Updated: Jan 28, 2021
What is Supplier Information Management (SIM)?
SIM is a methodology and scalable process to communicate with suppliers collecting verifying and managing related data and documentation. SIM manage high volume of supplier data coming from disparate sources.
What is Supplier Profile?
A buyer organization can have a list of suppliers referred to as the supplier profile list. Supplier profile display, Name of Supplier, Supplier address, Contact Number, Tax details, Bank Details and so on.
Advantage of SIM
Implementation a robust Suppler Information Management (SIM) solution provides supplier data collection, validation and management services across entire organization. SIM is not only a set of supplier data, but SIM by definition includes all the relevant data and documentation that your organization would ever need to perform and optimize interactions and transactions with suppliers.
SIM solution provides the entire Supplier Lifecycle, from selection on-boarding credentialing, enrichment, spend analysis, profit recovery, invoice/payment visibility, and analytics. Leveraging a SaaS application for SIM allows organizations to get advantage by ease to use, controls; workflow, degree of automation, and ease of integration with ERP system, and downstream P2P tools.
· SIM ensures supplier data governance
SIM gives clients a platform to ensure all information is controlled and governed the highest standard. By using SIM clients can create workflow that insures the observance all internal controls and external regulations.
· SIM enforces global standard while allowing for local flexibility
A complete SIM solution enables a large or mid-sized organization to institute a centralized set of SIM rules with validations and workflows. SIM platform can ensure the centralized global standard across the company. The system can also allow for decentralized and disconnected divisions to observe necessary exceptions to centralize rules.
· SIM generates actionable supplier information
The supplier information collect from SIM serves as valuable resource of new information and insight for future cost and time savings. Customer Supplier Relation goal can be achieved by the organizations.
· SIM allows users to manage supplier information by exception
SIM system can rely heavily on automation to complete tasks and manage supplier data. The vast majority of communication with suppliers and entirely of supplier data and documents are pushed through preconfigured workflows to ensure proper processing and accuracy. End users are only expected to get involved in supplier information management to manage exceptions and resolve disputes.
· SIM Improves Return On Investment (ROI)
Clients leveraging more accurate data from suppliers will see huge increases to the Return On Investment (ROI).
Supplier Information Management Solution, the supplier maintains their own data with generic information and additional profile information such as certifications as sustainability, ISO etc. These kinds of certifications and information can be very important for your product or service and your organization. Your suppliers can maintain this in their Company profile settings on Ariba Network.