Do you trust your supplier information? Has poor supplier data ever led to delays in projects? Are you unsure as to whether your suppliers transact with sustainable suppliers?
If so, according to the 2020 Supplier Information Study commissioned by BigData company Tealbooks, you are far from being alone. The study, which surveyed 250 Procurement and Sourcing Executives (director-level or above) drew some alarming conclusions:
- 93% of procurement and supply chain leaders have experienced adverse effects of misinformation about their suppliers (47% experience this on a regular basis).
- 81% of executives surveyed are not completely confident in their supplier data.
- 60% of executives reporting outdated data, say that it took them on average 4 days to update their information, leading to missed deadlines, delays and, sometimes, the termination of the supplier relationship.
- 67% of executives reported financial losses within the last six months as a direct result of data information.
The report goes on to show that finding suppliers and researching them is still conducted through time-consuming methods, including search engines (63%), industry conferences (63%) and industry publications (59%).
Whilst these numbers will look dire to many, they completely align with the conversations we have been having with our clients and users since the inception of DeepStream. Over and over again, procurement and sourcing executives are simply putting up with broken and clunky systems that take time away from what they do best.
The icing on the cake? This lack of supplier data means that executives are constantly putting their company in the path of legal and data compliance risks.
N.B. For more about compliance risks in tendering and how to reduce them, download our free whitepaper here.93% of procurement and supply chain leaders have experienced adverse effects of misinformation about their suppliers (47% experience this on a regular basis) Click To Tweet
Is there another way?
You could carry on with the old-fashioned, time-consuming way of sourcing and validating suppliers, collecting pre-qualification questionnaires (again and again…) via word or excel on emails and attachments. After all, it’s what the majority of procurement managers are doing and it’s only costing them precious time and money.
Or you could become part of the new generation of procurement leaders who’ve joined DeepStream and are taking advantage of its agile and secure tendering platform and network of suppliers. Pre-qualification data becomes part of the supplier profile and – guess what – it is able to host any verifications/audits from third parties, taking into account the number of different verification providers out there.
We’ve saved hundreds of companies time, money, and legal bills. Even better, our software is notoriously fast to implement. You could get your company up and running in a matter of weeks, without ever looking back.
This means that your suppliers can do the same for their supply base – agile implementation times are a key driver for smaller companies being able to adopt – ensuring that you are helping create a sustainable supply chain!
Here are just a few of the ways we simplify supplier research on the DeepStream platform:
- Filter suppliers on our network by geography and product/service tags
- Organise your suppliers into lists
- Invite suppliers to join the platform (it’s free for them to do so) and easily create an up-to-date profile
- Invite your team and partners to collaborate and evaluate suppliers, all within the same centralised and auditable platform.
- Smooth transition from researching suppliers to inviting them to bid, all in-app.
- All suppliers have a business profile, where they can securely host and share their data and documents, unlocking it for buyers and business counterparties
- All suppliers can fill out pre-qualification questionnaires as part of their profiles, unlocking them for their network of buyer counterparties — moving away from word attachments to a scalable set of answers that allows for on demand data for buyers to pre-qualify them
With up-to-date supplier company profiles, public documents, and pre-qualification questionnaires all sitting in one place as a single source of truth, you don’t have to waste precious time researching outside of DeepStream.
What does this mean in terms of time and money?
- Implement DeepStream in weeks not months or years
- Reduce time to award by at least 50%
- Reduce your admin time by 30-50%
- Save up to $3-5 million/year in your budget
- Bonus points: be part of a sustainable digital supply chain which facilitates collaboration through digital technology and reduces costs of doing business for all
If you want to find out more, hit the chat button in the lower right corner of your screen and book yourself a demo now to see for yourself how DeepStream could change your life.
N.B. Are you a supplier? If so you’ll love our free whitepaper: “How to Win Bids and Influence Buyers“.