Does your business source products and services from global markets?
If your company is sourcing goods and services internationally you could be reaping many benefits. These include access to cheap raw materials and products, tax breaks and reduced labour costs.
However, you could also face many challenges when globally sourcing across geopolitical boundaries. Your business could struggle to achieve visibility of its global supply chain. Without good visibility, maximising the benefits from global sourcing is impossible, as it is impossible to track exactly how much is being spent.
Fortunately, technology is revolutionising the way organisations can process and track every stage of their global sourcing operation.
Do you have visibility of a global supply chain?
If your organisation struggles with supply chain visibility you are not alone, according to Deloitte’s survey of Chief Procurement Officers, 65% of CPO’s have limited or no visibility beyond their Tier 1 suppliers. One problem your organisation might face is the challenge of how to compare bids from multiple suppliers in multiple currencies. So, how do you solve this problem? Do you rely on spreadsheets to compare factory costs, duties, shipping and other factors that impact on total prices? The problem with spreadsheets is they are not easy to share globally or keep up to date, which means they can be an unreliable source of data.
A better solution to this problem is to utilise cloud-based spend management technology. A good cloud-based spend management platform (like Claritum) can be accessed 247 from anywhere in the world and can provide centralised visibility over every transaction in real-time.
Supply chain visibility is poor
65% of procurement leaders have limited or no visibility beyond their Tier 1 suppliers.
Global Sourcing Technology
At Claritum we help clients to achieve centralised control over local transactions by tracking every penny of cost from production to fulfillment, duties, shipping and storage. Claritum’s spend management platform enables users to reduce the time spent dealing with suppliers and customers by making repeat ordering and contract management easier to manage. We help clients to onboard a large number of suppliers by profiling each according to capability, product service, location, and other criteria. Our Web Services API enables customers to streamline their entire workflow and integrate with buy-side and supply-side software platforms. The platform also automates processes to reduce manual intervention which effectively eliminates re-keying errors and minimises the time wasted on manual processes. Claritum’s powerful global reporting capability ensures that you can access meaningful reports from anywhere at any time and in realtime.
If you are experiencing problems with visibility in your global supply chain contact Claritum today to find out how we can help you.