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Shipedge
Shipedge
The Shipedge Platform was created to solve the challenges associated with the complete order management lifecycle and supporting activities. We’re dedicated to providing innovative solutions to make commerce easier and more connec...Read more about Shipedge
Rose Rocket
Rose Rocket
Rose Rocket TMS is a transportation management software built for modern trucking companies and brokerages. The software helps you input orders, generate contracted rates and spot quotes, track & trace shipments, manage documents,...Read more about Rose Rocket
NetSuite
NetSuite
With an integrated system that includes ERP, financials, commerce, inventory management, HR, PSA, supply chain management, CRM and more – NetSuite enables fast-growing businesses across all industries to work more effectively by a...Read more about NetSuite
Tradogram
Tradogram
Tradogram is a cloud-based procurement management solution. Users can choose from a list of integrated modules such as supplier management, purchase-to-pay, contract management, strategic sourcing and order management. Team manag...Read more about Tradogram
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Kechie
Kechie
Kechie Distribution Management efficiently manages internal and external resources. Suited for growing businesses, the management tools provide control of replenishment, warehouse management, pick, pack, and ship, procurement, pro...Read more about Kechie
CobbleStone Contract Insight
CobbleStone Contract Insight
CobbleStone Contract Insight provides enterprise CLM software that has been selected by thousands of contract and procurement professionals spanning the globe. CobbleStone’s award-winning software, Contract Insight, is fully confi...Read more about CobbleStone Contract Insight
ShippersEdge TMS
ShippersEdge TMS
ShippersEdge is a cloud-based transportation management solution that manages shipping logistics. It helps users manage shipments, submit claims and handle multiple carriers. ShippersEdge helps companies save time and control...Read more about ShippersEdge TMS
Order.co
Order.co
Order.co is the first and only Spend Efficiency Platform that helps businesses save time, save money, and gain clarity into their spend. Order.co eliminates manual purchasing and payment tasks and gives your team one place to purc...Read more about Order.co
SAP S/4HANA Cloud
SAP S/4HANA Cloud
SAP S/4HANA Cloud is a cloud-based and on-premise enterprise resource planning (ERP) solution. It is suitable for small, midsize and large businesses in industries such as automotive, engineering, construction, mining, research an...Read more about SAP S/4HANA Cloud
Spendwise
Spendwise
Spendwise is a cloud-based system that helps businesses and other organizations track, manage and control spending. Users can create purchase orders, submit them for approval, approve or reject them, and email them directly to ven...Read more about Spendwise
Precoro
Precoro
Precoro is a cloud-based purchasing software that streamlines procurement processes for SMBs and Enterprises. Key features include purchase order creation and delivery, blanket PO, visual analytics on spends by departments, billin...Read more about Precoro
Easy WMS
Easy WMS
Mecalux Easy WMS is a warehouse management solution that helps e-commerce manufacturers, distributors, and third-party logistics businesses automate the entire supply chain lifecycle, from order management to shipping. It enables ...Read more about Easy WMS
Oracle Fusion Cloud SCM
Oracle Fusion Cloud SCM
Oracle Supply Chain Management (SCM) With Oracle Supply Chain Management (SCM) & Manufacturing, organizations can respond quickly to changing demand, supply, and market conditions. Seamlessly connect your supply chain to create a...Read more about Oracle Fusion Cloud SCM
Procurify
Procurify
Procurify’s easy-to-use Intelligent Spend Management platform provides hundreds of organizations worldwide with real-time visibility and control over all business spend. By bringing more spend under management, our customers captu...Read more about Procurify
Tai TMS
Tai TMS
Tai TMS is an all-in-one platform for quoting, booking, and tracking shipments. Tai TMS focuses on helping freight brokers grow their businesses. Tai automates the LTL shipping process and provides FTL brokers with a centralized p...Read more about Tai TMS
Da Vinci Supply Chain Business Suite
Da Vinci Supply Chain Business Suite
Da Vinci is a cloud-based supply chain management (SCM) solution designed specifically for 3PLs, internet retailers and wholesale businesses with demanding warehouse, fulfillment and transportation needs. In addition to a WMS an...Read more about Da Vinci Supply Chain Business Suite
Warehouse Management System
Warehouse Management System
Geneva Systems offers both an on-premises installation or a hosted installation for full access via the Internet. Multi-Language support allows users to switch between languages on the fly for their international business activiti...Read more about Warehouse Management System
Coupa
Coupa
Point solutions are pointless: spend smarter with the leading spend management platform built for companies like you. The Coupa platform allows you to take control of your spend and position your business for resilience and growth...Read more about Coupa
Market Dojo
Market Dojo
Market Dojo delivers strategic sourcing and supply chain performance solutions. Key features include event management, auction planning, supplier and user management, smart reporting and white labeling. RFX functionality helps us...Read more about Market Dojo
Logiwa WMS
Logiwa WMS
Logiwa WMS is a cloud-based warehouse management and order fulfillment solution built on a .NET framework. The solution supports disparate warehousing processes, separate product groups and the needs of different sectors within a ...Read more about Logiwa WMS
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Buyers Guide
Last Updated: March 16, 2023Here's what we'll cover:
What Is Supplier Relationship Management (SRM) Software?
Common Features of SRM Software
What Is Supplier Relationship Management (SRM) Software?
A contract between a supplier and its customer goes through many stages through its lifecycle. In order to remain competitive, organizations have to take special care in maintaining efficient and cost-effective partnerships with their partners. The only way to be certain that suppliers are holding up their end of the bargain is to consistently evaluate their performance, a difficult task made easier by SRM software. SRM systems help users keep suppliers on their toes by monitoring their operations and revealing poor performance.
Common Features of SRM Software
Like customer relationship management (CRM) software, SRM is designed to manage relationships from initial contact and throughout ongoing purchasing cycles. However, since you’re managing supplier information, rather than customer information, the data has markedly different focus, including material databases, ratings and more. Users looking for a system with more robust features might be interested in vendor management systems.
Specific SRM features include:
Performance assessments | SRM programs will allow the user to utilize key performance indicators (KPI) to perform quality assessments and a thorough awareness of deviations. |
Risk assessments | Scorecards enable supplier segmentation by user-defined risk variables, helping determine which partners present the least risk in the most important areas. |
Centralized sourcing & collaboration | SRMs use a centralized information database to streamline bidding, consolidate and distribute contracts, track compliance and improve collaboration. |
Regulation compliance | High-quality SRMs use rules engines and compliance scorecards to reduce the burden and improve the success of compliance protocols. |
Evaluating SRM Software
Global economic trends have had a direct affect on the SRM software market. Over the last few years, more organizations have turned to SRM software to establish new ways to reduce spending and limit risk. In order to maximize supplier performance and get the most out of their spending, organizations are using SRM systems to build informed reports that will give them the advantage during contract evaluation and renegotiation. Meanwhile, the necessity of international relationships has stretched supply chains across the world, and many SRM vendors have improved the functionality of their system to keep up with this trend.
The process of evaluating and mitigating risk has to be more thorough than ever. By assisting users with escalation scenarios and other risk analyses, SRM systems will help users deal with the unforeseen problems of global trade. When selecting your SRM software, ask the following questions:
Is your organization looking for an on-premise, client/server deployment, or are you interested in the capabilities offered by web-based or cloud deployments?
Will the system allow you to compare supplier performances using your own set of weighted variables?
Does the system offer the necessary functionality to meet the unique needs of your organization? For example, can it monitor supplier compliance for the specific regulations that your industry deals with?
Will the system’s capabilities support your existing corporate frameworks for managing supplier relationships?