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5 Ways to Get More from Suppliers through Digital Collaboration

A supply chain is nothing without suppliers. Choosing the right suppliers can be a complicated process; weighing out the pros and cons, making concessions and informed decisions is as arduous as it is time-consuming. But there are many ways we can get more out of our suppliers through digital collaboration. Here are five great places to start.

1. Be Strategic About Your Sourcing

The task of sourcing can be quite staggering. But through digital collaboration with suppliers, you actually source much more efficiently. This can also remove a great deal of stress, creating custom scenarios and leveraging a data-rich environment to help model sourcing solutions. And not only can this help you source more efficiently, but it can also greatly reduce procurement costs by optimizing supplier reliability and helping you get the most from every relationship.

2. Eliminate the Administrative Overhead

Imagine how much time gets spent planning, managing and executing the myriad of sourcing and supplier-related tasks. With a digital supply chain, so many of these time-consuming, yet mission-critical administrative tasks can be automated, freeing up resources for higher-level analysis and decision-making. Automating these tasks also goes a long way in reducing errors and mitigating the risks involved in the manual execution of these processes.

3. Open Up Access to Supplier Performance Metrics

Digital collaboration can empower trading partners to work together on the processes that foster more productive relationships. Insights like real-time data on how often a supplier’s products are meeting specifications can help partners work together toward optimizing quality control. Forging these connections can also increase efficiency, using automation to confirm and validate everything from materials compliance to product quality and beyond.

4. Build a Robust Carrier Database

A digital supply chain will allow you and your supplier partners to collect carrier data in real time, showing OTIF and other metrics for an unlimited number of carriers around the world. This information could help build powerful partnerships with suppliers and carriers alike, allowing for agile shipping adjustments and providing the valuable information needed to negotiate for the best rates.

5. Access Suppliers Already in the Elemica Network

Among the most powerful aspects of a digitized and collaborative supply chain are the powerful connections that are already available. Elemica’s customers have access to a vast network that connects a multitude of prominent and innovative companies across the globe. These suppliers are already set up for digital collaboration, allowing your organization to plug into a partnership that will give your supply chain more visibility and resilience across the board. If you’re interested in learning more about how a digital supply chain could help build better supplier relationships, read more about how Elemica Buy™ can help maximize supplier value.