SRM’

We’re aware of the importance of building buyer and supplier relationships. Relationships play a vital role in strengthening business reputation, processes, and the delivery of goods and services.

We challenge you to think about your organization’s third-party suppliers and services. Can you help them develop their scope of work? Are they anticipating your needs? Are you mitigating supply chain risk together?

Transparency and communication go a long way into strengthening both of your companies’ brands. Thinking of suppliers as a value add instead of a contractual business partner ultimately leads to more satisfied customers and fueling business growth.

To fill the gap in the market, we’ve developed myConnXion, a new supply chain ecosystem that makes it easier than ever to connect with businesses. With a click of a button, suppliers can connect with buyers at any time, anywhere in the world. Learn more at https://connxus.com/myconnxion/ or register for a free company profile at https://myconnxion.com/user/login.

Daryl Hammett is the COO and GM ConnXus.

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