A global leader in manufacturing bearings, SKF, faced increased challenges in their strategic procurement process and solution landscape. This included a fragmented system landscape of several non-user-friendly tools, and resulted in heavy manual workload and a lack of cohesive supplier lifecycle management.
SKF required a comprehensive solution to streamline strategic procurement, align business processes globally, improve data quality and achieve a 360-degree view of all suppliers.
Value Delivery
The need for improvement led to an implementation of the Ivalua SRPM (Supplier, Relationship & Performance Management) solution with Stretch Procurement as their implementation partner.
The primary goal was to create a more efficient strategic procurement environment by enabling:
- Full supplier 360 view including all strategic information
- User guided and automated processes (reducing manual tasks; supplier creation, enablement, qualification, risk, performance and development)
- Digital supplier collaboration interface and reduced risk exposure by tracking and improving supplier risk and performance KPI’s. A key enabler was to secure data quality with an integration to a single master data and business analysis tools.
Ivalua enables unmatched visibility into and collaboration with our suppliers, which enables us to improve decision-making and foster stronger relationships with our suppliers. This is a critical step to ensure resiliency in our supply chain and continue to co-innovate. The support from the Stretch team during this project has been essential to meet the expected targets and keep the timeline thanks to highly skilled solution architects and strong project management capabilities during the design, build or test phases of the project.
– Loïc Abgrall, Purchasing Transformation Specialist at SKF
Value Realization Journey
After six months of designing, building and testing, SKF went live with a solid solution using multiple integrations. The success of the project is an excellent example of having a very well prepared and mature customer, strong commitment from Ivalua as the solution provider and Stretch Procurement providing experience in leading projects and balancing the need of the business against standard solution.
Post go-live SKF remains committed – now a value realization phase has begun. SKF collaborates and improves together with their suppliers, reduces cost connected to high-risk or low performance suppliers, as well as tracking and storing supplier documentation in one location. Stretch Procurement continues working with SKF, providing both solution support and advisory on their transformation journey.
At Stretch Procurement, we are fully committed to guiding organizations on their journey to achieve procurement excellence.
Let us help you elevate your procurement processes and unlock remarkable results! Contact us at procurement@stretch.se
