Supplier Engagement at a glance:
Great procurement strategies are built on strong, mutually beneficial supplier relationships. When buyers and suppliers work towards agreed performance goals together – by sharing data, insights and ideas – risks decrease, innovation opportunities are uncovered, and costs can be optimised with ease.
The strongest relationships are built on transparency of information. But in many procurement organisations that information is either fragmented, biased towards one party, or missing altogether. And while SRM systems work well to track performance, they often lack flexibility to adapt to the unique needs of each strategic relationship.
Establish a robust data standard that ensures supplier information shared is unbiased and serves the partnerships – and all stakeholders within it – equally.
Manage and mitigate risks arising from increased market volatility and supply chain complexity.
Meet increasing internal and external stakeholder expectations with actionable insights.
Embed processes and procedures for identifying opportunities to improve engagement and drive value from supplier-enabled innovation.
The Smart Cube’s specialist teams combine internal and external data to create a single source of truth – shaped and defined by both buyers and suppliers – that can be used to deepen your most important relationships. With Supplier Engagement from The Smart Cube, you get data and insights across multiple modules:
Access insights into relationship highlights and lowlights (SWOT), opportunities to extract additional value and risk factors.
Including lead indicators on performance metrics, stakeholder satisfaction scores, peer comparisons and identified issues.
Financial health assessments through ratio and stock analysis, as well as external credit ratings.
Coverage of supplier developments (including new offerings, management changes and M&A activities), and key category developments (such as regulatory changes and peer activities).
Go beyond just financial risk indicators to cover operational, strategic, CSR and geographic factors.
Track and manage joint initiatives, including patent filings, category-level innovations and peer activities with a collaboration tracker.
With Supplier Engagement from The Smart Cube, you can:
At The Smart Cube, we combine data visualisation and analytics expertise with a solid track record of delivering supplier intelligence to procurement teams in many of the world’s largest companies. Here’s how our process works:
We understand your programme objectives and map out all relevant internal and supplier data sources through diagnostic and discovery workshops.
We integrate your and your suppliers’ data sets, add relevant external data, and use custom and pre-built assets to create a solution proof of concept (POC) for a selection of strategic suppliers.
We scale up and evolve the POC to cover other strategic suppliers, based on initial learnings.
We create custom dashboards to deliver shared insights, accessible to you and your suppliers.
We review and refine the solution to ensure it supports your shared objectives and is delivering clear value for all parties.
When you choose The Smart Cube’s Supplier Engagement solution, you always get:
360° relationship views: We combine your internal data, supplier data and external market intelligence to create a comprehensive, insight-rich view of your strategic supplier relationships.
Data you and your suppliers can trust: Information in your bespoke Supplier Engagement portal is up to date, accurate and clearly referenced – ensuring it supports all stakeholders equally.
AI and HI in harmony: We blend Artificial Intelligence and Human Intelligence to deliver deep insights at speed. Unlike SRM software, our solution is bespoke, built around your unique supplier relationship needs.
Insights you can act on: We provide monthly snapshot reports highlighting areas of opportunity and concern, so you can work with suppliers to take the right actions in a timely manner.
Deep procurement and supplier expertise: When you work with The Smart Cube, you benefit from market, category and customer knowledge acquired through 17+ years of working in the procurement domain.
A flexible, agile and customised approach: Our specialists work as an extension of your team, tailoring solutions around you and your strategic suppliers – ensuring all stakeholders get everything they need from your shared data.
The client was struggling to get visibility on critical supplier performance and as a result was being reactive rather than proactive in managing supplier risk and therefore was exposed to significant supply risk.
The Smart Cube assessed supplier performance and created dashboards to provide a holistic view of 13 strategic suppliers that helped the client strengthen governance, manage supplier performance and drive continuous improvement/innovation.
The client gained better visibility into the performance and operations of 13 of its key strategic suppliers, representing £350 million of combined spend.
The client wanted a holistic view of its key suppliers to enhance supplier performance management and improve its regulatory reporting capabilities.
The Smart Cube created supplier dashboards, giving a 360⁰ view of 9 strategic suppliers to strengthen governance, manage supplier performance and drive continuous improvement/innovation. The dashboards combined internal data from the client and external market intelligence to deliver valuable insights to support better decision-making.
The client gained comprehensive and objective visibility into the performance and operations of 9 key suppliers representing £854 million of combined spend (12% of its total spend).