MySupplierNet™
MySupplierNet manages your supplier pool so you can extract the maximum value from them while mutually benefiting each other to strengthen the business relationships with your trusted and proven suppliers.
MySupplierNet is a foundational module, to MyProcureNet, to effectively manage your pool of suppliers. Suppliers are one of the core assets of a business. The better we know of them, the better we can work with them.
MySupplierNet enables supplies to register online (Online Vendor Registration) and be processed to be part of the central pool of authorized suppliers. Suppliers can be measured and evaluated across subsidiaries, departments, locations and strategic business units. Scorecards can be shared and commonised where necessary to provide consolidated view of their performance across the entire group of companies.
Suppliers can be shared across buyer communities through our STARS system (Supplier Trust Authentication & Rating System). This enables buyers from different buyer communities to source from across different procurement systems to find the better deal for their organization.
Benefits of MySupplierNet™：
Reduced Cost
-
Diminution of supply cost and risk through better supplier management
-
Cost savings over the long term by cooperating in a mutually beneficial relationship with suppliers
-
Reduction of availability problems, delays and quality issues
Increased efficiency
-
Better understanding of what the businesses suppliers serve what allow them to meet their needs more effectively
-
Decrease of the delays in the supply chain
-
Improvement of the flow of operations
Consolidation of the Supply Chain
-
Buyer & Supplier Collaboration: MySupplierNet™ ensures all suppliers access to the same data as the buyer, allowing for joint responsi-bility of risk management
-
Reduction of the number of suppliers that buyers pur-chase from - streamlining the purchasing process and making budgeting a far simpler task
Better Governance Consolidation of the Supply Chain
-
Buyer & Supplier Collaboration: MySupplierNet™ ensures all suppliers access to the same data as the buyer, allowing for joint responsi-bility of risk management
-
Reduction of the number of suppliers that buyers pur-chase from - streamlining the purchasing process and making budgeting a far simpler task
MyContractNet™
A single repository of contracts between a vendor and his suppliers shared with the entire company allows an effective contrat management. This online solution reduces insucurity, cost, dependency and risk of business transaction on a company level.
MyContractNet™ creates a single repository of contracts, information about projects and performance of vendors and suppliers which is shared across the entire organization, increasing knowledge and reducing usage of ineffective contractors. Early alerts as to due dates, actions to be taken, the amount of claims for delays provides a means by which project delays can be minimised/mitigated, losses due to delays can be claimed or used as bargaining points for other benefits. It can help reduce a company's annual contract management expenses by between 20% to 50%*
MyContractNet™ aids financial officers to control costs, manage revenues, comply with regulations, and mitigate risks; it avoids the 10 most common risks inherent in poor contract management:
1. Contracts which lack critical documents or terms.
2. Missing contractual deadlines or commitments.
3. Loss of contract documents.
4. Customers being under-charged.
5. Uncontrolled impact of external events (e.g. renewals).
6. Time and productivity inefficiencies.
7. Compromised customer loyalty.
8. Competitive disadvantage.
9. Vendors over-charging
10. Employee turnover leading to loss of key knowledge.
MyContractNet™ also reduces a company’s dependence on a single employee who is undertaking the management of the contract, thereby freeing up experienced employees to advance and be more productive for the company and reduces the need for manual processes and actions which are error prone.
80% of all business transactions are governed by contracts - effective contract management significantly increases revenue and profits and reduces risk of non-compliance. Businesses today have moved away from the thinking that contracts are mere DOCUMENTS, when in fact they are AGREED PROCESSES, RIGHTS AND OBLIGATIONS of parties. Making sure that these processes are followed and that what is promised is performed is a key requirement of contract implementation, a responsibility that is frequently ignored.
* Goldman Sachs cautions that the ROI likely will vary by industry, but suggests that contract automation could accelerate negotiation cycles by 50 percent, reduce erroneous payments by 75 to 90 percent, cut operating and processing costs associated with managing contracts by 10 to 30 percent, and result in a 10 to 20 percent headcount reduction.
