The buyer-supplier relationship is more important than ever, some analysts will argue, as strategic partnerships are key to reducing costs and remaining efficient.
It’s on this premise that ClientLoyalty is developing its newest tool. The company issued a statement on Thursday (Jan. 21) that revealed a new platform for the B2B world, a system that uses cloud and analytics technology to improve the buyer-supplier relationship.
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“We spoke to executives, many from Fortune 500 organizations, and the analyst community and were told our technology represents the next big step in buyer and supplier relationship management,” said ClientLoyalty Founder and CEO Kent Barnett. “They validated our model of centralizing disparate processes and focusing the attention on relationship risk and reward through data-driven analytics.”
The software has key benefits for buyers and suppliers alike, the company noted. For suppliers, businesses can achieve higher customer satisfaction and boost client retention and spending.
For buyers, on the other hand, companies can mitigate exposure to risk, avoid the costs associated with switching suppliers and fuel performance backed by data. Both teams can access a performance rating tool that allows both sides to provide feedback to each other.
With all of this information, the tool creates a Loyalty Index to help guide buyers and suppliers in improving their partnerships.
The software is currently in beta testing, the firm said, which will run through the end of March. ClientLoyalty says the solution is already securing attention from corporations’ procurement and account management functions.
The company highlighted recent commentary from Supply Chain Quarterly, which, earlier this month, stated: “Organizations that fail to consider the interpersonal component eventually find that this failure has serious consequences for their operational performance.”
“Because of this,” the publication continued, “the new generation of business metrics and scoreboards must reflect this thinking if they are to capture the full picture of supply chain success.”