Building a Future Proof Supplier Management Strategy That Will Last Until 2030

Our supplier and contractor management system, Prosure360, offers real-time data, so you can easily find service providers who are aligned to your business values and goals.

Real-time data is the key to success when it comes to supplier management. Prosure360 offers you total visibility of your suppliers’ insurances, professional memberships, and financial status. This means that you can easily monitor and report on supplier performance, ensuring compliance and enabling informed decision-making.

As supply chains become more digitised, the need for robust data protection and security measures also intensifies. Ensuring that sensitive information is shared securely and only with authorised parties is paramount. This includes implementing advanced permission and access controls within supplier and contractor management software.

Sustainability and Ethical Practices

Consumers and regulators are placing greater emphasis on sustainable and ethical supply chain practices. Environmental, Social, and Governance (ESG)  has become an extremely important part of managing the supply chain.

By embedding ESG goals into your supplier management strategy, you can attract investors, improve asset value, and enhance tenant satisfaction. Essentially, this will help businesses reduce the risk of losing investors, key stakeholders, and long-standing clients.

Companies must focus on reducing their environmental impact, ensuring fair labour practices, and promoting transparency throughout their supply networks. This extends to addressing modern slavery concerns and implementing ethical supplier sourcing strategies.

Customisation and Flexibility in Supplier Software Solutions

With so many software solutions available, companies often look for solutions that can be customised to their exact needs and requirements. Businesses are increasingly seeking supplier management software that can be tailored to their specific needs. The ability to customise software allows companies to align their supplier management processes with their unique brand ethos and operational requirements.

When it comes to supplier management software, a lot of other big schemes will just offer SSIP assessments or a very narrow range of assessments that are set in stone. Whereas, Prosure360 offers a level of customisation unlike any other platform.

As well as providing SSIP assessments, Prosure360 also enables you to set bespoke questions. This gives businesses all the background knowledge they need to make an informed choice about which suppliers and contractors to work with.

4 Steps to Creating a Bulletproof Supplier Management Strategy for 2030

To future-proof your supply chain and create a supplier management strategy that will remain relevant in 2030, consider the following steps:

1. Prioritise sustainability

Develop clear sustainability goals and integrate them into your supplier selection and management processes. By communicating your exact requirements to Prosure360, you have the power to set the criteria relating to ESG and net zero. This can then be relayed to the supply chain, helping your business to promote good ESG compliance.

4. Ensure compliance

Stay ahead of regulatory changes and implement robust compliance measures to ensure your business only work with compliant suppliers and contractors. Businesses that select qualified and compliant suppliers and contractors significantly reduce the risk of supply chain disruptions, legal pitfalls, and reputational risks.

The Role of Supplier Management Software

Modern supplier management software plays a crucial role in addressing these emerging trends. Solutions like Prosure360 offer comprehensive features that align with future supply chain needs:

Customisation

Supplier management software can be tailored to specific business requirements, ensuring alignment with company values and operational needs.

Supplier relationship management

Prosure360 facilitates better communication and collaboration with suppliers, enhancing overall supply chain performance.

Risk management

Supply chain software often includes features for identifying and mitigating supplier risks which is crucial for maintaining supply chain resilience and ensuring operations run smoothly.

Compliance and sustainability

Prosure360 helps businesses track and manage supplier compliance, as well as ensuring  that service providers meet ethical and sustainability standards.

How to Prepare for Future Challenges

Preparing for future challenges is half the battle when it comes to building a supplier management strategy. Estates managers, procurement directors, and other supply chain professionals can prepare for future challenges by:

Staying informed

It is important that businesses continuously stay in the loop about emerging technologies and trends in supplier and contractor management. By staying ahead of the curve, businesses can identify potential supply chain risks and put appropriate measures in place to mitigate them.

Conducting regular assessments

A supplier management strategy should never be static, because the world of supplier and contractor management is always changing. So, businesses should constantly evaluate their strategy and identify areas for improvement and innovation.

Are you ready to take on the future of supplier and contractor management?  Book a demo today!