Visionet Systems, Inc. provided an end to end solution for vendor product management for a leading retail company operating in the US with suppliers, vendors and contractors spread across the country. The implemented solution enabled the company to streamline its operations by efficiently managing its large number of vendors, suppliers and products.
The company was using an legacy ERP system, which lacked integration with their supplier’s systems and raised the following challenges in the management of its supplier base.
- The use of an legacy ERP did not support detailed information on the product including attributes, product variants and versions and other relevant information.
- Limited visibility to the overall supply chain hindered process efficiency and evaluation of supplier performance and their day-to-day operations.
- In the absence of real-time access to the available inventory and stock level, the company was facing difficulty in meeting customer demands and in comparing stock levels with the purchase orders.
- With vendors located across the country, the manual management was cumbersome and took a lot of efforts limiting the productivity.
- Obsolete code and functionalities of the ERP in use did not support day to day challenges
The company required strong collaboration capability with its suppliers with varying level of sophistication. This included the large suppliers and vendors with IT systems in place as well as the smaller partners which very limited or no systems in place. The client needed a comprehensive solution that would enable all type of suppliers to have real-time access to the key touch points in supply chain operations. There was also a strong need for a platform that could enable them to stream line the business process management related to supplier interactions regarding products and orders.
“We are impressed with the results we achieved from the Vendor Management Portal. Its ability to integrate information and workflows has considerably reduced the redundancy throughout the process. The improvement in the inventory management facilitated by accurate reports on vendor operations is a huge plus.”
To address all the mentioned challenges that the company was facing, our team of experts at Visionet identified Vendor Management Portal with business process management capabilities as a perfect fit. The need to streamline collaboration with suppliers, and have access to a common platform that has intelligent analytical capabilities, were the key requirements addressed by Visionet’s proposed solution.
The highlighting features of the implemented system include:
- Easy-to-use responsive design, accessible through all devices including, mobiles
- A viewport with information of each product
- Vendor management and accessibility to day-to-day operations
- Inventory controls at different levels
- Automatic order placement and invoicing
- Intelligent comparison engines to highlight the products in demand or on the basis of profitability
- Control over end to end product management process with complete visibility
- Integration with the existing ERP system
- Audit trails with rollback options
- Workflows implementation to streamline Product Management
- Order tracking
- Real-time Dashboards, Alerts and escalations
- Real-time Reports and Analytics
- Product Comparisons
In addition to the featured benefits of implementing the solution, Vendor Management Portal was accessible to the retail and distribution outlets staff allowing them to access the product information with ease. The solution helped provide easy access to the information across the supply chain and through it web based user-friendly interface. The company was able to benefit from numerous other gains including:
- Real-time access to the entire inventory has enabled the company to make well-informed business decisions and take quick actions while keeping adequate supply to meet customer demands. It has also reduced manual product management efforts thus increasing productivity.
- Up-to-date Product Information and Intelligent Analytics allow all parties to have a clear perspective of products having high demands and maximum profit potential.
- Efficient Batch Management model has reduced the risks in inventory loss for the company due to product expiry and staleness.
- Automated stock Replenishment System has facilitated the company to keep inventory stocked up with fresh produce and have sufficient stock level at all times. It has also enabled them to reduce their inventory costs without overstocking any item.
- With transparent and complete visibility to daily operations, the system offers the company a clear view of its vendors’ performance allowing better vendor management with identification of areas of improvement.
- Increased the ease in information exchange between suppliers and the company regarding sales, purchase orders, payments and receipts tracking, product feature amendments, price amendments and other relevant information, leading to greater overall efficiency.