In today’s connected world, your institutional stakeholders and suppliers all expect information to be available online, all of the time. As networks become more connected and the pace of work increases, the risks associated with data errors and fraudulent activity also increase.
ESM’s Supplier Management solution provides a central location to streamline all aspects of working with your suppliers. With it, your organization can automate manual workflows, enable your suppliers for self-service and reduce your exposure to fraud and theft - all at the same time.
Your Entire Supplier Lifecycle in a Single Solution
ESM’s Supplier Management solution helps you throughout the supplier lifecycle, making it possible to offload tasks, reduce data entry and increase value and opportunity for your suppliers.
With pre-configured templates or your own forms, suppliers can register online and submit their information for review and approval. Embedded workflow rules and alerts ensure the quality of data and will notify the relevant people if additional information is required.
Configure your organization’s supplier management portal to store important documentation and training material for your suppliers. For example, if one of your strategic initiatives is to conduct more business with diverse or green vendors, you can make instructional material available and audit whether or not suppliers have viewed it.
Within the ESM Supplier Management environment, you maintain a full history of pertinent relationship and transactional information. That includes invoices that suppliers have submitted, payments that you have processed, price lists, catalog updates, contact information and more. The flexible nature of our solution means you don’t have to fit your unique needs into an arbitrary software configuration. We can conform to your requirements and best practices.
Not only does the solution act as a repository for the information you want to share with suppliers, it also provides a repository for the information that you need from them. Configure ESM’s Supplier Management environment with forms to maintain banking information, contracts, certifications and any other form of documentation you need for your institution.
ESM is leading the industry with intuitive, user-friendly software solutions. Our Supplier Management solution follows that philosophy.
Fully integrated with the ESM spend management solution suite, the Supplier Management solution sends and receives information to and from all relevant systems, such as sourcing, eProcurement, and contract management. It also easily exchanges information with other third party applications and your ERP system.
Workflows & Notifications
We have one of the easiest and most configurable workflow engines in the business. Institutions of all sizes – from statewide systems to community colleges – rely on it to streamline and automate. Alerts and notifications ensure completeness and accuracy of data, while keeping things on track.
KPI's and Scorecards
You can’t manage what you don’t measure. So, as part of our Supplier Management solution, you can set up, monitor and report on important performance measures. We have some best practices that we’ll be happy to share with you, but rest comfortably knowing you can digitize and formalize your own best practices too.
There is no end of internal and external stakeholders wanting to review and audit the activities and expenditures of organizations these days – especially with the apparent rise in cases of fraud in public sector and education procurement. Taxpayer watchdog groups, government funding sources, grantors, compliance officers, accountants and others all want to make sure funds were spent where, when and how they were supposed to be. ESM provides full reporting and auditing capabilities to make the auditing process faster, easier and more efficient.
Higher education institutions have seen a spike in “supplier imposter” fraud attempts where change of payment instructions are received from criminals who are purporting to be known suppliers. Criminals will call or email the institution and mention specific campus projects to appear legitimate. If the unsuspecting employee makes the requested changes, future payments may be routed directly to the criminal’s bank account.
In a recent example, more than $3 million was paid to a fraudulent account.
A supplier management solution reduces this risk: Vendors are responsible for updating bank information in the portal. Only authorized users are able to make those changes.