Supplier performance management (SPM) is a business practice that is used to measure, analyze, and manage the performance of a supplier. Supplier management professionals seek to cut costs, alleviate risks, and drive continuous improvement. Companies use systems to monitor supplier performance levels.
Managing vendors is a complex process which, if done right, can deliver many rewards for a large organization.
Supplier onboarding is the process of initiating a new business relationship with an external supplier and integrating that supplier into the company's systems and business processes.
There are significant benefits that an organization can realize from adopting onboarding software. First, as described in Part 1 of this article, a smooth process enabled by software can yield large process cost savings.