High Operational Cost
Organizations have always kept a close eye on the bottom line – and, in these hard economic times, many rely more heavily on cost cutting versus revenue generation to improve bottom-line results. With a revenue-to-cost ratio ranging from 3:1 to 11:1, depending upon the industry, it is more predictable and reliable to cut $1 in costs instead of trying to drive an additional $3 to $11 in revenue.
This path to a better bottom line has affected supply chain and procurement organizations significantly. They are under increased pressure to do more with less in this often turbulent time of mergers and acquisitions, new compliance regulations, increased globalization, and unknown supply chain risks.
Organizations lose control of their operational costs when they have to navigate multiple systems to enter or locate information, employ manual efforts to manage supplier information, absorb supply chain disruptions from supplier failure, and pay costly fines for noncompliance of regulations. This is why organizations are now seeking to provide better visibility into, and automation of, supplier information – regardless of source system and location.
HICX understands the need to drive down operational costs through efficient supply base management. We have the following solutions to assist your organization:
- Supplier Onboarding – Reduce the operational overhead associated with collecting and managing core supplier information
- Supplier Management – Streamline your operations by automating supplier information collection and ensuring that your organization can quickly access needed information
- Supplier Cockpit – Create efficiencies by enabling cross-department collaboration and visibility
- Supplier Master Data Management – Ensure that all of your internal systems have accurate and timely information
- Supplier Compliance – Streamline your compliance management while eliminating potential fines
- Business Process Outsourcing – Ensure your resources are focused on strategic initiatives, instead of tactical, manual tasks