Supplier Relationship Management (SRM) Software: Overview (2024)

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General Characteristics of ScienceSoft'sSRM Software

Our supplier relationship management (SRM) softwareis designed to helpcompanies streamline supplier selection and onboarding, performance tracking and assessment, document management, and other important supplier-related processes.It helps ensure purchasing from reliable suppliers and bring end-to-end visibility of collaboration workflow.

SRM solutions by ScienceSoft centralize supplier-related data, automatepre-qualification and scoring workflows, support contract and procurement management, and providesupplier portalfunctionality for facilitated communication with multi-tier vendors.We rely on the Microsoft Dynamics 365 platform to introduce robust, secureand cost-effective SRM software that can be easily customized to meet each company’s specific needs.

With SRMsoftware by ScienceSoft, you can reach up to 260% annual ROI.

Key Features of SRM Software by ScienceSoft

Supplier portal

Instant messaging tools (for sourcing and procurement specialists to communicate with suppliers’ and sub-suppliers’ representatives).
Personal supplier dashboard with all related activities: assigned purchase orders, available e-tenders & e-auctions, contract reviews, etc. (available for authorized suppliers).
Automatic alerts for suppliers to update expiring data (accreditations, certifications).
Supplier catalog updating and editing.
Supplier forum with Q&A sections and shared file spaces (featuring R&D results, demand forecasts, etc.).
Creation of template-based and custom supplier surveys and their individual or bulk sharing (e.g., to get supplier feedback on collaboration).

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Supplier data management

Registration of suppliers and sub-suppliers by sourcing specialists or self-registration via the supplier portal.
Storage and tracking of all supplier data (supplier interaction history and ongoing activities, current capacity and pricing, general information about the companies).
Document storage (contracts with suppliers, invoices, certifications proving supplier compliance with the business requirements, etc.).
Search engine with filtering and metadata querying to navigate supplier data and documents.
Automated linking of related data records (e.g., all records related to a particular supplier can be accessed in a supplier profile).
Personal/bulk notifications about updates in supplier data or sourcing & procurement activities to involved specialists.

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Supplier performance management

Supplier performance analytics.
Automatic alerts on deteriorating supplier performance.
Supplier comparison and segmentation (based on supplier performance and the level of engagement).
Configurable dashboards with a supplier activity overview.

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Supplier risk management

Real-time supplier risk monitoring (reputational, financial, operational, and other risks assessed by AI based on private and public data sources + data from the questionnaires filled in by the suppliers).
Ongoing supplier compliance checks.
Automatic risk alerts on any risk exposure.
Pre-defined workflows for supplier issue mitigation, e.g., issue analysis, resolution suggestion, resolution review, and approval.
Risk exposure dashboard (with an overview of overall risk exposure level / per risk factors / per particular suppliers or supplier groups).

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Supplier contract management

Template-based creation of contracts for supply.
Automated contract approval workflow (collecting internal and supplier approvals).
Contract status tracking.
Alerts for contract start/renewal dates.
Contract versioning.

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Bidding and supplier selection

AI-based supplier pre-qualification (to assess their financial stability, regulatory compliance, risk of supply disruptions, etc.).
Setup of supplier compliance requirements (quality standards, capacity, sustainability, delivery terms, etc.).
Quick form-based creation of sourcing events (e-tenders, e-auctions).
Automated sourcing event approval workflow.
Sourcing event status tracking (for sourcing specialists and suppliers).
Template-based supplier invitations for participation in bidding.
Supplier bids comparison (that may include compliance scoring for a particular sourcing event and analysis of cost benefits).
Collaboration with department managers on supplier selection and nomination.

