Bamboo Rose has added supplier relationship management (SRM) capabilities to its retail management platform.
The new SRM capabilities joins the product lifecycle management (PLM) and supply chain solutions already offered by Bamboo Rose, the company said in a Thursday (June 6) press release.
“We hear time and again from our 200-plus retailer customers that they can never be better than their worst performing suppliers,” Matt Stevens, CEO at Bamboo Rose, said in the release. “We also hear from our base of over 35,000 suppliers that they struggle to remain current with their retailer partners’ changing requirements or to clearly understand how well they’re performing against them.”
Bamboo’s Rose’s new SRM capabilities are designed to solve these challenges by providing a more streamlined and collaborative workflow and interface for retailers’ management of their supplier interactions and data, according to the release.
These capabilities also help retailers solve issues around data transparency and integrity, collaboration and onboarding processes, the release said.
The SRM provides near real-time dashboards and reports that enable true collaboration, tools to track communications, a knowledge base for suppliers, and proactive engagement tools that help maintain accurate compliance records, per the release.
“Our platform lives at the epicenter of this business-critical collaboration which in turn enables the tightly integrated next-level SRM to empower both retailers and suppliers to stay in lockstep with each other to deliver better operational results across the board,” Stevens said in the release.
Bamboo Rose saw during the supply chain troubles that started with the pandemic that buyers and suppliers alike learned that what matters during supply chain troubles is partnerships, PYMNTS reported in December 2021.
When participants share information and fulfill commitments, everyone prospers. Conversely, buyers won’tsoon forget a supplier that unilaterally cancels its contracts.
PYMNTS Intelligence has found that businesses across the board have upped their investments in technologies to support their procurement processes. In addition, many businesses that have been slow to invest now plan to increase their spending on these solutions.
These businesses expect their investments to pay off by ensuring that these systems improve the efficiency of their processes for purchasing goods and services during both normal business conditions and disruptions, according to “Digital Payments: Modernizing Procurement Processes,” a PYMNTS Intelligence and Corcentric collaboration.