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Allison Caggia

Strengthening Your Supply Chain: Optimizing Vendor Relationships for Strategic Procurement

As market conditions become increasingly volatile and unpredictable, the ability to move fast and rapidly implement change and innovation has taken on a new urgency. Effective controls must be matched by greater speed – bringing agility to the forefront of functional capability. In the 2023 Global Report on the State of Agility in Procurement & Supply, 88% of respondents in executive management functions agreed that adopting agile procurement is a strategic imperative. In the same study, it ranks the priority of commercial operations. It’s no surprise that the digitalization of both procurement and sales is the number one priority in procurement and supply.

At Malbek, we recognize that procurement departments play a critical role in digitizing, developing, nurturing, and sustaining supplier relationships. You and your team likely deal with many vendors and contracts, and are responsible for managing the process, relationships, financial tracking, renewals, and expirations, which means a million moving pieces. Malbek CLM software makes it all easier by providing one central repository for all supplier contracts, creating visibility and easier tracking of contracts. It can also help make collaboration between your team and other internal departments and suppliers more efficient by allowing everyone to see who is responsible for what, easily address issues, and see exactly where the contract is in the lifecycle process. 

In this post, we will explore major challenges that procurement departments face and key strategies that help optimize supplier relationships from a procurement perspective, by leveraging CLM software.

Challenges that can negatively impact supplier relations 

Malbek CLM software to the rescue 

Malbek’s CLM provides a transformative solution to help alleviate some of these pain points and help boost business and supplier relationships. Here are some of the benefits of implementing a CLM for you and your procurement team. 

In a recent G2 review, a procurement customer in Information Technology and Services stated, “We had multiple folders and places where we were saving our contracts. There was no single source of truth. Also, it was hard to keep track of renewals and expirations. Some of the benefits of implementing Malbek’s CLM are the reminders feature, having one source of truth for all contracts, the amendment feature, customized workflow, and amazing customer service”. 

Procurement departments are indispensable (yes, you!) for organizational success. But as you know, your role can face many challenges that prevent you from being as smart and scrappy as possible. By implementing CLM software, you can address pain points resulting in increased efficiency, reduction of risk, and strengthened supplier relationships. By integrating CLM software, you can empower your team to focus on strategic initiatives, make informed decisions, and be key contributors to your company’s success!   

Sign up for a demo today or explore our Procurement solutions to learn how you can create a better experience for you and your procurement team (and your suppliers, too)!