Vendor Management & Risk Reduction

Problem:

The customer was having issues with visibility and management of a multi-tier, global vendor chain. There was no integrated, consistent process to track vendor interactions, performance or issues. In some cases, they had trouble even determining who was delivering goods or services. Without a common platform to maintain data they could not apply analytics to drive efficiencies or reduce risk.

Solution:

Our vendor management module gave the customer consolidated vendor data in one easy-to-use dashboard. They had visibility into every vendor throughout their supply chain, allowing them to instantly access material history or status on a product, details on shipment or delivery, and the ability to communicate with each vendor on contracts, timelines, invoicing and deliverables. They could identify problems proactively within a project, or revisit past evaluations before starting a new contract, thereby reducing their risk. The transparency and security of blockchain engendered trust, and vendors were thrilled that smart contracts could be applied to facilitate faster payments.

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