Highbar Technocrat Limited, a leading end-to-end Information Technology (IT) solutions provider for the infrastructure and the construction industry has unveiled an industry-leading Supplier Relationship Management (SRM) platform to automate the entire procurement process of infrastructure construction and project management companies.
In a bid to stay competitive, the infrastructure construction industry relies heavily on suppliers and subcontractors to meet stringent project deadlines. In such a scenario, deploying a robust and transparent communication channel with suppliers is the need of the hour for infrastructure businesses.
The SRM solution from Highbar comes as a centralized platform offering a connected framework between suppliers, sub-contractors and transporters. The unique platform offers customized, partner-specific access to buyer’s content, services and applications via the internet.
The solution further empowers the infrastructure industry (infrastructure enterprise as well as their respective suppliers) with the following strategic advantages -:
Advantages to infrastructure businesses
- A centralized platform for strengthening vendor base
- Facilitates vendor development process
- Mitigates the risk of delays in supply
- Improves order-fill rates
- Helps reduce inventory levels
- Cuts downtime & overtime
- Bolsters efficiency of the buyers and their support staff
Advantages to suppliers
- Fast tracks order-to-cash cycle
- Offers detailed Insights into own performance
- Ensures better capacity utilization
- Increases inventory turns
- Amplifies order-fill rates
‘’As strategic partners, suppliers play a pivotal role in driving revenue growth for the infrastructure businesses. Our all in one SRM solution has been strategically developed to address the key challenges involved in managing supplier relations in the infrastructure domain. With unique features such as a platform for suppliers willing to associate with an organization, digitization of the entire procurement process, automated invoice processing and many more, the solution ensures mutual revenue growth and improved collaboration with subcontractors/suppliers,’’ said Mr Mangesh Wadaje, CEO, Highbar Technocrat Limited.
Underestimating the importance of supplier relationship management can be detrimental to the success of an infrastructure construction business as it directly impacts the profit line. An effective SRM strategy integrated with industry best practices and a cutting edge platform can maximize business value out of a supplier relationship in a win-win manner.
Some of the key highlights of the launched SRM solution include-:
- Digitized procurement process with support for e-tendering.
- Integration of the finalized details (along with prices, terms, and conditions) with the organization’s ERP system for generating the purchase order/ work order as well as its authorization.
- Business-critical communications such as shipping details by supplier, goods receipt note by the organization, taxation data, certificates can be exchanged digitally.
- Automated invoice processing by integrating supplier portal with ERP.
- High level of data security by defining levels of access/ facilities which an organization wants to provide to each class of supplier.