What Does Standardize And Document S2p Process

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Standardize and document S2P processes: Through solutions like SMART by GEP, improve documentation and standardization of sourcing, contracting and payment processes to mitigate compliance and audit risks. Being in a highly regulated industry, Life Sciences organizations need to maintain flexible but controlled platforms for managing third party suppliers. Some of the aspects that should be considered: o Establish a single system to manage the life cycle of a third-party relationship including capturing spend, contracts and data exchanges. This data should be regularly updated and should be readily available for monitoring, reviews and audit requirements. Information related to locations, certifications, performance metrics etc. should…show more content…
Additionally, awareness about how the supplier under question compares with the peers is an important success factor for a fruitful relationship. You should be able to address questions like - is this supplier secure than others in their industry? Does this vendor have proven and reliable performance? How responsive is the supplier for addressing known security vulnerabilities? Use such information to better negotiate contract terms with your suppliers and set higher standards for what you expect for security performance in a third-party relationship. o Drive Performance improvement in active supply base: If you have an existing relationship with a supplier, performance benchmarking can be a helpful tool for driving supplier relationship management activities. Instead of annual or periodic contractual assessments, review of performance metrics should be continuous process. Such an approach will allow you to stay ahead of supplier issues and facilitate performance benchmarking against their industry peers. Additionally, if you have a “problem” vendor, you can more easily determine where to assign additional resources to help remediate the risks. o Communicate Performance Metrics in Business Terms: Increasingly, procurement professionals are being asked to articulate performance and business risks in terms that are better understood by business. C-Suites in life sciences companies, these

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