Supplier Audit Management
Supplier audits play a primary role in enhancing supplier performance. Flawed supplier processes, inefficient management systems, poor SLA and contract compliance, and irresponsible handling of workplace safety and issues, can snowball into larger issues for organizations. Therefore, they need to consistently monitor and audit their supplier products and services.
Supplier audits help ensure that suppliers adhere to the processes and procedures specified in the contract or agreement, and also enable organizations to zero in on supplier deviances.
Organizations need to leverage advanced technology to efficiently manage supplier audits and their end-to-end lifecycle, to reduce financial, operational, compliance-related and environmental risks associated with supply chains.Download Solution Brief
MetricStream Supplier Audit Management Software Solution
MetricStream's Supplier Audit Management Solution provides a comprehensive set of tools and applications to manage the whole array of activities, processes and data related to supplier audits. Organizations can easily conduct all types of supplier audits, including compliance audits, safety audits, operational audits, IT audits, environmental audits, CSR and sustainability audits.
The solution's comprehensive functionality can be used to assign and manage resources optimally for each audit project, through an easy-to-use graphical interface. Its advanced tools can be used for handling audit assignments, scheduling for each auditor, time budgeting and tracking information. The solution also supports supplier risk assessments based on factors such as the impact of the risk and its probability of occurrence. Organizations can assess supplier risks, weigh and compute them based on configurable methodologies and algorithms, and thus create accurate risk profiles of suppliers.
A key advantage is the offline capability that allows auditors to collate data from remote locations, through mobile devices. These data can be synchronized with the central repository later. Auditors can arrive at qualitative or quantitative results and insights, combined with detailed observations and recommendations in pre-defined formats.
The audit team can record their findings indicating conformance or non-conformance, flag critical failures, develop recommendations, and trigger and track corrective and preventive action plans in real time through the solution's closed-loop audit cycle. Data-driven audit analysis, and effective issue resolution monitoring, are possible through advanced risk intelligence and analytics.
The MetricStream solution helps organizations drive continuous improvement across its vast supplier network. It provides measurable key data, which enable organizations to gain complete visibility into supplier processes, and reduce supplier compliance risks. In the long term, it helps forge strategic partnerships with suppliers through shared values.
Facilitates a streamlined, standardized, and consistent approach to supplier audits across business units, divisions, and global locations
Provides a unique offline capability for auditors to easily enter their quantitative and qualitative findings at remote supplier field sites without access to the corporate network
Accelerates the supplier audit cycle, ranging from audit planning and scheduling, to the development of action plans and checklists/ work-paper management, field work, reporting, and issue remediation
Enables efficient utilization and management of supplier audit resources, schedules, and staff with the help of auditor time sheets, budget tracking tools, auditor profile management, assignment tracking, distribution lists, shared calendars, and parallel
Facilitates greater collaboration and enhances prioritization with suppliers on all audit activities through a Web-based interface
Minimizes supplier audit errors and inconsistencies through automated workflows
Provides enterprise-wide visibility into supplier audit processes and data, enabling stakeholders to easily identify areas of risk and non-compliance
The MetricStream system makes it easy to identify risks, enabling us to close out most supplier risks within 30 days.