The most common integration requirement relates to data sourced from an ERP platform. ERP platforms typically include suppliers’ master lists, supplier contact details, user contact details, invoice and payment information, and suppliers’ spend information. Spend information is a particularly key metric for supplier management and frequent updates on the supplier’s spend position is extremely valuable to professionals involved in supplier management.
The most common integration is that of spend data. More often than not, spend data do not have to be updated on a daily basis but retrospectively on a monthly or less frequent basis
The supplier marketplace has been proliferated with niche solutions which cover specialist areas of supplier management such as quality assessment, risk management tools, project and sourcing management tools, contract management databases, performance management and survey tools, market research and so on.
These niche solutions have enabled organisations to leverage the in-depth capabilities they offer in their domain.
A common challenge with market information and intelligence is filtering the ‘noise’ from the various news sources and generating relevant news about the suppliers, categories or areas of your interest. Additionally, users prefer proactive news alerts and news feeds rather than manual searches for information.
There are various websites and solutions that provide free and subscribed content on specific categories, industries, subjects and suppliers and the ability to pull relevant news articles is key to productivity and proactive supplier management.