says in a new report, “Now Tech: Supplier Risk and Management (SRPM), Q2 2020,” by Duncan Jones, a Forrester vice president and principal analyst for sourcing and vendor management professionals. Supplier risk and performance management (SRPM) software applications-a growing subcategory of the much larger supplier value management (SVM) technology market-helps B2B companies accomplish those goals, but choosing the most effective supplier management tools is a crucial task in itself, Forrester Research Inc. Steppingstones to B2B ecommerce excellenceĪutomating Shipping Workflows for Next Generation Multi-Vendor MarketplacesĪt the same time, B2B companies want to improve their suppliers’ experiences-and reward those who perform well. The digital integration of all these risk elements into one system, SAP Ariba, will simplify the information evaluation process, improve the mitigation management plan and, last but not least, support our supply chain in improving its preventive risk management process.B2B Weekly Infographic: Businesses are Hiringīack-End Integration for Customer Experienceī2B Distributors Continue to Grow EcommerceĮnvisionB2B | June 2023 | Chicago | #1 B2B Ecommerce Conference
The process ends with an internal analysis concluding whether continuing our partnership with the respective supplier is recommended or not. The outcome of such analyses is also shared with the supplier as a next step to introduce further mitigation measures, such as verification, follow-up actions, etc. Based on this process, we perform several analyses to check whether the alerts received would prevent us from continuing to work with the respective supplier. In 2019, we defined a supplier risk monitoring process in full alignment with OMV’s risk management approach. The incidents are split into four risk categories: Environmental and Social, Finance, Regulatory and Legal, and Operations. The risk is calculated automatically based on around 150 incidents collected from publicly available information, such as newspapers, press releases, company homepages, etc. The alerts are assigned a low, medium, or high risk level. Through SAP Ariba, we can now receive daily alerts about our registered suppliers. Understanding a supplier’s risk is an important factor in deciding whether and how we do business with the supplier.
OMV further developed the SAP Ariba modules already in place since 2018 by adding Supplier Risk. OMV continues its journey toward procurement digitalization.
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