DIGITAL PROCUREMENT
“ There is a need for change in simplifying processes and making them more transparent ”
JACK MACFARLANE FOUNDER AND CEO DEEPSTREAM
With many existing solutions failing to step-up to the mark , “ a lack of transparency is causing knowledge silos between departments ,” adds Macfarlane .
“ Even at the highest enterprise level , in companies that have otherwise embraced new technology , managing vendor relationships and assets in a single location has remained a significant challenge .”
Another challenge for industries is the depth of specialism that the function now requires . “ As keeping and maintaining sufficient breadth and depth of data on suppliers becomes increasingly important , vendor management has evolved into a digital ecosystem consisting of multiple bestof-breed solutions ,” explains Macfarlane .
“ Vendor management is largely about gaining the commitment of your vendors to assist and support the operations of your business , while also meeting their expectations of you , your services and your own commitment to them . With collaborative technology , which can enhance the ability to ask questions and compare line items , one can unlock full visibility , making transparent and smarter decisions easier to execute . This way , accepting competitive bids – rather than blindly accepting any price pitched – also becomes easier to oversee and carry out .”
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