Veriscape SRM: Strengthening Supplier Relationships and Enforcing Contract Compliance

Effectively managing supplier relationships is becoming an increasing challenge for procurement teams, as they work to ensure compliance, enhance performance, and drive cost savings. Without the right tools, supplier performance can go untracked, contracts can become difficult to monitor, and communication may fall through the cracks. Veriscape SRM (Supplier Relationship Management) is designed to centralize supplier data, automate performance tracking, and enforce contract compliance—all while fostering better supplier collaboration.

Core Functionality: A Comprehensive Supplier Relationship Solution

Veriscape SRM empowers businesses to streamline supplier relationships by consolidating performance data, ensuring compliance, and enhancing collaboration. This approach transforms how procurement teams engage with suppliers and manage performance, offering a comprehensive set of tools designed to drive efficiency and accountability.

Supplier Performance Tracking

Veriscape SRM enables businesses to track and evaluate supplier performance against key performance indicators (KPIs) in real-time. This includes monitoring critical metrics such as:

• Contract Compliance Rate: Percentage of spend or activity that complies with agreed contract terms.
• Certifications Validity: Tracking the expiration and validity of certifications like ISO, ESG, and safety certifications.
• Regulatory Non-Conformances: Number and severity of compliance violations.
• Audit Scores: Results from internal or third-party supplier audits.

By automatically capturing and analyzing this data, Veriscape SRM makes it easier to identify areas for improvement and drive better supplier performance.

Contract Management

Veriscape SRM centralizes supplier contract management, ensuring that businesses can easily track the terms and compliance of their supplier agreements. Contracts are stored in a centralized repository and linked directly to supplier performance data and managing key elements such as:

• Supplier details, start/end dates, renewal terms
• Key clauses (e.g., payment terms, KPIs, penalties)
• Linked purchase requisitions or orders to monitor spend against contract
• Metadata tags for filtering by category, owner, business unit, or status (Active, Expired, In Review)

Veriscape SRM also offers automated reminders and alerts for contract renewals, performance reviews, and certificate expirations, ensuring you never miss important contract milestones.

Compliance Tracking

Veriscape SRM provides automated compliance checks, ensuring that suppliers meet all regulatory and company standards. The system can flag compliance deviations in real-time, so procurement teams can take corrective action before issues escalate including:

• Regulatory requirements
• Internal policies and supplier agreements
• Contractual compliance with agreed terms and conditions

By automating compliance monitoring, Veriscape SRM significantly reduces the risk of non-compliance and ensures that procurement activities are always aligned with corporate governance standards.

Supplier Collaboration Tools

Effective supplier collaboration is key to maintaining strong relationships and improving procurement outcomes. Veriscape SRM offers various collaboration tools, such as:

• Supplier Portal or Shared Workspace: A dedicated space where suppliers can access contracts, submit documentation, and communicate directly with procurement teams.
• Workflow Tasks and Notifications: Automated routing of issues, such as KPI breaches, non-compliance, or contract renewals, to relevant stakeholders for timely resolution.
• Comment Threads and Issue Logs: Enable ongoing communication and issue resolution within supplier records or contracts, ensuring that all actions are documented and tracked.

When a performance or compliance issue arises, it can quickly disrupt supplier relationships and cause inefficiencies. Veriscape SRM solves this by automating the entire communication and resolution process with the following steps:

1. Supplier performance or compliance issue is flagged.
2. Internal teams receive automated notifications.
3. Issues are tracked and resolved in the supplier collaboration module.
4. Suppliers receive notifications and can respond directly, either through comments or by uploading necessary documents.
5. All actions are logged, maintaining an audit trail for compliance.

This streamlined communication ensures that every aspect of the supplier relationship is transparent, accountable, and managed efficiently.

Integration with Existing Systems

Veriscape SRM integrates seamlessly with existing ERP and procurement systems, offering real-time data exchange across platforms. It supports multiple integration methods, including:

• REST, IDocs or SOAP APIs
• Event-driven webhooks
• File-based SFTP connectors (for legacy systems)

This integration ensures that procurement teams can continue using their existing infrastructure while benefiting from Veriscape SRM’s advanced supplier management capabilities.

User Workflow: Simplified Supplier Management

Within the platform, users can easily manage suppliers and streamline each step of the process with the ability to:

1. Add and Assess Suppliers: Suppliers are added to the system, and key performance data is tracked.
2. Track and Evaluate Supplier Performance: Supplier metrics (e.g., delivery time, quality, compliance) are continuously monitored and evaluated.
3. Collaborate on Issues: Suppliers and procurement teams work together through the platform’s collaboration tools to address issues and improve performance.
4. Monitor Contract Compliance: Veriscape SRM ensures that suppliers adhere to the terms of their contracts, reducing risk and improving procurement outcomes.

Automation: Streamlining Supplier Management

Veriscape SRM automates key aspects of supplier management, including:

• Supplier Performance Tracking: Automatically tracks performance metrics like delivery times, quality, and compliance.
• Compliance Checks: Automated alerts flag deviations from compliance standards and KPIs.
• Contract Management: Automated reminders for contract renewals, performance reviews, and certification expirations.

Automation within Veriscape SRM ensures that procurement teams can focus on strategic activities rather than administrative tasks, leading to improved efficiency and fewer errors.

Benefits of Veriscape SRM

By implementing Veriscape SRM, organizations can realize a wide range of benefits:

• Stronger Supplier Relationships: Streamlined communication and collaboration tools foster long-term, productive supplier partnerships.
• Better Supplier Performance Management: Real-time tracking and insights help optimize supplier performance and reduce risk.
• Reduced Compliance Risks: Automated compliance checks ensure that suppliers meet all regulatory and company standards.
• Increased Collaboration: Transparent communication and collaboration tools improve decision-making and lead to better procurement outcomes.

Veriscape SRM: A Core Component of Your Procurement Ecosystem

Veriscape SRM is a powerful, configurable solution designed to work within your existing procurement ecosystem. As part of the Veriscape Platform, SRM integrates seamlessly with tools for supplier management (SRM), requisitioning, workflow automation, and spend forecasting—providing procurement teams with end-to-end visibility and control.

By centralizing supplier data, automating compliance checks, and improving collaboration, Veriscape SRM helps businesses optimize their procurement strategy and achieve measurable results.