Have you de-risked your procurement process?

October 12, 2021 | 4 minute read
Ana Galindo
Product Marketing Manager
Text Size 100%:

From restaurant chains to pharmaceutical companies, businesses in every industry must innovate and bring new products to market quickly in order to survive and grow. That’s why we recently launched the demo series Move Your Supply Chain Forward, where we show you how Oracle Cloud Supply Chain Management provides the tools that your product development, supply chain, and manufacturing teams need to create and launch new products and services—whether it’s capturing ideas that meet customer requirements, forecasting demand for new products, or collaborating with suppliers on new innovations. In the third live demo of the series, Glenn Florance and I shared how Oracle Fusion Cloud Procurement simplifies and de-risks the procurement process.

In this era of complex supply chains, having an unreliable supplier network not only impedes the innovation process, it also poses a huge threat to the survival of a company. As procurement continues to play a strategic role in product innovation, supplier collaboration is needed to drive cost savings, reduce risk, identify new opportunities, and accelerate time to market.

Unfortunately, many research and development (R&D) departments fail to include their suppliers in the innovation process. This results in increased supplier risk, slower time to market, and inconsistent negotiation practices—all of which are costly to a company and its shareholders. In our demo, you can see three ways Oracle Cloud Procurement de-risks the procurement process and facilitates supplier collaboration.

Powerful vendor screening

We recently launched a data management tool called DataFox Supplier Intelligence Cloud and integrated it with Oracle Cloud Procurement. DataFox Supplier Intelligence Cloud crawls the internet for information on millions of suppliers and processes it using artificial intelligence, ensuring that you have accurate information on potential suppliers. DataFox also performs these searches on an ongoing basis, providing current information that can be trusted.

Our solution makes it easy to add and register new vendors to your supplier master record. To register a new supplier, simply type the company’s name into the search bar, and the form will automatically populate with information about that company.

Identify risks

Not only does DataFox aggregate information on vendors, it assigns a DataFox Intelligence Score, alerting you if you selected a vendor with a low reputation, either because of regulatory, security, or legal issues.

You can also drill down into the specifics of what regulatory, legal, or security challenges a particular supplier is having. DataFox takes the information it collects about a vendor and disseminates a detailed report, giving you rich information.

DataFox also scans news sites, so you also have access to information on that company’s recent acquisitions, key personnel decisions, and public statements. If the vendor you have selected is a publicly traded, you can instantly access its financial statements, board of directors personnel, and more.

Based on all this information, DataFox generates a corporate social responsibility (CSR) score for each supplier in your supplier master record, allowing you to compare CSR scores among the vendors in your supplier network.

Move forward with confidence

With timely, accurate data on potential supplier risk, you can make better and safer decisions about which suppliers you do business with. Having detailed information about your suppliers reduces risk and makes it easier to include them in the innovation process.

Oracle Cloud Procurement mitigates supplier risk and provides you with the confidence needed to move your supply chain forward.

Stay tuned for the rest of the Move Your Supply Chain Forward demo series:

October 27, 2021, 1-1:30 PM CT - Excel with Digitally Connected Manufacturing

November 17, 2021, 1-1:30 PM CT - Build a Successful Service-Oriented Business

December 8, 2021, 1-1:30 PM CT - Overcome Disruption with Integrated Planning

View on-demand demos in the series.

Ana Galindo

Product Marketing Manager

Previous Post

How to minimize supply chain disruptions with better inventory management

Danny Wu | 5 min read

Next Post

Ensuring perfect deliveries with connected logistics

Akshay Rastogi | 4 min read