Supply Chain Management Post Pandemic
Multi-Family Property Owners Can Create a Robust Post-Pandemic Supply Chain
5 MIN. READ
Supply chain management is the ultimate balancing act. Multi-family property owners face unique supply chain challenges, having to juggle suppliers, project and maintenance schedules, and procurement in multiple locations, sometimes nationwide. And without visibility to your entire supply chain you could be missing out on opportunities to optimize your supply chain and reduce costs.
But there's a solution that addresses all these issues. Raiven's purchasing platform provides industry-leading supply chain and procurement management software, powered by AI developments, giving you complete visibility and control of your supply chain and purchasing management process.
Supply chain management for multi-family property owners after the pandemic
The COVID-19 pandemic wreaked havoc on the global business economy, not to mention the immense tragic loss of life and hospitalizations. Multi family property owners are still dealing with the ripple effect that is disrupting all aspects of business.
Owners are adjusting and optimizing to deal with the nuances of the new economy. Supply chain management is a hot topic, and understanding the complexities that have arisen is critical to gain a deeper understanding of your overall procurement program.
Looking ahead at the balance of 2021 and beyond, there are several tactics to employ to strengthen your supply chain logistics.
Best practices and what to focus on in 2021 and beyond
Multifamily property owners must adapt and be nimble. Here are a few best practices to start you off:
- Build and strengthen supplier relationships - Keeping open communication with your supplier partners is crucial in today’s economy. Take the time to reach out to your suppliers even when you do not need anything. Building solid relationships in good times and in bad will show loyalty. Consequently, when you need to call in a favor, they will likely pick up the phone.
- Plan for contingencies - The pandemic has taught us that being prepared and planning for downturns is a prudent practice. You can still operate lean, but pay attention to market shifts and indicators so you can plan accordingly. Have backup scenarios if one of your key suppliers goes under or is shut down from a natural disaster or emergency.
- Automate and elevate - Using software to automate routine tasks and roles will streamline your processes and free up your time to focus on other areas of the business. Reporting, ordering and broadcasting information to stakeholders can all be done with software.
- Implement a centralized purchasing platform (Raiven) - Centralizing your procurement program is an easy way to bolster and improve your supply chain management. This gives you better control and visibility from A to Z and will allow you to adapt and make the necessary improvements as you see fit.
- Tune your team - Ready your team for the ebbs and flows that will surely come.
Negotiate better terms with your suppliers
In addition to these best practices, negotiation is a critical tool. Be sure that you make a concerted effort to directly negotiate with your suppliers and contractors.
Ask for the lowest pricing possible. Especially when vetting your suppliers, ask for these terms and create win-win situations for all of your partners. You will be buying routine items on a regular basis and suppliers want to do business with you, so do not hesitate to negotiate.
A powerful tactic you can use involves regularly renegotiating your agreements based on data and market feedback. If you strategically direct spend to certain suppliers and create a network of personal contacts, it becomes that much easier to get better prices and lead times. In addition, monitoring your suppliers with management software can help you always have a contingency plan in case an agreement goes unfulfilled.
If you don't have the time and resources to routinely negotiate with your suppliers, join Raiven's purchasing program and let Raiven manage your suppliers. Raiven's customers consistently receive 9% - 25% discounts on common maintenance supplies.
Ensure visibility of the entire chain with Raiven
When you implement Raiven’s platform, you will benefit from a host of products and services to enable visibility of the entire supply chain.
Who are your suppliers? How much do you spend with each of them? Who is doing the purchasing? Do you have all the proper documentation and insurance requirements in place?
These are all questions that you can address with Raiven’s platform.
Indeed, the platform stores all of your relevant data in one place and allows you to freely and quickly communicate and share information with suppliers and partners. Therefore, the RFP process, which is typically clunky and tedious, becomes smooth and efficient. This saves time and money, and it reduces risks for your company.
Additionally, using Raiven’s centralized purchasing platform allows you to manage multiple suppliers, and it gives you a window into your company’s buying practices. Helping control costs and reduce rogue spending, which hurts your bottom line.
Raiven has the answers
Post-pandemic, multi family property owners must focus on prioritizing supplier relationships and planning ahead. Armed with the right resources, tools, and software, accomplishing these goals becomes much more manageable.
Raiven can simplify supply chain management for multi family property owners. Its ease of use and automation can make a big difference in your operational flow and efficiency. Equip your team with digital tools that will make their jobs easier and save your company money.
For more information, reach out today.