Justification for Outsourcing Prequalification

About 60% of total company cost is incurred through procurement of goods or services. At SRMhub we believe great suppliers are partners to our clients’ business and therefore the selection and relationship management should be handled very well. Suppliers help you win through supplier driven innovation, efficient processes, quality products and risk mitigation. 

The above benefits will be highly realized with quality supplier selection process that focuses on compliance, capacity and due diligence.

Efficient process: - Our process is fully automated from vendor on boarding to evaluation process. This saves time for both our clients and vendors. Evaluation is computer aided up to 70% greatly improving the turnaround time.

Transparency: - Open communication inbuilt in the system with all queries managed by SRMhub and client jointly.

Two evaluators review each applications independently indicating remarks and computer automating scoring based on a pre-set criteria. The system highlights variance for a third eye to cross check. A final review is signed off by process manager.

Data storage/Archiving: - We give you a HTML file (web format) for ease of access to all information at any time. The user roles are predefined for security and control.

All data can still be downloaded and stored in hard disc in addition to HTML file.

Save money and time: - The manual process involves either hiring staff for document review and booking evaluation committees to a hotel to carry out the evaluation process. The documents also need to be archived in physical form for future reference. This is costs money and lots of time!

An outsourced electronic process does not need hiring hotels, archiving physical files. It also saves a lot of time with an evaluation process being concluded with 5 to 10 days.

Wider Participation: - Whether you need to attract local and international vendors, they are able to participate from any part of the world with no courier and travel costs involved. Last year SRMhub managed supplier registration process for international suppliers of our client HJFMRI.

Audit Trail and data security: -Every user action in the process is tracked and document within the system.

We use SaaS cloud servers managed by Google and therefore security of data and back up processes are automated.

Communication and Feedback: -Vendor and our clients have message board, enquiry, help desk and automated emailing system that enables ease of communication within SRMhub. All queries are responded to within 24 hours.

Integration: – SRMhub has a host of reports that come in various formats from .CSV, PDF, Word and text. These formats can be customized for ease of export and import from your ERP.

Go green and keep clean: -We help save trees by getting suppliers to submit electronic forms instead of papers.

No vendors need to visit your office for issues relating to supplier registration as everything from payments will be electronic and we shall manage the process including vendor communication.

Finally, your office will be tidy with no papers overflowing from tender boxes and you need not convert any office into a paper store.