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Published: July 8, 2024, 10:23 a.m.

Ryan Walicki & Matt Montgomery talk about supplier management - data challenges; complex tech; taking a proactive approach to risk; & the potential of AI.

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IN THIS EPISODE WE DISCUSS:

[06.43] Introductions to today\u2019s guests and what they do.

\u201cI completely nerd out about supplier management and third-party risk!\u201d

[09.02] From collection and validation to ongoing maintenance, the current processes and challenges of supplier management.

\u201cYou\u2019d think it was simple\u2026 but, in reality, suppliers get asked by a lot of customers to provide data in any number of ways \u2013 portals, emails, forms \u2013 and if you\u2019re a big supplier, it can be thousands of different ways that you\u2019re transmitting that information, through lots of different people and functions.\u201d

\u201cBig organizations use supplier information differently \u2013 in sourcing, contracting, supply chain, finance \u2013 and all of a sudden there\u2019s multiple versions of this supplier that exists.\u201d

[15.26] A closer look at the DNA of a supplier profile, and the importance of having visibility over that data.

[19.47] Supplier validation \u2013 the challenges of payments and banking, and finding the balance between security and maintaining speed and efficiency during the validation process.

\u201cEfficiency is coming, and AI will be a part of that, but it\u2019s really difficult \u2013 getting valid information for a supplier is the biggest roadblock for the onboarding process.\u201d

[22.59] How Matt works with his suppliers, and the processes that help him find that balance.

\u201cWe\u2019ve watched this evolution. Originally we were really just focused on data \u2013 \u2018How do I pay this company?\u2019, and collected just enough for that. Now it\u2019s much more than that. Now it\u2019s \u2018Are they compliant with regulations?\u2019; \u2018Do they have certain certification levels?\u2019; \u2018Are they in a particular region?\u2019\u2026 It becomes much less about the accounts payable piece and much more about the supply chain piece.\u201d

[27.14] A case study exploring how Relish and SAP helped a shared client to prevent a case of fraud, worth a huge $2.1 million, and what we can all learn.

[33.11] The risk inherent in supplier management, and how organizations should work to identify, assess and manage risk proactively.

\u201cMost companies are doing the assessment of risk\u2026 but the challenge is that it\u2019s very reactive\u2026 You know there\u2019s a risk, but what do you do with it? So how can technology help you to become more predictive?\u201d

[34.36] The role technology, specifically AI, plays in this space now \u2013 and its potential for the future.

\u201cAI is here\u2026 but without the context to answer the question properly, you\u2019re going to get bad steering. The next evolution is how to put context to that data.\u201d

[39.36] The complexity of the current IT landscape; why we should all be looking to simplify; and how organizations can find the right solutions for their supplier management.

\u201cWe\u2019re going to stop thinking about supplier management as a module, and we\u2019re going to start thinking about it the same way we think about user group management that goes across everything\u2026 Suppliers are so core to everything in procurement that you\u2019re going to see it more as a horizontal rather than a vertical.\u201d

[44.46] All about solutions: what\u2019s to come in episode 430, our upcoming collaboration with Relish.

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RESOURCES AND LINKS MENTIONED:

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Head over to Relish\u2019s website now to find out more, and discover how they could help you too. You can also connect with Relish and keep up to date with the latest over on LinkedIn, YouTube and X (Twitter), or you can connect with Ryan or Matt on LinkedIn.

If you enjoyed this episode and want to hear more from Relish, check out 408: Strategically Extend Your Enterprise Applications, with Relish.