Supplier Relationship Management Software
Embrace SRM Power of Dynamics 365
ScienceSoft combined 10 years in building supply chain software with 14 years of working with Microsoft Dynamics to create a robust Dynamics 365-based SRM solution that can be easily customized to meet your business specifics.
SRM Software: The Essence
Supplier relationship management (SRM) software is a solution that helps companies streamline supplier selection and onboarding, performance tracking and assessment, document management, and other important supplier-related processes.
Such software aims to ensure purchasing from reliable suppliers and bring end-to-end visibility of collaboration workflow. SRM solutions centralize supplier-related data, automate pre-qualification and scoring workflows, support contract and procurement management, and provide supplier portal functionality for facilitated communication with multi-tier vendors.
With SRM software, you can reach up to 260% annual ROI.
Key Features of SRM Software by ScienceSoft
Our Microsoft Dynamics 365-based SRM software provides a comprehensive feature set to help you make better sourcing and purchasing decisions, mitigate vendor performance risks, and streamline communication with suppliers. ScienceSoft is ready to analyze your business needs and suggest the optimal solution’s modules to implement – you don’t need to pay for unnecessary functionality.
Supplier portal
- Instant messaging tools (for sourcing and procurement specialists to communicate with suppliers’ and sub-suppliers’ representatives).
- Personal supplier dashboard with all related activities: assigned purchase orders, available e-tenders & e-auctions, contract reviews, etc. (available for authorized suppliers).
- Automatic alerts for suppliers to update expiring data (accreditations, certifications).
- Supplier catalog updating and editing.
- Supplier forum with Q&A sections and shared file spaces (featuring R&D results, demand forecasts, etc.).
- Creation of template-based and custom supplier surveys and their individual or bulk sharing (e.g., to get supplier feedback on collaboration).
Supplier data management
- Registration of suppliers and sub-suppliers by sourcing specialists or self-registration via the supplier portal.
- Storage and tracking of all supplier data (supplier interaction history and ongoing activities, current capacity and pricing, general information about the companies).
- Document storage (contracts with suppliers, invoices, certifications proving supplier compliance with the business requirements, etc.).
- Search engine with filtering and metadata querying to navigate supplier data and documents.
- Automated linking of related data records (e.g., all records related to a particular supplier can be accessed in a supplier profile).
- Personal/bulk notifications about updates in supplier data or sourcing & procurement activities to involved specialists.
Supplier performance management
- Supplier performance analytics.
- Automatic alerts on deteriorating supplier performance.
- Supplier comparison and segmentation (based on supplier performance and the level of engagement).
- Configurable dashboards with a supplier activity overview.
Supplier risk management
- Real-time supplier risk monitoring (reputational, financial, operational, and other risks assessed by AI based on private and public data sources + data from the questionnaires filled in by the suppliers).
- Ongoing supplier compliance checks.
- Automatic risk alerts on any risk exposure.
- Pre-defined workflows for supplier issue mitigation, e.g., issue analysis, resolution suggestion, resolution review, and approval.
- Risk exposure dashboard (with an overview of overall risk exposure level / per risk factors / per particular suppliers or supplier groups).
Supplier contract management
- Template-based creation of contracts for supply.
- Automated contract approval workflow (collecting internal and supplier approvals).
- Contract status tracking.
- Alerts for contract start/renewal dates.
- Contract versioning.
Bidding and supplier selection
- AI-based supplier pre-qualification (to assess their financial stability, regulatory compliance, risk of supply disruptions, etc.).
- Setup of supplier compliance requirements (quality standards, capacity, sustainability, delivery terms, etc.).
- Quick form-based creation of sourcing events (e-tenders, e-auctions).
- Automated sourcing event approval workflow.
- Sourcing event status tracking (for sourcing specialists and suppliers).
- Template-based supplier invitations for participation in bidding.
- Supplier bids comparison (that may include compliance scoring for a particular sourcing event and analysis of cost benefits).
- Collaboration with department managers on supplier selection and nomination.
Procurement management
- Quick form-based creation of purchase requisitions, RFxs, and purchase orders.
- Automated approval workflow for purchase requisitions and purchase orders.
- Supplier assignment to purchase orders with analytics-based recommendations on fitting suppliers.
- Creation and management of preferred supplier lists (e.g., suppliers for particular products/services assigned by procurement specialists drawing on analytical insights).
- Status tracking for purchase requisitions and purchase orders.
- Automated three-way matching (purchase orders, order receipts, and supplier invoices are cross-compared to reveal inconsistencies if any).
- Order execution tracking (for several tiers if required).
- Communication tools to discuss orders with the suppliers.
- Real-time analysis of procurement spend.
- Spend limits setup (per user/department).
Security and compliance
- Multi-factor user authentication.
- Permission-based access for various user groups, including purchasing managers, sourcing managers, category managers, procurement analysts.
- Intelligent fraud detection.