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Procurement management

Quick form-based creation of purchase requisitions, RFxs, and purchase orders.
Automated approval workflow for purchase requisitions and purchase orders.
Supplier assignment to purchase orders with analytics-based recommendations on fitting suppliers.
Creation and management of preferred supplier lists (e.g., suppliers for particular products/services assigned by procurement specialists drawing on analytical insights).
Status tracking for purchase requisitions and purchase orders.
Automated three-way matching (purchase orders, order receipts, and supplier invoices are cross-compared to reveal inconsistencies if any).
Order execution tracking (for several tiers if required).
Communication tools to discuss orders with the suppliers.
Real-time analysis of procurement spend.
Spend limits setup (per user/department).

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Security and compliance

Multi-factor user authentication.
Permission-based access for various user groups, including purchasing managers, sourcing managers, category managers, procurement analysts.
Intelligent fraud detection.
Audit trail (to track who and when adds or changes any transactions in SRM software, e.g., places purchase orders).
Data backup and recovery.
Compliance with SOX, SOC 1 and SOC 2, WTO regulations, FAR (for federal government procurement in the US), Peppol (for eProcurement in the EU), other relevant region- and industry-specific regulations.

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Important Integrations for SRM Software

Integrating the SRM solution with your corporate software helps improve supply chain resilience and eliminate double data entry across disparate systems. ScienceSoft recommends establishing the following integrations:

SRM software + intranet: to collaborate with business departments on supplier selection and procurement activities (e.g., other departments can submit their specific sourcing requirements and participate in the supplier approval process).
SRM software + inventory management software: to transfer data on inventory levels from inventory management software to SRM for timely procurement.
SRM software + warehouse management software (WMS): to transfer notifications on received supplies (with the results of their quality inspection) from WMS to the involved users in SRM.
SRM software + ERP:to transfer accurate supplier data and analytics (on supplier performance and risks) from SRM to ERP to leverage it at all levels of enterprise planning (operational and business planning).

NB! When integrated with HR management software,our SRM solutioncan cover the functionality of vendor relationship management software for staffing needs. Such software helps businesses that rely on external workforce streamline hiring processes and management of relationships with contingent workers, service contractors, and freelancers.

Best Supplier Relationship Management Software: Comparison

There are many SRM solutions on the market that differ in the scope and complexity of capabilities, customization options, and usability. See how ScienceSoft’s Dynamics 365-based SRM software compares to the leading SRM offerings:

	SAP Ariba Supplier Management	Oracle Supplier Lifecycle Management	SRM Platform by GEP SMART	Microsoft Dynamics 365-Based SRM System ScienceSoft’s choice
Basic SRM capabilities ? Criteria-based supplier pre-qualification. Supplier data and document management. A full history of supplier interactions.
Advanced analytics ? AI-powered supplier performance analytics and risk assessment, data-driven spend forecasting, intelligent guidance on optimal decisions across SRM processes.	Requires integration with Qualtrics XM Platform, a separately licensed product.
Supplier self-service capabilities ? Built-in supplier portal functionality to introduce vendor self-service options and streamline supplier collaboration.	Requires integration with SAP Business Network.	Requires integration with Oracle iSupplier Portal.	Available only for the suppliers vetted by GEP.
Business-specific functionality ? The ability to expand the solution’s core capabilities to meet a company’s unique business needs.	Restricted to third-party add-ons available in SAP Store.	Restricted to OOTB Oracle plugins and extensions.
Customization ? The ability to adjust the solution’s existing capabilities and remove the features unnecessary for a company’s SRM operations.	Limited capabilities.	Limited capabilities.	Limited capabilities.	Vast capabilities.
Integrations ? The ability to connect the solution to other business-critical systems to leverage instant data sharing with no manual involvement.	Native: with SAP products. Via API: with third-party ERPs.	Native: with Oracle products. Via API: with other software products.	Native: with GEP products. Via API: with popular ERPs and sourcing tools.	Native: with Microsoft products. Via API: with other software products. Custom: with any software, including legacy tools.
Security ? Based on ScienceSoft’s expert assessment. Main criteria: type of software deployment; basic cybersecurity mechanisms (data encryption, role-based access control, user authentication); the ability to employ advanced data protection capabilities (e.g., AI-powered fraud detection); compliance with the latest security standards.
Regulatory compliance ? Ability to meet the relevant local, industry-specific, and corporate data protection standards and sourcing regulations.	Compliance with some global data security standards and with corporate sourcing policies.	Compliance with some global data security standards, government- and corporate-set sourcing standards.	Compliance with some global data security standards and with corporate SRM standards.	Compliance with all required global, regional, and industry-specific regulations.
Ease of use ? Based on ScienceSoft’s expert assessment. Main criteria: UX and UI complexity, convenience, and customization options; learning curve.

