Every day, businesses are challenged with making the right decisions that will keep them profitable and gain a competitive edge. One of the most critical decisions for any business is selecting the right suppliers they do business with and control risk. The way a business manages their supply chain is now under the spotlight like never before. Read on to find out why.
Transparency around who you do business with is paramount to be considered a company to be trusted and survive public scrutiny. Supplier management, however, can be a time-consuming process with back-and-forth emails, managing data in spreadsheets and saving files, documents and information, all wasting days, weeks and even months. Allocating time for supplier management can be even more difficult for resource poor SMEs struggling to keep up with new demands from customers and their own suppliers.
Our clients tell us that they are dealing with an increasing number of daily requests from their customers who are demanding clarity around their supply chains. Companies keen to manage risk are right to request transparency around who suppliers are using and how ethical and sustainable the supply chain is. Consequently, every business must ensure they are buying from the right suppliers to mitigate risk that a supplier could expose your business to.
Making sound, informed decisions about your company’s supply chain can be difficult. Especially when there are so many factors to consider, however, compromising on quality can be a deathblow to any business. The challenge for businesses without dedicated procurement teams is that they are struggling to reallocate resources. It is difficult to gather the right information and review suppliers to identify the ESG (Environmental, Social and Governance) gaps. However, refusing to compromise on who you do business with will help you thrive in demanding times.
The challenge today is how can a business facing rising inflation and rising costs allocate resources to supplier management and gain the competitive edge. The solution is Pulse Market.
Managing and aligning your supplier is easy! Talk to Pulse Market
Pulse Market is changing the game for SMEs and procurement professionals. Our platform provides clarity in an increasingly complex world, giving you the relevant information you need to manage your supply chain. Now you can upload, categorise, grade, and manage all your suppliers in a centralised digitised location.