#3. Automated recurring supplier assessments
Solution: Supplier due diligence software
If the never-ending stream of “unprecedented events” of the past few years have taught us anything, it’s to expect the unexpected.
This highlights one crucial (and often neglected) aspect of procurement: ongoing supplier assessment.
After the initial due diligence processes and pre-onboarding assessments are complete, suppliers are often left somewhat to their own devices with only ad hoc or minimal assessment throughout the rest of the supplier lifecycle.
What: Improve supplier relationships and capabilities with logical systems that drive continuous process improvements.
How:
- Create category-based scorecards that enable relevant supplier comparison
- Set recurring reminders and tasks that encourage ongoing positive change
- Use existing supplier data on file to inform contract renewal and future procurement events across your organisation. No need to repeat time-consuming risk assessments
- Monitor supplier health and capabilities on an ongoing basis, with supplier risk profiles and scores that automatically adjust based on assessment responses
- With all supplier metadata stored on a single platform, you can filter suppliers according to the parameters required by each procurement event.
Case Study: Modern Slavery risk
Expectations around supply chain accountability have never been higher, especially in the area of modern slavery. Enabling ongoing monitoring of your entire supply chain is therefore critical – it’s not good enough to claim ignorance of modern slavery in your supply chain, no matter how distantly linked to your business.
Suppliers change, and their suppliers change too.
By using automated supplier due diligence and management software to continually assess your supply chain, you can avoid any nasty surprises and prevent undue reputational and financial damage to your enterprise.