From ScienceSoft’s experience, an SRM solution based on Microsoft Dynamics 365 is a go-to choice for companies that value moderate customization costs and flexibility in terms of integrations, adding/removing functionality, adopting the constantly changing compliance requirements. Dynamics 365-based SRM software proved to bring a significant ROI for the range of companies with particular business needs:

Companies that already use Microsoft Dynamics 365 apps and want to decrease the learning curve for their SRM teams.

Companies involved in high-volume and high-value deals that have high security requirements for e-tender data and supplier-related data.

Companies from regulated industries (e.g., public sector, healthcare, military) that need to meet strict compliance requirements.

Companies that want to advance their existing ERP or procurement software with a powerful supplier collaboration platform.

Found your needs listed above? Looks like our Dynamics 365-basedSRM solution will be the most feasible option to meet them!

Get DYNAMICS 365-BASEDSRM Software

Capabilities of ScienceSoft's Dynamics 365-Based SRM Software That Drive High ROI

High level of automation

across daily routines of employees engaged in sourcing & procurement activities to increase their productivity and free them up for high-value, strategic SRM tasks.

High visibility into all levels of SRM processes

from supplier onboarding and pre-qualification to strategic sourcing and purchasing activities.

Advanced supplier performance analytics

to accurately assess supplier risks and enable informed SRM-related decisions based on AI recommendations, e.g., on optimal bid evaluation criteria or optimal supplier selection scenarios.

Powerful search engine

to quickly find supplier information and supplier performance stats on a particular supplier, business unit or region and easily navigate documents (contracts, invoices, etc.).

Benefits You Get with Dynamics 365-Based SRM Software by ScienceSoft

5–45% savingsin procurement cost due to obtaining the most competitive prices from suppliers and reducing supplier risks.	Up to 90% increase in sourcing & procurement team productivity due to eliminated manual SRM-related tasks.
50–70% faster source-to-contract cycle due to template-based RFx and e-auction creation.	75–90% faster purchasing cycle due to automated processing of purchase orders and invoices.
Enhancedsupplier engagement due to supplier-faced platform functionality and convenient communication tools.	Eliminatedsupplier data silos due to centralized storage for all supplier-related data and documents.



		It's our sincere belief in the value Dynamics 365 can bring to businesses that inspired us to develop our competence and earn the status of Microsoft Gold Partner. We are happy to help our clients on their digital transformation journeys by creating easy-to-handle, yet robust solutions, powered by Dynamics 365.

SRM Software Pricing

The cost and duration of SRM software implementation may vary depending on:

The number and complexity of the solution’s functional modules you need.
The volume of data that needs to be migrated from the spreadsheets and/or your existing SRM software.
The number and complexity of integrations to establish (with ERP, WMS, inventory management software, etc.).
Performance, scalability, availability, securityrequirements.

ScienceSoft’s consultants will be glad to estimate the budget of your SRM implementation initiative and share the software pricing details.

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About ScienceSoft

ScienceSoft is a global IT company headquartered in McKinney, Texas. We combine 11 years in building supply chain software with 15 years of working with Microsoft Dynamics to create effective Dynamics 365-based SRM solutions. Being an ISO 9001 and ISO 27001 certified company, we rely on a mature quality management system and guarantee cooperation with us does not pose any risks to our customers' data security.

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