- Vendor Relationship Management
A successful enterprise usually has win-win long-term relationships with its suppliers and vendors. But, for non-consumer product s and services, buyer’s dependency on vendors increases when the products and services that it depends upon are non-standard and specialized. For example, the trading and settlement systems of an exchange are specialized and their uptime can be heavily affected by whether the exchange has the know-how of managing its vendors that it heavily depends upon.
Therefore, managing vendor relationships become crucial and 8MSaaS SRM provides tools for the enterprise to better manage vendor relationships.
- Tracking all key interactions and promises
In order to maintain good long-term relationship with its vendors, the enterprise must maintain corporate memory (not individual memory) of its key interactions and promises with its vendors. 8MSaaS provides facility to record the enterprise’s interactions and promises with each vendor and view them in chronological order.
The easy and clear tracking of what have been discussed and promised helps reinforce that people of the same corproate to have corporate memory and speak with the same tongue.
- Vendor as a team member
Communication is very key in nurturing relationships. 8MSaaS SRM provides social sharing, real-time chat and discussion forum communication tools for outsourcing activities.
8MSaaS SRM also allows the staff of the enterprise and outsourcers to directly involve and work together in outsourcing projects and programs as team members.
- Tracking all issues
8MSaaS SRM allows centralized tracking of issues and actions and provides automated alerts and escalations.
Outsourcing Risk Management
8MSaaS SRM automatically detects systemic risks of outsourcing projects and programs, and provides an integrated risk register for recording user-identified risks and tracking them to closure
Outsourcing Issue Management
8MSaaS SRM provides the following functions to track issues and actions to closure:
- Multi-level issue aggregation and tracking
- Critical issue management
- Emergency management
- Managing reward and punishment
8MSaaS SRM’s real-time contractual service level agreement management functions can detect any discrepancies between what have been promised and what have been delivered at the earliest possible time to avoid the building-up of over-promising and under-delivering.
8MSaaS SRM’s real-time contractual service level agreement management functions also supports rewards and penalties based on KPI results. The real-time performance-base rewards and penalties help reinforce the enterprise and its vendors to keep their promises or they will face the consequences.