CRMJetty

Choosing vendors is often one of the most difficult tasks you have to do as a business owner. Each vendor has different strengths and weaknesses and their ways of working. It’s extremely hard to find the one that’s compatible with your working style and understands your processes. Only then you can forge a relationship that’s smooth and beneficial for both parties. Not only that, even after choosing the right vendors, you can face many challenges and issues in the communication, process, and other such areas.   To overcome these issues or prevent them from happening altogether, make sure that everyone is on the same page and you are using the right and easy-to-use tools to streamline engagement, communication, your work, customer service, and all the fronts where your vendors are involved. This is when the vendor management system comes into the picture. Related: Read how a custom vendor portal helped this company with their sourcing process You’ll read a lot about what these v...

Companies that fail to invest in vendor relationship management to analyze risks and prevent failures in the first place lose sales, revenue, and market value. J.M. Smuckers ’ Brand failed to invest in vendor management, effective risk assessment, and proper vendor diligence. The result was a failed product and customers’ trust, which caused them a loss of $400 million in the market value.   Why do you think it happened? Because of the failed vendor management process. We often think collaboration, knowing vendors, and strengthening relationships do not affect the business whatsoever. However, it helps to know more about vendors and ensure they deliver quality products and mitigate risks. Vendor management is crucial, but all vendors are not the same. They may have different requirements and might follow diverse processes. Hence, traditional vendor relationship management practices won’t be effective. To strengthen vendor relationships, you need to implement a modern and technolog...

Vendor management is a process that empowers an organization to take useful measures to control cost, reduce risks related to vendor acquisition, ensure timely services, derive values from the vendors, etc. The vendor management portals include modules that let you research suitable vendors, source products, obtaining pricing and other information, check the quality of work, and many other tasks. But how does a vendor management portal work? And more importantly, how can it benefit you? It is an online web-based tool that acts as a single node to manage vendor-related activities in any organization or business. It even ensures improved efficiency and long term growth in a cost-effective manner. Let’s understand the benefits of Vendor Management: Better Selection: Implementing proper vendor management can benefit your organization from a large selection of vendors resulting in better choices and costs. This also enables you to avoid unnecessary conflicts with your...

Boeing has been in the news for a few very wrong reasons lately. And by lately, I mean for the better part of the last decade.   The problems that their 787 and 737 Max faced were technological. But when you dig deeper, you can see that it is one thing to blame the technological failures but a whole another one to highlight the human and managerial errors that brought it down.   The issues began with cost cutting. Boeing outsourced 70% of 787 manufacturing with a tiered outsourcing structure. With this outsourcing, the issues created were manufacturing delays due to miscommunication and sometimes lack of communication all together. During the manufacturing of the 787, the bottom most tier did not communicate the issues they were facing to the company that was assembling the plane. This caused delays in the production cycle so much that the first planes came out 3 years later than promised. The management failed to communicate how to go about the innovations w...