SRM SOFTWARE
He explains : “ To effectively address these risks , organisations must overcome three challenges . The first is a lack of coordination . Different teams may look at risks that are unique to them , with little enterprise coordination . This fragmented approach to risk management creates gaps .
“ Next is manual processes ; often , teams managing suppliers do so using manual , disjointed spreadsheet-based approaches that overcomplicate management and limit the ability to identify , understand and act on risks .
“ Finally , limited risk insights – for example , focusing only on physical disruptions and ignoring cybersecurity weaknesses .”
Overcoming teething problems All three of the aforementioned companies offer their own SRM programmes and platforms .
Icertis enables businesses to handle both standard supplier management challenges and those unique to their business cases , processes and policies .
“ Every supplier relationship is governed by a contract – the single source of truth in every business transaction ,” says Shannon .
“ Contracts are one of the most powerful data sources to gain visibility and insights into supplier performance and potential supply chain weaknesses . By applying AI to contracts and integrating their data into core operations , businesses can surface unique insights that enable better decision-making and optimise the intent
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