The base point for every best in class procurement function is knowing who your suppliers are and what they do. A sales department would consider it unthinkable to not know who their customers were, when to contact them, who to contact and what products would offer the most value. Unfortunately we still see so many procurement functions who do not know their suppliers well enough. They are hamstrung either by inadequate excel-based tools, a reliance on Sharepoint or overly complex add-ons to ERP solutions which do not provide quick and easy access to the requisite information.
Procurement teams are also faced with inefficient and time-consuming manual tasks such as updating existing supplier records, uploading new suppliers and collating spreadsheets for questionnaire responses. Team members performing these tasks are often over-qualified for these assignments, and could be spending their time on alternative value-generating activities.
All of this manifests itself in poorly negotiated agreements and lost opportunities. While organisations are also exposed the to risks of poor performance, supplier bankruptcy and working with suppliers who do not adhere to supply chain legislature like the Modern Slavery Act (2015).
The best way to combat these problems is by empowering your team through deploying an easy-to-use, nimble, cloud-based solution. Inherent within any solution you choose should be a central supplier directory which gives your procurement team access to all supplier information in one place – ensuring you truly ‘know your supplier’.
Improved supplier collaboration should be ensured via access to a Cloud-based supplier portal. Here the onus is placed on suppliers to keep their details and records up-to-date. This not only ensures suppliers are categorised correctly and notified of the opportunities relevant to them, but frees procurement teams up from manual data entry tasks and means they can spend more time doing what they do best – finding the most suitable suppliers and negotiating great deals for their organisation.
These successes not only enhance the day-to-day running of the procurement function, but enhance an organisation’s reputation as a buyer – transforming the procurement function from a cost-centre to a value-adding leader which transcends the organisation.
After last year’s fantastic event at the Barbican Centre, we’re excited to invite you to another inspiring day full of valuable sessions, networking opportunities, and insights from the very best in the procurement industry. This year, we’re bringing TSM Customer Day to the heart of our community – the Novotel London Tower Bridge.
As businesses navigate an increasingly complex landscape, the need for agile, adaptable technology platforms has never been more critical. Organisations require solutions that not only meet their current needs but can also evolve alongside their business. This is where Ivalua, a leading provider of Source-to-Pay (S2P) solutions, comes into play. At TSM, we are proud […]
London, 1, July, 2024— TSM (Touchstone Spend Management) is thrilled to announce that we have been shortlisted for the prestigious 2024 CIPS Awards. This recognition highlights our transformative project with ISG, which aimed to revolutionise supplier management through a robust Source-to-Pay (S2P) solution. The project, in partnership with ISG, focused on automating onboarding processes, integrating […]
Step into the heart of London’s procurement and supply chain scene with our exclusive networking events, proudly sponsored by TSM. We’re shaking up the usual business gathering vibe to bring you something fresh – think less formal, more friendly chat over a morning brew. TSM is putting the spotlight on industry camaraderie by offering a […]
We are excited to announce a new collaboration between Forestreet and TSM, a consultancy specialising in the implementation of procurement systems. Research shows that 40% of sourcing professionals spend an average of three months completing a single supplier search, yet they can only review a few dozen suppliers from thousands. TSM recognises this industry-wide challenge, […]
London, 10 March 2024 – TSM (Touchstone Spend Management) proudly announces its double shortlisting for the esteemed World Procurement Awards 2024, hosted by Procurement Leaders. The awards recognise exemplary initiatives, leaders, and businesses shaping the future of procurement. Out of a pool of 145 distinguished organisations and individuals spanning 14 categories, TSM has been acknowledged […]
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