Zycus Supplier Management Software

Zycus Supplier Management Software Introduction

Zycus Supplier Management Software is a unified supplier management solution that provides a 360-degree view of supplier information, risk, and performance. It is powered by Generative AI, allowing you to optimize costs, mitigate risk, and improve supplier relations all in one place. This software has successfully onboarded over 10,000 suppliers and hosts over a million suppliers on the Zycus Supplier Network (ZSN).

Zycus Supplier Management Software Features

Supplier Information Management (SIM)

• Auto Onboard Suppliers with iSupplier: Get a centralized view of all your supplier data, create custom forms including essential details like Company details, TAX ID, Product & Services Category (UNSPSC), Payment Terms, etc. Tailor supplier assessments based on the supplier's industry & product category.
• Qualify and Reject Suppliers Easily With AI Scoring: Perform holistic supplier risk analysis with Merlin Analytics (MA). Get tailored recommendations to facilitate proactive risk assessments and implement corrective action plans.
• Ensure Unmatched Data Accuracy & Compliance: Consolidate risk data, including 3rd party providers, into a unified, filterable AI dashboard. Configure risk assessment workflow for potential/ operational suppliers for continuous performance monitoring. Get real-time alerts of potential issues, starting right from the supplier selection stage.

Supplier Performance Management (SPM)

• Gain Supplier Performance Visibility with iRisk: Define custom KPIs (Key performance indicators) or import from KPI library, assign weights, define compulsory/ optional questions to track critical supplier scores and metrics. Utilize AI dashboards for real-time supplier performance insights.
• Ensure Continuous Improvement with SCAR: Conduct periodic or ad-hoc performance reviews based on set criteria. Create targeted development plans with Supplier Corrective Action Requests (SCARs) to address issues and improve supplier performance over time.
• Stay on Top of Industry Benchmarks with MCI: Carry out peer group KPI Benchmarking and get cross-community insights across multiple metrics such as cycle time, category savings, supplier consolidation, and many more.

3rd Party Supplier Risk Management (SRM)

• Identify Internal & External Supplier-Risk with MRR: Uncover financial, ESG, legal, compliance, information security, and other external risk data from numerous internet sources (News/Govt public/ Sanction lists) with Merlin Risk Radar (MRR). Additionally, identify internal risk exposures in terms of supplier performance like active contracts, PO, spends, sourcing events, and many more.
• Make Data-Driven Decisions with Merlin Analytics: Perform holistic supplier risk analysis with Merlin Analytics (MA). Get tailored recommendations to facilitate proactive risk assessments and implement corrective action plans.
• Track Supplier Risk in Every Step with Integrated Dashboards: Consolidate risk data, including 3rd party providers, into a unified, filterable AI dashboard. Configure risk assessment workflow for potential/ operational suppliers for continuous performance monitoring. Get real-time alerts of potential issues, starting right from the supplier selection stage.

Zycus Supplier Network (ZSN)

• Supercharge Procurement Cycle with ZSN Portal: Break communication barrier and collaborate seamlessly with suppliers. Leverage ZSN Portal for efficient exchange of information (POs, invoices, contracts- in any digital format) and real-time master data updates, leading to a faster procurement cycle with on-time selection, delivery, and payment.
• Say Goodbye to Language Barriers: Collaborate seamlessly with suppliers worldwide with ZSN Multi-lingual Support, enabling smoother communication.
• Foster Stronger Supplier Relationships for Future: Ensure a positive supplier experience from the very beginning, leaving no space for slow/ miss-communication and eventually create a foundation for stronger relationships for your business.

Zycus Supplier Management Software Cost and Services

The cost of Zycus Supplier Management Software is not mentioned on the website. For detailed pricing information, you may need to contact Zycus directly.

Zycus Supplier Management Software FAQs

• What are the benefits of using Zycus supplier management software? Zycus supplier management software goes beyond traditional solutions by leveraging the power of Generative AI (Gen AI) and seamlessly integrating with other Source-to-Pay (S2P) modules. This combination delivers a range of significant benefits for your business including:

  • Reduce costs through better negotiation, spend analysis, and automated workflows.
  • Mitigate risks by proactively identifying potential supplier issues.
  • Improve supplier relationships through enhanced communication and collaboration.
  • Make smarter decisions based on real-time data and insights.
  • Increase efficiency by automating manual tasks and streamlining processes.
  • Gain greater agility to respond quickly to market changes and disruptions.

• What supplier management tools does Zycus offer? Zycus provides 3 key modules under their supplier management solution:

  • Supplier information management: This allows businesses to have a comprehensive view of their suppliers and make better decisions about supplier selection, qualification, and management.
  • Supplier risk management: This helps businesses to identify and mitigate risks associated with suppliers. This can help to reduce the impact of supplier disruptions and improve supply chain resilience.
  • Supplier performance management: This allows businesses to measure and improve the performance of their suppliers. This can help to identify areas for improvement and take action to improve them in real time.
  • Zycus Supplier Network: an online portal that connects your business with its suppliers. It streamlines onboarding, communication, and data exchange, fostering collaboration and reducing costs throughout the supplier lifecycle.

• How does Zycus supplier management solution leverage generative AI? Here’s how:

  • Automated Supplier Analysis: Gen AI analyzes vast amounts of supplier data, including performance metrics, financial health indicators, and market trends. This allows Zycus to identify patterns and potential risks that might be missed by humans.
  • Intelligent Supplier Onboarding and Risk Assessment: Gen AI automates tasks like supplier data entry and verification, streamlining the onboarding process. Additionally, Gen AI integrates with 3rd party resources to analyze supplier’s financial statements and industry data to generate a risk score, helping you identify potential problems early on.
  • Predictive Negotiation Strategies: Gen AI analyzes historical negotiation data and market trends to suggest optimal pricing strategies for different suppliers. This can help procurement teams achieve better deals and maximize cost savings.
  • Generating Custom Reports and Insights: Gen AI analyzes supplier data and generate customized reports and insights tailored to your specific needs. This can help you identify areas for improvement and make data-driven decisions about your supplier relationships.

• Are Supplier Management and Vendor Management the same? Vendor management and supplier management are related but distinct concepts in procurement. Vendor management refers to the process of overseeing and managing relationships with third-party service providers or vendors to ensure that they meet the needs and expectations of the organization. Supplier management, on the other hand, refers to the management of the relationships with suppliers who provide raw materials, components, or finished goods that are used to produce the final product.

• What types of supplier data can be stored and managed within Zycus' supplier management software? Zycus’ supplier management software enables you to store and manage diverse supplier data, such as profiles, contact information, performance metrics, financials, compliance details, and contracts. Centralizing this information provides a comprehensive view of your supplier base, empowering data-driven procurement decisions.

• How does the tool manage vendor risk? The tool assists in internal-risk evaluations through active certification requirements and regular internal surveys, external risk evaluations through risk scores of suppliers from Dun & Bradstreet (D&B) and Bureau van Dijk (BvD) databases. Auto alerts are set for notification of expiry of existing certificates submitted by suppliers. Risk scores of all suppliers along with the contributing factors can be seen on a single dashboard and can be used to segregate suppliers into different buckets.

• Can we track our spending with diversity suppliers? The tool enables users to highlight diversity suppliers, however, integration with either Spend Analysis or Procure-to-Pay (P2P) suite would be required to track the spend associated with these suppliers.