A 2021 supply chain is complex, made up of networks of different networks, all working on other parts of the same solution. With greater everyday sophistication, from computer chips to robotic processing – supply chains can be made up of multiple suppliers’ tiers to deliver the final product to a shelf.
While this increased technological innovation was designed to speed up processes, it often leaves elementary questions harder to answer.
“Where’s my shipment? Where’s September’s invoice? What’s my order status?” become more challenging to pinpoint the more players get involved. You’re asking multiple questions to different systems, and if one domino falls, the effects can be catastrophic- as we’ve seen over the last year.
While globalisation means cheaper labour and materials, it also implies complexity and risk. Pre-pandemic, more and 980 Fortune 1000 companies had tier 2 suppliers in China. When the country went into lockdown, there was no room to pivot. Since many didn’t have the full picture of what was going on, they had to rely on tier 1 suppliers to provide updates.
Because buyer and supplier relationships are usually contractually tricky, requiring much back and forth before a deal is reached, trying to onboard new suppliers amid global upheaval meant empty shelves worldwide.
We’ve learned that companies whose supply chains stretch across different countries need more digitisation while still ensuring data privacy and security.
Supplier Onboarding 4.0
From now, supplier onboarding and collaboration needs intelligent, digitised and self-serve operability to improve information immediacy, data quality and dispute resolution across a supply chain. New relationships need to be established based on data-backed trust and transparency, enabling better risk mitigation, reduced expenditure and more innovation.
World-leading companies across different industries are already using smarter supply chain solutions infused with AI to simplify onboarding, end to end order management and supplier relationships.
How to get started
Begin by examining your current process flow and ask:
- Which bottlenecks exist due to paper-based transactions?
- Are the people involved in these transactions working as efficiently as possible?
- Is my staff talent and time being used as optimally as possible?
Underutilised talent + process inefficiency = a need to automate.
While every company is on a different digital transformation journey, it’s vital processes are continually monitored to identify digitisation opportunities.
Once processes become digitised, AI is how to drive more value. It lets you get more out of the data, both internally and externally.
Automation is how to correlate information across disparate systems, different departments, and even other companies you work with. Real-time insight helps highlight inefficacies and means you have more power to make better decisions.
Where OmPrompt comes in
With one connection, you can share orders, updates and other documents with all your suppliers. Changes to existing supplier formats or message structures, and the onboarding of new suppliers and messages, is managed in isolation. Each trading partner is kept separate from others, and changes can be made without impacting the connections and flow of data to and from your systems.
Your company receives data in the way you need it from all your suppliers regardless of their digital maturity. With OmPrompt, suppliers can transact and share status updates using EDI and non-EDI formats such as PDFs, emails and spreadsheets in the formats you and your systems work in.
OmPrompt’s automation means you manage by exception, using data more intelligently. You can identify shortages and late deliveries as early as possible and automate the identification of discrepancies between purchase orders and invoices.
Bridge visibility gapes within your P2P processes with a single portal where suppliers and customers can view all orders from creation to payment. This means better supplier performance indicators through an initiative dashboard.
Further still, if you’re working with suppliers who work primarily online, OmPrompt offers a fully integrated supplier portal that provides them with the visibility they need and allows them to acknowledge, confirm easily, and invoice purchase orders.
Improve your supplier onboarding processes today
This year, we need to take on the lessons from the last. Supplier onboarding and collaboration have to look different. With ample opportunity to reduce risks, costs and time while simultaneously improving innovation, and customer and supplier relationships – the questions isn’t why you need AI intervention – but when.
And the answer is right now.
To begin that journey, fill in your information below, and OmPrompt will be in touch to learn more about your company while offering our input on how we can help.