When it comes to data management and onboarding suppliers, there is a vast difference between what enterprises perceive is working well and the actual experience. In fact, 98% of respondents to an HICX survey believe it is effortless for suppliers to submit and update their data, while over three quarters feel they are best-in-class to do business with.
“In times of scarcity, having resilient supply chains is the best way to gain a competitive advantage. To truly achieve this, enterprises must ensure they have the strongest, healthiest relationships possible with all their suppliers,” says CEO Costas Xyloyiannis. “With the changing landscape, businesses are starting to position themselves as the preferred client by offering suppliers a best-in-class experience. Apart from being a good thing to do because it benefits a range of other businesses, paying attention to suppliers’ needs can also result in enterprises being prioritized for the best R&D innovations, stock supplies and service.”
- According to the survey, suppliers need to invest a substantial amount of time into the customer relationship. For instance, almost 100% of suppliers need to interact with two or more systems within a single organization and only 5% have managed to reduce their onboarding period to only two weeks.
- 64% of respondents cite communication between departments within enterprises and lack of clarity around who to contact for what as a Top 3 area for improvement.
- 75% ranked operational efficiencies in their Top 3 priorities, however only 5% are interested in actively implementing the necessary supplier-facing tools to help streamline activity.