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Suppliers, Time To Go Digital. Don’t You Think?

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It’s not astonishing anymore when a supplier says, “we would like to go digital.” In fact, it’s more like a relief because it’s high time that suppliers start walking towards the digital era.

A decade ago, supplier’s reluctance to go digital would have been understandable, but now with the advancements of technology and adoption of eProcurement Software, a supplier’s step ahead can help him gain profits in the long run.

According to the ‘2017 Procure-to-Pay for Indirect Spend’ report by PayStream, the adoption level of eProcurement Software usage by companies have shown an increase to 53% in 2017 compared to 34% in 2016. There has been an increase of almost 55% in this segment.

Here are a few tips on how the ‘Digital Path’ could be useful for suppliers.

Tip 1: Strategize yourselves as ‘Partners’

Studies suggest that most of the supplier perceive themselves as ‘just suppliers’ whereas when the same question was asked to the customers, they recognized suppliers as their partners. So, unless the perception of the role isn’t changed, it is going to be a little difficult for suppliers to adopt quickly.

But the good news is, since the customers view you as partners, the credibility of the suppliers go on a rise if they are digital adopters. So, hop on and sign in to our Zycus Supplier Network now.

Tip 2: Focus on ‘creating value’ first

Studies also suggest that customers first look for strengthening ‘values’ with the suppliers and then get into building a relationship with them. If the supplier concentrates more on business issues that customers face and how technology can help them resolve such issues, they end up creating values for the customers.

This is a very good way of making use of the digital world in your favor and get the most out of it.

Tip 3: Start with the basics

Suppliers that go digital often tend to provide a broader base of benefits. They try to offer everything that they can with the help of technology. But first, however, the suppliers must work and cater to the basics needs that the customers are expecting. Rather than jumping off to the advanced technology, the suppliers could start from the basics and accelerate as per requirement.

The acceleration speed might differ from customer to customer, but a start from basics will always help a supplier understand and adopt a technology better.

Going digital might be challenging in some ways, but it’s definitely a step that will help in the long run.

Learn More: Vendor Management Guide

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Zycus is a leader in Cognititive Procurement. A leading SaaS platform used by many large enterprises across the globe for enabling efficiency and effectiveness of the procurement function.

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