Suppliers... Can't Live With Them?28/02/2017
Say that to a supplier relationship management person and you'll most likely get a sad nod of the head, a knowing look, and some kind of tutting noise.
Suppliers... No business can exist without them, but wouldn't it be easier if all you had to do was focus on running things - the fun side of the business - rather than constantly having to speak to this supplier or that one, working out who needs what when, renewing contracts one minute, authorizing payments the next...
It really cuts into the money making side of things.
Of course, it is entirely possible to ignore your suppliers. Many do. But that can be a big mistake. Huge. Ignore suppliers at your peril because, when you think everything is going along swimmingly and you're happily making a nice profit, something could be seriously wrong somewhere else. You don't really want the only time you're ever in contact with your suppliers to be when something hasn't arrived or some service has been billed incorrectly.
That's just stressful.
So is it really a case of can't live with them, can't live without them when it comes to suppliers? Is it a choice between knowing all the ins and outs and getting bogged down in the details or knowing nothing and getting caught out when errors occur?
Or rather, it doesn't have to be.
A contract management tool like intelligentcontract.com (the one created by and supplied by us - yes, we're suppliers too, so we want this to work out well) can solve all of your supplier management issues and hassles, and give you the time and space to focus on other things. No more fire fighting. No more ignoring. No more time wasting.
So what is it that a contract management tool can do? How will it help?
Everything at your fingertips
Firstly, it's the perfect place to keep all the contact details of your suppliers past, present, and future. You won't have to hunt through old files or search through years worth of information on your computer to find that name and number you need. Neither will you have to start your search from scratch if you have saved contact details from networking events or chance meetings. Everything will be there when you need it.
And if you never need it, well, it's not taking up space on your hard drive, and it's not going to accidentally get thrown away when you do some spring cleaning in your office. As a bonus, you can even get the system to automatically ask your supplier for updated contact information, just in case. You don't need to think about it at all, and you'll always have the right information at your fingertips.
KPIs the easy way
A contract management tool will also help you to monitor KPIs you have in place with your suppliers. When you first set up your contract, you'll negotiate those KPIs, which is fantastic - it's the right thing to do. But how can you make sure your supplier is delivering on their promise? The contract management system will receive these KPIs through an email form, and then monitor what's going on. It'll flag up if the supplier is failing so you can take action, but otherwise, happy days.
At the end of a set period, you'll have an overview of exactly what that supplier is like, and you'll immediately know whether you want to use them again. That's particularly helpful if they have an ongoing contract with you - you won't have to renew if you don't like the service.
Automate Supplier Compliance Tasks
Those dull compliance tasks can also be dealt with through one of our efficient contract management systems. Automatically send out CSR compliance forms on an annual basis, for example, and check who replies - and who doesn't.
Everything listed here can be done (in some way, at least) without a contract management system. But it'll take a long time to set up. It'll take a lot of monitoring and checking. It might need extra staff, which can be an expensive way of keeping those pesky suppliers in check.
With a contract management tool such as intelligentcontract, it's all done for you quickly and efficiently.
The choice is an easy one.
intelligentcontract is a highly customizable solution that provides a hub to store all your important contract paperwork plus you get loads of useful tools that make your contract management process a breeze. We don't have a limit to either the size of documents of the total amount of storage - so you don't have to worry about extra bills if your central store of documents gets big.Back to Blog
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