February 15, 2024
SCM (Supply Chain Management) software is always changing to meet new customer demands and to align with modern priorities. As can be said for most technologies, evolution is inevitable. But how has SCM software evolved in 2023? And what are the key trends that have recently emerged?
Supplier management is an important aspect of every business which is why supply chain software has become such a necessity. Supply chain management software (SCMS) is a critical tool in streamlining efficiencies and ensuring compliance. But, what else does SCM software focus on in the modern business landscape?
To keep up with the times and explain the power of supply chain software, we’ve outlined the top 5 trends that have arisen in 2023…
- Top 5 SCM Software Trends
- Shifting Towards Sustainability
- Automating the Supplier Management Process
- Blending the Power of People and Technology
- Improving Supply Chain Resilience
- Ensuring Supply Chain Compliance
- What can you expect from Prosure360 in 2024
Top 5 SCM Software Trends
Shifting Towards Sustainability
One trend that is becoming increasing apparent, in the world of SCM software, is a focus on ESG, net-zero, and sustainability. Environmental, social, and governance (ESG) considerations are no longer optional—they are non-negotiable.
To align the supply chain with ESG, businesses must define clear criteria for selecting suitable suppliers and contractors. This means that the supplier selection process must be seamless to assure that all your suppliers and contractors are equally dedicated to sustainability goals.
Ensuring ESG compliance means that businesses need to evidence their commitments to ESG goals, particularly with regards to suppliers and contractors. Ultimately, this means that your business needs to conduct due diligence to analyse the ESG practices of those you work with or those you intend to work with. Not only is this important in demonstrating your ethical responsibility, but also in protecting your brand reputation and attracting potential investors and key stakeholders.
SCM software plays a key role in enhancing ESG performance, as it allows businesses to carry out pre-qualified assessments. These cover subject matters directly linked to ESG practices, encompassing the requirements outlined in PAS91, including:
- Modern Slavery.
- Equality and Inclusion.
Through conducting these assessments, businesses can guarantee that their service providers, suppliers, and contractors share a steadfast commitment to the ethical standards they uphold.
Prosure360 is an SCM platform that has kept up with this trend and can help you improve your overall ESG score. With our software, you can make an informed decision about who you work with, using our pre-qualified assessments and bespoke question sets.
Through enhancing supply chain visibility and using real-time data, SCM software is the perfect tool for adopting sustainable practices and building stronger supplier relationships.
Automating the Supplier Management Process
Over the past few years, automation has become a key player in most businesses. And, in the current climate of 2023, the need for operational efficiency is essential. So, any SCM software worth investing in should automate the supplier management process. Traditionally, checking supplier qualifications, verification, and insurances has been a manual endeavour—but not anymore.
The supplier selection and management process can be time-consuming and tedious. Manually assessing each individual supplier and contractor places a considerable administrative burden on businesses. In modern business, agility and efficiency are key—so automation is no longer optional.
Automation transforms supply chain management, particularly in relation to supplier selection. Here are the key benefits of automating the supplier management process:
Time and Cost Savings:
Automating the supplier management process reduces the time and effort spent doing manual checks. With SCM software, businesses can expedite the vetting process, allowing for quicker decision-making and a reduction in administrative costs.
Streamlined Process:
From initial supplier onboarding to ongoing compliance monitoring, automation in SCM software ensures a seamless and standardised process for supplier selection. This reduces error and improves overall supply chain efficiency.
Data Accuracy and Compliance:
Manual processes are prone to human error, which can lead to compliance issues. SCM software automates data collection and verification, enhancing accuracy and ensuring that all suppliers adhere to the necessary regulations and standards.
Enhanced supply chain visibility:
Real-time insights in SCM software can give you a clear view of your service providers, suppliers, and contractors. Businesses can use the platform track performance metrics, monitor compliance status, and proactively address any potential issues, fostering a more transparent and accountable supplier network.
By automating routine tasks, supplier management software allows businesses to focus on strategic decision-making rather than getting bogged down by laboursome admin work. Embracing automation through SCM Software is paving the way for increased efficiency, reduced costs, and heightened competitiveness. In the journey toward a more agile and technologically driven future, automating supplier management ensures operational excellence and success.
Blending the Power of People and Technology
As we become more and more reliant on technology, we must ask ourselves: are we losing the human touch? Although technological advancements are extremely beneficial in supply chain management, we can’t underestimate the power of people.
