contact

Contact Us

Supplier & Vendor Management Automation

A Renewed Focus on Supplier Management

Vendors play a pivotal role in procurement processes, making effective vendor management crucial for organizations. From selecting the right vendor to coordinating between multiple vendors and onboarding them into your processes, each step is vital for fostering a mutually beneficial and cooperative vendor relationship. Traditional vendor management practices are no longer adequate to address current and unique pain points. The best and easiest solution for efficient and effective vendor management? Vendor management automation.

Bring Focus Back to Vendor Relationships

Vendor management automation uses intelligent automation (IA) technologies to streamline and optimize the processes involved in managing vendor relationships. These IA technologies include robotic process automation (RPA), artificial intelligence (AI), machine learning (ML) and natural language processing (NLP), among others. Deploying them helps you improve efficiency, reduce manual work and ensure compliance with your vendors by doing this smarter and automatically.

How Can Automation Help Manage Vendors?

Out-of-date vendor management
Evolution of procurement
Long-lasting partnerships
Updating Vendor Management with Automation

Out-of-date vendor management

Vendor management today is marked by a growing emphasis on supply chain efficiency, transparency and compliance. Organizations are increasingly recognizing the importance of keeping and developing mutually beneficial vendor relationships and are investing in technologies and processes to manage their vendor ecosystems — such as intelligent automation.

Bringing Trust Back to Third-Party

2.5x

faster end-to-end
invoice processing

Read the Story
30 secs

per transaction
(previously 7-10 mins)

Read the Story
On-time

and accurate
supplier payments

Read the Story

Automation To Improve Vendor Relationships

Benefits of Vendor and Supplier Management Automation

Efficiency

IA and RPA digital workers streamline repetitive tasks, such as new supplier or vendor onboarding. Digital workers can take over manual, repetitive jobs like contract setup or invoice approvals, speeding up processes and freeing up human employees who can then focus on other tasks.

Compliance

Automation helps ensure that all your vendor management practices comply with regulations, such as data privacy. Digital workers can automatically generate compliance reports and keep track of all communications and figures to ensure auditability.

Accuracy

Manual vendor processes are riddled with errors due to human input, such as wrong payment information or incorrect deadlines. Automation can mitigate these risks by cross-checking all data and flagging any missing information so you can ensure your data is always reliable.

Visibility

Gain real-time visibility into all vendor-related activities, including vendor performance. This allows you to promptly identify and address any issues, preventing them from impacting other areas of your business.

Collaboration

IA improves the collaboration between your organization, external vendors and internal teams. By consistently verifying supplier information, it reduces the risk of miscommunication and misunderstandings. Vendor management systems also offer a centralized platform to facilitate this.

Speed

Automated vendor management systems significantly accelerate business processes. What would typically take weeks or months can now be accomplished in days or even minutes. Automation swiftly and accurately navigates through tasks such as retrieving and verifying supplier data.

How Does Automation Fit Into Vendor and Supplier Management?

Supplier selection
Contract management
Onboarding
Invoice and payments
Performance monitoring
Offboarding

Supplier selection

Selecting a supplier is a lengthy, drawn-out process that involves many critical but laborious steps like identifying potential vendors from a supplier base, gathering information about them, costing details, etc. With supply chain automation, you can significantly reduce the time it takes to do those processes. For example, digital workers can search and analyze a wide range of vendors based on location, industry, size and capabilities and provide you with the best-matched recommendations.

IA can also help:

  • Evaluate vendors by compiling company profiles, product catalogs, pricing, reviews, etc.
  • Analyze costs and compare vendors to identify cost-saving opportunities.
  • Check for compliance and supplier risk, running background checks, financial stability checks, etc., to ensure that vendors meet the necessary requirements set by you.
  • Rank vendors based on predefined criteria like quality, reliability and reputation so you can make more informed decisions.

Hear From Our Customers

The digital worker reads the email, downloads the attachments and connects to a sign-up rate. Our system retrieves the data and creates the quotation, which is sent back to the supplier.” Levente Illés, Levente Illés

Levente Illés

Head of intelligent automation, AGCO

SS&C Blue Prism is helping our employees to do more intelligent work. We can carve out the less interesting things that no one wants to do.” 

Martijn Mennen

CIO, Agristo

Why wouldn’t you want to reduce the time that your colleagues spend on mundane and repetitive tasks – freeing up their valuable time and knowledge to deliver more value-add to the business?” 

Dominic Howson

Supply chain planning & IS director, Hovis

Ultimately, applying cognitive technologies to intelligent automation bridges the gap between humans and IT systems — where all parties increasingly work more seamlessly together to enable continual digital transformation." 

Andrea Martschink

Former strategy and business development robotics, Siemens AG

Discover what automation can do for your business

Take this 2 minute quiz