Sourcing to achievement: Partnerships in document time
When it comes to sourcing new vendors, the time to onboard them is no longer the important issue. Rather, the focus should be on “time to value.”
The most important consideration with a new trading partner is how soon you can monetize the relationship with that supplier. How long will it take to begin soliciting and fulfilling orders for their products? What is needed to send purchase orders, have the orders shipped, and recognize sales from the partnership?
Sourcing is not done in a vacuum. It’s not just a process that connects retailers to vendors. It’s a process that finds vendors of quality fast, on-boards them so they’re ready to fulfill fast, and then actually share product and ordering information fast. We look at the process in terms of the speed factor, starting with sourcing and going all the way to fulfillment.
One size does not fit all
The only way to achieve fast Time to Value is not with a specialty sourcing company or a large team of sourcing professionals. Instead, you need a partner who can help you find the right kind of vendors, onboard them, and fulfill their products. There are very few companies with the capability of complete the entire source-to-fulfillment process for a retailer.
Some companies will find you vendors, but then leave you on your own to operationalize the relationship. Or they can onboard vendors into your system — which can take months — but the if vendors weren’t the right fit and cannot fulfill according to your requirements you’ve lost an entire season of sales for that product. Or even worse, they have no idea of the vendor’s capabilities, or with what processes they do or don’t comply.
The only way to do this successfully is to find a partner who can manage the process for you, using real data to demonstrate the vendor’s capabilities so you’re ready to make money and start growing.
The EDI Here difference
EDI Here Sourcing uses our vast network of 65,000 vendors and trading partners and the latest insight and best practices of the digital retail era to quickly find the vendors that align with each retailer’s strategy and sales model.
And we take quality seriously, so we only introduce you to vendors who are capable of meeting your requirements. We test and certify these vendors, so they’re ready to fulfill for you immediately.
If you are under pressure to add new vendors or expand your assortments for the holiday season and beyond, you need a partner with a proven track record of source to fulfill programs with retailers like you. To learn more, please visit the EDI Here website and request a free demonstration.