Efficiency is imperative in today’s dynamic business landscape, and an effective procurement process ensures organisations can meet their full potential. However, many businesses still overlook the significance of refining these processes.
Although streamlining procurement can present challenges, businesses can operate efficiently with the right strategic approach. With platforms like Synertrade Accelerate, end users can better manage supplier relationships and uncover new opportunities to operate more effectively through digitalising various procurement processes. This includes evaluating new suppliers, contracting and onboarding, catalogue management and spend analysis.
Enter Synertrade Accelerate
Synertrade’s Accelerate solution operates on a modular level, offering coverage across the entire source-to-pay (S2P) function – incorporating Supplier Relationship Management (SRM), Source-to-Contract (S2C) and Procure-to-pay (P2P) – to provide a single source of truth for procurement departments.
This unified approach centralises all procurement data and processes, removing silos and improving collaboration between departments. By integrating all procurement processes into one single platform, businesses can ensure consistent communication between teams and easily access data from all sources, which leads to increased productivity.
Through Synertrade’s advanced management tools, organisations can significantly improve data accuracy by automating data entry, leveraging real-time updates and centralising data management. As a result, businesses can make better-informed decisions that drive business growth and performance.
Managing supplier relationships
With over 400,000 connected users and 4,000,000 registered suppliers, Synertrade’s Accelerate procurement platform now supports more than 250 companies worldwide and covers the entire Source-to-Pay process in an integrated and fully digitised way, enhancing end-to-end collaboration across business functions.
A well-developed strategy allows procurement teams to be adaptable, continually thinking of and testing different approaches to entering new markets, delivering higher customer value and reducing excess spending.
A key part of Synertrade’s offering, Supplier Relationship Management (SRM) enables businesses to engage with their suppliers to drive innovation and business performance. To ensure all suppliers continue to align with strategic business goals, regular performance reviews allow for the assessment of day-to-day operations to see whether teams are on track to achieve or surpass their KPIs or require additional support to help them reach them. This results in improving supplier performance and relationships.
Procurement leaders must also focus on becoming more collaborative across every level of the organisation, rather than solely focusing on a single element. This includes improving sustainable supply strategies and ensuring a secondary supplier or supply chain to strengthen resilience, all whilst ensuring costs are balanced.
The benefits of full S2P solutions
S2P processes are designed to streamline and optimise procurement activities, ensuring that organisations receive the goods and services required in a timely and cost-effective manner while maintaining positive supplier relationships.
A full S2P solution helps procurement teams:
- Enhance and maintain vendor relations – S2P platforms facilitate better communication and collaboration with suppliers, developing long-term partnerships and growth
- Strengthen ESG ratings – S2P software has built-in functionality to support ESG scoring, such as ensuring compliance with changing regulations or evaluating supplier selection to minimise environmental impact
- Improve control – increased accessibility and visibility of data allows procurement teams to make better-informed decisions at faster rates
- Reduce costs and minimise errors – automating elements of the procurement process using effective S2P software minimises the margin for human error and enhances the opportunities for cost evaluation, helping to leverage efficiency and remove redundant tasks
Ultimately, refining an organisation’s procurement function is not solely about cost-savings, but is also about adding value to the enterprise.
What sets Synertrade apart?
Other competitors typically offer a more fragmented approach, either not providing a complete solution or relying on data from other systems (which depend on the reliability and scalability of those unconnected systems).
However, Synertrade’s approach differs and consolidates information from numerous sources into one single source of truth to create a more user-friendly experience. Synertrade prides itself on being a ‘h2h’ company – human to human, rather than simply providing an S2P platform and then pushing users to an implementation partner, who would almost inevitably extend timelines and increase costs.
Synertrade also works closely with prospective customers to get Synertrade Accelerate up and running within an agreed schedule, ensuring faster implementation and, ultimately, a quicker path to realising value.
By integrating data from various sources, Synertrade Accelerate simplifies procurement, boosts productivity and ensures users have an easy-to-use, single source of truth platform. This approach enhances efficiency while creating a user-friendly environment that encourages collaboration.
