Supplier relationships are absolutely key to procurement’s ability to achieve their full potential – and a company’s ability to maximize its competitive advantage.
In this episode of AOP Introducing…, Tiffanie Stanard, Founder and CEO of Stimulus, shared how her company combines data insights, relationship-building tools, and proprietary supplier scores to help organizations make the best purchasing decisions while optimizing their supplier network.
Tiffanie’s approach to improving buyer-supplier relationships and optimizing the supplier management process is rooted in her own experience. In previous roles, she observed that while many platforms claim to focus on supplier relationship management, those relationships actually formed or were developed face-to-face at industry events or through one-on-one email exchanges.
She took her organic approach to relationship nurture and set out to digitize it. As Tiffanie explained in the livestream, “I’m doing a lot of matchmaking. I’m helping build these relationships. How about we digitize that? How do we bring those two together and create something that really feels like a relationship is being built, and track the information that comes from it?”
The resulting platform is Stimulus, which makes it possible for companies to optimize their supplier ecosystem and track those relationships over time. Companies should be able to understand which suppliers they are buying from and which suppliers they are sourcing projects from all in one place.
Stimulus tracks how many lists a supplier has been on and how many times a different stakeholder within the organization considered them or worked with them, giving a fuller view of supply chain management. It also tracks how many times a supplier has reached out to the company and vice versa.
We are looking forward to following Stimulus’ growth journey and seeing their impact across the supplier management space.