Managing Brand Reputation with Zycus Supplier Management

Analysts have revealed that brand power accounts for almost five percent of a company’s stock price. Just as stock prices surge in the event of positive market sentiment, any dent in your reputation can negatively affect your company’s stock performance. Analyzing the root cause of this problem takes us back to poorly performing or non-compliant suppliers because of which companies:

• Fail in timely delivery of a critical order
• Land in regulatory trouble
• Are unable to charge premium prices
• Are considered risky by lenders

All of these reasons affect stakeholders’ views about them and ultimately impact their valuation. Thus we can say that the key to managing the reputation of your company is handling your suppliers. Zycus understands that effective supplier management comes from a 360-degree view of supplier information and performance evaluation. It has, therefore, led Zycus to develop its Supplier Management module on two core principles:

The Path to Supplier Management Excellence with Zycus

Zycus’ robust Supplier Management software modules; iPerform and iSupplier help you measure supplier performance and store related information in a single place. The solution has dynamic reporting capabilities and the ability to create and track a supplier development program. You can also analyze supplier performance across a category, spend, facilities, and company level.

Managing Supplier Information with iSupplier

Here is how we help you: Organize

Define the parameters to consider supplier evaluation. Get the information needed from suppliers by evaluating the industry benchmarks.

Collect

Collect information through a self-service portal for the screening of potential suppliers.

Categorize

Categorize suppliers based on priorities and type of purchases viz. strategic partners, preferable suppliers, general suppliers, etc.

Alert

Receive alerts for non-compliance if suppliers fail to update necessary information so you can take appropriate action.

Integrate

Integrate supplier information with other tools like Supplier Performance Management, Accounts Payable, etc. Enable the organization in managing key performance indicators and supplier scorecards.

Evaluating supplier performance with iPerform

Here is how we help you: Benchmark

Set industry-specific and competitor relevant performance benchmarks to evaluate suppliers.

Analyze

Analyze intelligence reports and dashboards to evaluate supplier performance for making better decisions.

Improve

Help suppliers improve by creating development programs which can be accessed by suppliers from the supplier portal

Zycus Supplier Management offers some unique features. One of them is the customization of KPIs for supplier performance as per the company’s industry. Below are a few examples:

Financial Services

• Track financial stability of partners
• Check compliance under Basel II/III requirements
• Check adherence to IFRS, anti-money laundering regulation, Sarbanes-Oxley Act, Gramm Leach Bliley Act, Bank Secrecy Act, Foreign Corrupt Practices Act, and Financial Services Authority (U.K).

Automotive

• Supplier performance is measured based on factors like on-time delivery and parts per million etc. customized for automotive supplier categories
• Proactively measure supplier performance and risk (financial, operational, and reputational).

Consumer Packaged Goods

• Timely information around supplier credentials and certifications
• Compliance with regulatory standards like Consumer Product Safety Commission (CPSC), Fair Packaging and Labelling Act (FPLA), and Foreign Corrupt Practices (FCPA)are some of the KPIs for measuring supplier performance.

What happens to non-performing suppliers?

Supplier development programs help organizations improve supplier performance, enhance product quality, and reduce cost. Suppliers perform exceptionally well when they are given necessary support in terms of knowledge, finance, and process improvement capabilities.

With Zycus Supplier Management, you can raise a SCAR (Supplier Corrective Action Request) in iPerfrom for urgent redressal of issues related to product quality or non-conformity. Apart from taking remedial action, the supplier is also expected to look into the root cause of the problem to prevent future recurrence.

With the increased visibility of supplier information and benchmarks to measure performance, you reduce supply chain risk. You become more confident about your suppliers’ commitment to you so you can fulfill your promise to customers. By helping you scale your brand reputation, Zycus ensures your business always moves forward.

Find out more here

References:

1) https://www.iris.xyz/sell/brand-strategy/link-between-corporate-brand-image-advertising-stock-price

2) http://www.reputationdividend.com/files/4713/4822/1479/Reputation_Dividend_WEC_133_Cole.pdf