To stay compliant with local and international regulations such as US FDA, EU and MHRA, pharmaceutical company need to restructure their approach to vendor management.
While working with thousands of suppliers and third parties around the world and a large base of specialized products, Procurement Company requires a scalable model for assessing the working practices of suppliers and third parties.
Being a pharma manufacturing Company, it should deal with a whole lot of vendors for supply of different materials. In this case there comes challenges of managing Vendors.
Challenges in Vendor Management
Real time Scenario:
A company has to procure a raw material for the production of a tablet, and different raw materials and active ingredients are required to produce a final product.
The process of acquiring vendors involves sequential steps:
- Analyzing requirements
- Vendor Selection
- Request for Proposal (RFP)
- Selection and Negotiation
- Lack of internal standard process and guidelines for conducting vendor management. With no tools or technology to support the function, timely and accurate vendor risk reports are unavailable.
- There is no standard template for RFP (Request for Proposal), every time making an RFP consumes valuable time leads delay in Vendor Selection Process.
- Continuous monitoring and keeping track of activities of vendor, documentation is really difficult while doing it manually when the list and number of vendors is high.
- Lack of continuous Vendor Communication, feedback and inputs from the Vendor makes the regular enhancements slow.
Features of AmpleLogic Vendor Management Software:
By being a web-based platform the proposal of new vendors for qualification is easy with sections that capture complete vendor information through organized sections, auto selections and limited manual entry and with automated routing, the proposed vendors can be taken up for assessment without any delays as compared to manual system.
Robust Vendor Assessment
The vendors are assessed through series of tasks that establish workflows between the organization and the vendors that enables live tracking. For example, consider the task of completing the Vendor Questionnaire, assigned to multiple vendors and tracked simultaneously for closure with due dates.
Integrated Audit Management
The Vendor Management Software is designed to fully integrate with Audit Management to manage vendor audits after vendor assessment. The associated findings, investigations at the vendor site and closure are coordinated at Audit Management.
Integrated CAPA Management
The Vendor Management system is designed to track associated CAPA that originate from Vendor Audit Findings in real-time as they are progressed at the vendor. This establishes a seamless traceability check across all proposed vendors and results in improved timelines in recommending vendors for trial supply evaluation.
Real-time Issue Tracking
With traceability, at the click of a button any on-going issues can be identified, responded immediately and tracked for faster closure.
By providing the tools to analyze vendors with quality metrics across a wide range allows an organization to prevent potential risk with associated vendors to be identified at early stages before procurement of trial supply material.
The system allows multiple vendors to be compared and scored based upon their quality metrics and many other criteria such as pricing. This ensures that vendors are selected and recommended for their reliability, track record and performance.
Automated Alerts & Notifications
This is a practical feature which ensures that the users are automatically communicated at defined frequencies and at defined workflow steps about the approaching target date for required actions. Users are notified directly through follow-up e-mails that are sent automatically to the user e-mail account. Besides the system auto escalates the overdue to the concerned authority and help resolve the issue.
- Vendor Management Streamlined: Organizations can concentrate on their core business when Vendor Management is streamlined with automation.
- Vendor Registration can be done two ways either new vendor or existing vendor. If organizations go for new vendor, system opens up the Vendor Registration form and if they opt for existing vendor, system opens up the list of Approved Vendors.
- Whenever sample evaluation is done, the systems assigns a Provisional Vendor Allotment number (Temporary Registration) which then converts to Approved Vendor List after successful evaluation of trial sample.
- Vendor List: Ratings will help organizations to have a note of list of best vendors who are streamlined over the period of several transactions.
- With a Vendor Management Solution, organizations will have access to a centralized repository for their vendor information, financials, security policies, contracts, insurance certificates and other key data which are needed to understand the vendors of the organizations. This information can be collected, stored, and used in a meaningful way at one place which simplifies the process of managing multiple relationships in order to increase efficiency, reduce wasted time, and cut costs associated with vendor management.
- Vendor assessment can be done on the basis of the complete data available in the repository.
- System generates Agreement Completion Reports so that organizations can track the renewals.
- Vendor Performance: With metrics such as Vendor Quality Score, Sample Evaluation Quality Score, Quality Score Average organizations can increase the performance of the Vendor.
- Managing the transition from one vendor to another, which can often result in a break of supplies and loss of income.
- Different stages such as Cancelled, Approved and Discontinued of Vendor Qualification can be traced.
- Additional metrics like top 10 Vendors score, top 10 materials score are also available.
- With automated processes and immediate notification, timely response to a vendor’s query goes a long way to ensure efficiency and stability. Thus, enabling companies to form long-lasting partnerships with your vendors that has numerous benefits.
- System generates customized reports, form reports and lists such as Approved Vendor List, Rejected Vendor List and Graphical reports for reference.