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RESEARCH TRIANGLE PARK, N.C., Aug. 21, 2018 (GLOBE NEWSWIRE) -- Francesco Colavita, JAGGAER’s Head of Operations and Professional Services, Italy, delineates and illustrates a new theoretical and tactical model for extracting maximum value from supplier relationships, on the current edition of JAGGAER’s InsideSpend webinar and podcast series. This model has already yielded reduced financial risk, minimized product defects and increased supplier reliability in several multi -billion dollar international companies, cited in the webinar.
Colavita charts the evolution of the supplier relationship, beginning in the 1990’s, when suppliers were simply externally numbered commodities, through the digitalization of the relationship in the 2000’s. The model for optimization moves beyond digital and places the supplier relationship within the company, viewing it as an integrated part of the ecosystem, with a tight collaboration between buyer and supplier.
A tactical realization of this model involves multiple stages, beginning with understanding of what a supplier can provide, through development of criteria that goes beyond price. Colavita discusses best practices for identifying and clustering the supplier relationship strategy, tailoring the qualification and category assessment, evaluating the supplier on multiple levels, and faster management of potential risks. The model drives towards developing a relationship that fosters innovation, repositioning the supplier as a strategic component of an overall business plan.
“It’s important that suppliers understand your vision for the future to achieve innovation and add more value to the company,” explains Colavita. This involves direct sharing of performance scores with suppliers, co-designing an action and an improvement plan, and control and governance of the supplier ecosystem through advanced data analysis.
Colavita illustrates the model with real life case examples of customers that have utilized the JAGGAER solution to develop successful supplier relationships. One leading European Oil and Gas company with 4 Billion Euros in annual revenue, utilized the model with multiple business units and 200 users involved on over 40 workflow steps, to manage category qualification, workflows and performance for 5000 suppliers. Additional illustrations include a worldwide leader in eyewear that reduced the risk of supplier failure, and an international clothing company that minimized product defects in an exercise involving the input of 10 plants on 1100 suppliers.
The exhaustive webinar provides a unique and important drill down into understanding best practices in supplier management, supported with actionable intelligence and detailed case materials.
A link to the webinar can be found here.
About JAGGAER: Global Source to Pay Spend Management Solutions
JAGGAER is the world’s largest independent spend management company, with nearly 2000 customers connected to a network of 3.7 million suppliers in 70 countries, served by offices located in North America, Latin America, throughout Europe, the United Kingdom, Australia, Asia, and the Middle East. JAGGAER offers complete SaaS-based Source to Pay eProcurement solutions with advanced Spend Analytics, Sourcing, Supplier Management, Contract Lifecycle Management, Savings Tracking, and intelligent workflow capabilities. JAGGAER has pioneered spend solutions for over two decades and continues to lead the innovation curve by listening to customers and analyzing the market. Our solution suites are trusted by the world’s largest manufacturing, education, health care, retail, consumer package goods, logistics, construction, utilities companies and public service organizations. Additionally, JAGGAER holds 38 patents–more than any other spend management company. www.JAGGAER.com