- Audit trail (to track who and when adds or changes any transactions in SRM software, e.g., places purchase orders).
- Data backup and recovery.
- Compliance with SOX, SOC 1 and SOC 2, WTO regulations, FAR (for federal government procurement in the US), Peppol (for eProcurement in the EU), other relevant region- and industry-specific regulations.
Implementation of SRM Software with ScienceSoft
ScienceSoft provides full-scale services, from consulting and implementation to evolution and support, to help you smoothly roll out and operate your own Dynamics 365-based SRM solution.
SRM software consulting
We advise on the optimal features for your SRM solution and prepare a plan of integrations with the required systems. You also get implementation cost & time estimates and expected ROI calculation.
SRM software implementation
We turn our default app into your unique SRM solution and cover SRM software implementation end to end. You also get continuous managed support and evolution of the solution.
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It's our sincere belief in the value Dynamics 365 can bring to businesses that inspired us to develop our competence and earn the status of Microsoft Gold Partner. We are happy to help our clients on their digital transformation journeys by creating easy-to-handle, yet robust solutions, powered by Dynamics 365. |
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Important Integrations for SRM Software
Integrating the SRM solution with your corporate software helps improve supply chain resilience and eliminate double data entry across disparate systems. ScienceSoft recommends establishing the following integrations:
- SRM software + intranet: to collaborate with business departments on supplier selection and procurement activities (e.g., other departments can submit their specific sourcing requirements and participate in the supplier approval process).
- SRM software + inventory management software: to transfer data on inventory levels from inventory management software to SRM for timely procurement.
- SRM software + warehouse management software (WMS): to transfer notifications on received supplies (with the results of their quality inspection) from WMS to the involved users in SRM.
- SRM software + ERP: to transfer accurate supplier data and analytics (on supplier performance and risks) from SRM to ERP to leverage it at all levels of enterprise planning (operational and business planning).
NB! When integrated with HR management software, our SRM solution can cover the functionality of vendor relationship management software for staffing needs. Such software helps businesses that rely on external workforce streamline hiring processes and management of relationships with contingent workers, service contractors, and freelancers.
SRM Software Capabilities That Drive High ROI
ScienceSoft’s SRM solution introduces a range of powerful functional and non-functional capabilities that can bring additional value across your SRM processes:
High level of automation
across daily routines of employees engaged in sourcing & procurement activities to increase their productivity and free them up for high-value, strategic SRM tasks.
High visibility into all levels of SRM processes
from supplier onboarding and pre-qualification to strategic sourcing and purchasing activities.
Advanced supplier performance analytics
to accurately assess supplier risks and enable informed SRM-related decisions based on AI recommendations, e.g., on optimal bid evaluation criteria or optimal supplier selection scenarios.
Powerful search engine
to quickly find supplier information and supplier performance stats on a particular supplier, business unit or region and easily navigate documents (contracts, invoices, etc.).
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ScienceSoft doesn’t claim the SRM software we offer is a magic pill for every company. But it proved to bring a significant ROI for the range of companies with particular business needs:
Companies that already use Microsoft Dynamics 365 apps and want to decrease the learning curve for their SRM teams.
Companies involved in high-volume and high-value deals that have high security requirements for e-tender data and supplier-related data.
Companies from regulated industries (e.g., public sector, healthcare, military) that need to meet strict compliance requirements.
Companies that want to advance their existing ERP or procurement software with a powerful supplier collaboration platform.
Found your needs listed above? Looks like our Dynamics 365-based SRM solution will be the most feasible option to meet them!
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5–45% savings in procurement cost due to obtaining the most competitive prices from suppliers and reducing supplier risks. |
Up to 90% increase in sourcing & procurement team productivity due to eliminated manual SRM-related tasks. |
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50–70% faster source-to-contract cycle due to template-based RFx and e-auction creation. |
75–90% faster purchasing cycle due to automated processing of purchase orders and invoices. |
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Enhanced supplier engagement due to supplier-faced platform functionality and convenient communication tools. |
Eliminated supplier data silos due to centralized storage for all supplier-related data and documents. |
SRM Software Pricing
The cost and duration of Microsoft Dynamics 365-based SRM software implementation may vary depending on:
- The number and complexity of the solution’s functional modules you need.
- The volume of data that needs to be migrated from the spreadsheets and/or your existing SRM software.
- The number and complexity of integrations to establish (with ERP, WMS, inventory management software, etc.).
- Performance, scalability, availability, security requirements.
ScienceSoft’s consultants will be glad to estimate the budget of your SRM implementation initiative and share the software pricing details.
About ScienceSoft
ScienceSoft is a global IT consulting and software development company headquartered in McKinney, Texas. Since 2012, we help businesses implement effective SRM solutions to power their vendor relationship management processes. Being an ISO 9001 and ISO 27001 certified company, we rely on a mature quality management system and guarantee cooperation with us does not pose any risks to our customers' data security.