After a successful implementation there are a few enhancement services which are intended to maximise the benefits gained from using a P2P solution:
From these enhancement services we will today focus on supplier enablement. Continue reading below to learn more about best practice within a successful supplier enablement program:
That is a very frequently asked question. First, let’s start at the beginning. What is supplier enablement? To some it is supplier networks, to others it is catalogue management and / or ((c)XML-based) punchouts or it could be seen as a type of e-document management or supplier portal that enables e-procurement and / or e-sourcing. What definitions have in common, however, is the utilisation of technology solutions to streamline procurement and / or sourcing processes by connecting the buyer to its suppliers through a common application.
Supplier Enablement is a critical success factor for returning solid value on a Procure-to-Pay (P2P) investment. Supplier Enablement is a key strategic ‘make or break’ activity by bringing most – if not all – spend under visibility as well as automating workflow and capturing savings. Suppliers are willing to collaborate because the buying organisations’ users are directed through the P2P tool to buy from enabled suppliers.
Supplier Enablement is key as it can significantly increase performance metrics. Businesses that leverage supplier enablement solutions enable their suppliers faster, better, and more efficiently than those that do not.
By creating a supplier enablement strategy on a long term plan your business can reduce administrative errors, maximize value and improves compliance, eliminate parallel processes and can create long lasting profitable partnerships. It also drives financial growth, both through new revenue streams from innovative products and services and from close collaboration with suppliers improving cost optimisation across the supply chain.
As mentioned previously, procurement systems are most effective when the majority of spend and suppliers are flowing through it. In turn, this helps improve the user experience, increase compliance and savings, and reduce costs.
Building relationships, spending on contract and streamlining processes are what supplier enablement is all about!
Interested in finding out more about how Xoomworks Procurement can help? Let’s have a chat!
© 2020 Xoomworks Ltd. All Rights Reserved