September 23, 2010 | Palo Alto, California: MetricStream Inc., the market leader in enterprise-wide Governance, Risk and Compliance (GRC) solutions, today announced that the company has been recognized in a Gartner Inc. report, entitled ‘The Supplier Base Management Application Market and Vendor Landscape.’ The report was authored by Distinguished Gartner Research Director, Deborah R. Wilson, and was published on 27 August, 2010.
Supplier Base Management (SBM) Applications have become increasingly important to companies confronted with a growing network of vendors and suppliers. According to the Gartner report, “SBM applications provide a means and a place to assemble, organize and leverage enterprise supplier data.” The report evaluates 25 SBM solutions based on a number of use case capability ratings, including scale, supplier self-service, survey creation, supplier credentials, qualifications, shared content, Risk Model Map and Track, reporting and ease of use.
“We are extremely happy to be recognized by Gartner,” says Shellye Archambeau, CEO at MetricStream. “MetricStream’s enterprise-wide platform for managing supplier performance, supplier quality and supplier/vendor risks has benefited numerous companies across the globe. We believe Gartner’s report confirms our clients’ confidence in our ability to deliver innovative, integrated solutions that streamline supplier management, reduce supply chain risks and improve business performance.”
Large companies in the Food Processing, Life Sciences, Hi-Tech, Retail, Oil & Gas and General Manufacturing industries deal with hundreds, if not thousands of suppliers spread across multiple geographies and time zones. Managing these complex, fragmented networks is a serious challenge. In today’s uncertain business environment, managers responsible for supply chains cannot always be confident that their procurement and sourcing plans will materialize as intended. To deal with this volatility effectively, companies have to develop a formalized method for ensuring consistent supplier performance and responding to unexpected changes that adversely affect the supply chain. Through supplier governance, companies can improve supply chain resiliency and develop a framework for monitoring performance.
To address this, MetricStream provides an integrated platform to streamline supplier governance and improve collaboration across the extended enterprise. Automated workflow-driven processes eliminate the need for manual, paper-based documentation and communication, thus saving on time and effort and improving information flows. Centralized dashboards enhance reporting by providing increased visibility into the supplier performance metrics and status at any time. Powerful risk heat maps and supplier scorecards help to measure and monitor supplier risks and performance indicators across the enterprise, while ensuring that compliance standards are met.
The MetricStream Supplier Governance Solution is made up of several key components:
- Supplier Quality Management - to assess, investigate and record supplier quality issues, Supplier Corrective Action Requests (SCARs) and Corrective/Preventative Actions (CAPA), tracking cost of poor quality (COPQ) and charge-backs
- Supplier Audit Management - to streamline and integrate supplier and vendor audits, ensure that supplier compliance requirements are met, plan, schedule and conduct audits even at remote supplier locations, analyze audit findings and report on audit results, track resolution of audit gaps and findings
- Supplier Performance Management - to define Serviced Level Agreements (SLAs) and Key Performance Indicators (KPIs), evaluate supplier performance through scorecards covering a wide range of metrics including cost, innovation, customer complaints, delivery and quality
- Supplier/Vendor Risk Management - to assess and analyze supplier risks, define controls, track loss incidents and Key Risk Indicators, manage and remedy issues, get visibility into risk areas through risk scorecards and dashboard reports
- Supplier Compliance Management: to streamline specification reviews, change request, track supplier certifications and surveys, conduct customer specific inspections and assessments, handling complaint
MetricStream GRC Platform provides Supplier Portals that enable suppliers to easily access and rapidly adopt the solution with an easy-to-use interface that ensures quick adoption with minimal training. With web-based access, suppliers anywhere in the world can access the system via the internet without having to install any software. Suppliers can create and manage their profiles directly in the system and the solution allows suppliers to view their performance metrics as well as respond to action requests and task assignments. Well-define user profiles and access rights management for supplier personnel controls routing of information, notifications and escalations providing secure access to users with appropriate views and tabs for process initiation, review and approval, task assignment, reports, dashboards, supplier metrics and scorecards.