The packaging specification market is expected to grow to around $1 trillion by 2020, making up around 200+ million packaging SKUs around the world. With 60 million in the United States alone – this number is growing daily, as is the complicated process of sharing specs and managing them, both internally and externally. This growing complexity impacts a company’s entire value chain as well as supplier management. With the number of specs exploding due to consumer demand, how are procurement professionals able to adequately manage their specs and their suppliers, all while reducing costs?
Specright’s Specification Data Management solution gives procurement and purchasing
professionals the tools they need to take control of their specifications and optimize their supplier management; ultimately enabling greater procurement efficiencies. With clear visibility into approved specifications, it’s easier than ever to manage suppliers, transition time to new suppliers and reduce costs.
- Supplier Exchange Portal: Put your specification and vendor data at your fingertips, reducing the time to prepare bids and transition to new vendors. Increase efficiency through collaboration with suppliers, while all accessing specs in the same, central location.
- Interactive bid reports: Stop emailing spreadsheets with incomplete information. With the Specright Exchange, send your suppliers direct links to accurate specifications, technical drawings, and artwork. Automated alerts and approvals notify you when specifications are changed.
- Consolidation analytics: Use the Like Item Finder to identify similar items by packaging type, style, and dimensions. You can now consolidate or harmonize to begin realizing more volume purchasing power.
- Dashboards and reporting: Easy to prepare management reports give insight into areas for savings and cost-reduction activities. Run reports on areas such as pricing, inventory by location, usage, recycled content, and supplier capabilities.
- Bill of Materials: Keep track of everything from raw materials to finished goods; all levels of specifications. Store and share all essential details of finished goods, while having the ability to drill down into each individual component’s specification details.
- Vendor management: Store vendor details including company information, contacts, contracts, compliance forms and other documents – with connections to all items/components/materials/specs procured from that vendor.
Specright is the ideal solution for:
- Optimizing supplier management.
- Increasing speed to market for new packaging needs.
- Dramatically reducing the administrative time needed to prepare packaging bidding/RFQ.
- Increasing flexibility to secure multiple bids from multiple suppliers.
- Reducing purchasing errors from inaccurate data and administration costs.
- Dramatically reducing time to transition to and on-board new supplier(s).
- Ensuring suppliers understand inbound and outbound needs.
- Efficiently managing supplier details and documentation.
- Finding actionable cost-savings within your existing packaging
If your company is using outdated technology like PDF files, spreadsheets or inflexible ERP solutions to manage your packaging/label specs, consider the Specright Specification Data Management Platform. Our customers use Specright’s Exchange to share accurate, approved specs with suppliers real-time, reducing their risks for recalls due to improper packaging/labels. Plus, our packaging Engineering Services team can perform audits of your packaging on a regular basis.