DIGITAL PROCUREMENT
the relationship between the two parties , it was often the case that the two parties would wait until there was a default or a broken promise that forced them to look at the contract . Now we ' re able to monitor performance and make adjustments before you get to that point , and transparency is a really important part of that .”
Equal Access and Opportunity for All Advanced digital contracting allows procurement leaders to level up their game and take a more holistic approach to procurement , mitigating risks and ensure the capturing of negotiated cost savings . All while setting the stage for supplier relationship management fair and equal access to opportunities to allow for diverse and inclusive procurement practices .
Cumbersome processes hinder SMEs and minority businesses from being able to participate in the bid process . Removing the barriers with streamlined digital processes widens the pool of potential suppliers and makes for a more competitive and inclusive landscape .
Bulacan , a passionate advocate for Diversity , Equity , and Inclusion ( DEI ), shares her thoughts . “ It is not just looking at contracts or the playbook or what ’ s maintained within the four corners of a contract . It is about how we start those relationships and how we interact with those suppliers before that relationship becomes a contract . You have to look at it as a full life cycle , and that ’ s where technology comes into play .
“ That ' s why more companies are adding and integrating processes to manage suppliers and information into their contract platforms . How you manage relationships throughout the life cycle of the agreement , including the data and the metrics that
you ' re pulling about supplier performance , is especially important when you ' re looking to diversify your supplier base and democratise the supplier onboarding process .
“ You want to be able to measure the success of these diversity programs and suppliers . You want to be able to measure where there are improvements to be had , and you get those insights from the data that you can pull out of these CLM systems that contain robust supplier and vendor information .
Bulacan asks companies to consider
66 July 2021