The blend of human ingenuity and technological prowess is reshaping the way businesses operate. Nowhere is this synergy more crucial than in supplier management, where the delicate balance between people and technology can forge relationships that are built to last.
Building human relationships should always be a trend in SCM software, particularly when it comes to suppliers and contractors. In supplier management, the ability to cultivate relationships and align goals and core values is paramount. However, the sheer volume and complexity involved in managing suppliers means we need a technological solution.
SCM Software serves as the bridge that connects the power of human relationships with the efficiency of technology. By checking supplier qualifications, compliance, and values, you can ensure that everyone you work with aligns with your business goals. Supply chain software empowers you to find compatible and qualified service providers—this helps lay the foundation for enduring, mutually beneficial professional relationships.
Having a centralised platform ensures that the suppliers and contractors you employ are all on the same page, fostering transparency and trust across the board. It’s also important to recognise that your suppliers act as an extension of your brand. So, by using SCM software to streamline the selection process and manage supplier performance, you can safeguard your professional reputation.
By strategically selecting suppliers, businesses can build lasting partnerships that contribute to brand reputation and, ultimately, client satisfaction. At the end of the day, SCM software is all about people—it’s about bringing the right professionals together, aligning core values, and improving supplier relationship management.
Improving Supply Chain Resilience
In the wake of the unprecedented challenges posed by the COVID-19 pandemic, businesses are charting a new course for success in 2023. The main lesson learnt in the pandemic was the importance of having a resilient and fail-proof supply chain. As global uncertainties continue to loom, business need to fortify their supply chains and expect the unexpected.
SCM software is the key to unlocking supply chain resilience, empowering businesses with real-time data and total supply chain visibility. Supply chain management software enables you to proactively identify and address potential supply chain disruptions and mitigate risk—all of which boosts supply chain resilience.
Supply chain software gives you a bird’s eye view of all your suppliers and contractors. This level of transparency allows for quick decision-making and proactive problem-solving. These sophisticated SCM platforms are the perfect solution for companies aiming to enhance operational agility and implement effective risk mitigation strategies.
With the ability to predict and assess potential risks, supplier management software becomes a valuable ally in building resilient supply chains. To transform your supply chain into an agile, responsive, and resilient engine of growth, invest in supply chain software.
Prosure360 offers full visibility of your suppliers’ insurances, professional memberships, and financial status. Our SCM platform allows you to easily monitor and report on supplier performance, helping you build robust and resilient supply chains.
Ensuring Supply Chain Compliance
Over the past year, we’ve seen more and more businesses wanting to drive compliance in the supply chain. Sourcing compliant suppliers is a vital part of this process because it reduces the risk of disruptions as well as legal liabilities. However, controlling quality and ensuring compliance is almost impossible without SCM software.
To ensure compliance, you need to select suppliers who conform to regulatory standards and ethical practices. Supply chain management software proves particularly valuable in this context by empowering key stakeholders to oversee and regulate the necessary levels of health, safety, and compliance.
Ensuring quality, consistency, and compliance within your supply chain requires effective supplier performance management and supplier selection. Although finding compliant suppliers who are well qualified, and with the right insurances, can be challenging—SCM software can streamline this process, making it much more straightforward.
With Prosure360, compliance is made easy as we’re integrated with Meridian, a compliance management system from our partners at William Martin. This advanced integration allows you to track and report on compliance within your business, giving you total visibility of your health and safety performance.
What can you expect from Prosure360 in 2024?
Having reflected on the key trends that have emerged in the past year, we’re excited to see what 2024 holds for the SCMS industry. As we look to the future, Prosure360 is delighted to announce the imminent launch of our brand-new website, which will be launching early in the New Year.
Our new website aims to highlight our cutting-edge approach to supply chain management through a sleek and modern appearance. While our current website functions well, we couldn’t help but notice it was slightly outdated. So, our new site will elevate both design and overall functionality, enhancing user experience.
Prepare for an upgraded user experience, a website that not only looks better but also performs at its best. In the realm of SCM software, where technology reigns supreme, we believe every facet of our brand should resonate with the unparalleled sophistication and capabilities embedded in Prosure360 software.
Stay tuned for Prosure360’s digital revolution and book a demo today to take control of your supply chain!
