How can companies gain a competitive advantage in procurement and inventory?

Procurement leaders predominantly rely on contract-based procurement with pre-agreed price and quality targets, Service Level Agreements and supplier agreement management. There is a strong emphasis on contract compliance with their suppliers. Exchanging forecasts or delivery schedules are constantly updated to replace purchase orders. Advance Shipment Notifications trigger goods receipt against contracts and automated payments. These contracts are heavily subject to changes, which are administered automatically by our supply chain management apps and mutually approved to update the internal systems. This is a proven methodology to make procurement relations more professional and supplier contact management more responsive.

Real-time insights on KPIs, such as on-time delivery, stock availability, order accuracy, and production lead times are essential for strategic supplier management when working with a multitude of suppliers. Quyntess seamlessly integrates and consolidates data from your ERP solution and the supplier network to serve up powerful insights that measure against what is agreed in the service level agreement and related KPIs defined. Unlike internal BI tools and dashboards, these KPIs are shared directly on the supplier’s home page, so they are alerted and triggered to a pro-active and self-curating mechanism instead of waiting for the buyer’s escalation.

Companies are often unable to recognize the early signs of unforeseen events nor respond quickly to changing purchasing conditions, part shortages, compliance issues, and other material replenishment shocks. Our framework collects early warning signals from both real-time events as well as so-called “non-events”. By pushing alerts to suppliers initially and to buyers if no reaction or correction is spotted, we take the hard monitoring work away with procurement technology. Our real-time collaboration allows efficient supplier relationship management, resulting in improved on-time delivery, streamlined processes, and increased productivity.

Even though it appears contradictory to contract-focused purchasing, Supply Chain Leaders have to stay open and flexible to spot opportunities in the market or face emerging challenges. Quyntess has created a number of advanced purchase to pay solutions to enable dual sourcing strategies and perform “quick RFQs”. Our framework enables ethical sourcing, sustainable sourcing and green procurement strategies that not only align with procurement ethics but also enhance procurement cost savings.