What is Supplier Collaboration Software?
A supplier collaboration software is a digital solution that facilitates communication, coordination, and collaboration between a company and its third-party vendors or service providers. It serves as a centralized hub where both parties can interact in real time, sharing information, managing transactions, and streamlining various aspects of the supply chain process. With the help of this platform, organizations and their partners can build better relationships for process optimization and, subsequently, success.
Benefits
Efficient collaboration practices are a crucial aspect of achieving supply chain efficiency. However, achieving synergy among several companies working together is hard when transparency or accountability is lacking. Full-featured supplier collaboration solutions do not just streamline various tasks. It also fosters closer relationships between partners, leading to improved performance. Here’s what a supplier collaboration platform provides:
Improved Communication – Effective communication is the backbone of successful partnerships. This type of software ensures seamless and instant communication, minimizing delays and facilitating prompt resolutions to any issues.
Enhanced Visibility – With built-in tracking and monitoring tools, companies gain real-time visibility into your supply chain. Managers can better supervise their suppliers, anticipating potential issues and relaying decisions proactively.
Effective Risk Mitigation – Numerous problems could arise in the supply chain. With real-time data collection, reporting, and analytics, businesses can respond swiftly to disruptions due to supplier risks and ensure continuity and resilience.
Increased Cost Savings – When companies make the wrong choice when choosing suppliers, they need to go through the arduous process again, spending additional funds, squandering time, and wasting effort. Since automation results in operational efficiency, companies can save more in the long run.
Augmented Quality Control – Standardizing processes, from supplier selection to regular evaluation, ensure better results and adherence to regulations and industry best practices. With the software solution, businesses can take the initiative to uphold continuous improvement effectively.
Two companies prove that leveraging technology facilitates better supplier management. Gason, a leading manufacturing and engineering group in Australia, utilizes a highly-rated platform that facilitates seamless communication for increased collaboration with suppliers and customers. M Sport World Rally Team also discovered the winning formula in holding world-class events – a centralized platform that enables dispersed teams to work together.
Key Features
There are numerous platforms that companies can utilize to streamline tasks when working with third-party vendors and service providers, including comprehensive supplier management systems, risk management software, and supplier selection solutions. All those share the same tools, but supplier collaboration platforms have specialized functionalities. Here are some:
Template Library for managing supplier activities (e.g., audits, quality checks, procurement, etc.)
Supplier portal with access roles
Records management (with supplier’s occupational details, onboarding, and scorecarding information)
Order management and inventory tracking
Collaborative capacity forecasting
Quality management
Site-Specific activity monitoring
Real-time communication tools
Training and development tools
Integrations with ERPs, CRMs, and other work software.
Choosing the Right Supplier Collaboration Software
Procurement teams, operations department heads, and supply chain managers will benefit considerably from any supplier collaboration solutions described above. Take another look at the summary below before taking your pick.
Supplier Collaboration Software | Free Version | Paid Plan | Mobile App |
Mitti (by SafetyCulture) | Yes | $24/seat/month* | Yes |
Flock | Yes | $4.50/user/month* | Yes |
Lucidchart | Yes | $9/user | Yes |
eStudio | No | $59/month | No |
Teamwork.com | Yes | $10.99/user/month* | Yes |
Honeywell Forge | No | $69/site/month* | Yes |
* billed annually
