Published on May 17, 2018
Vendor management is a significant aspect of the operations at Titan’s jewellery division. The company employs over 100 vendor partners for different needs of the business. This number is likely to go up because the company is riding a growth wave and poised to improve on its past performance.
To improve the vendor management processes and optimise the procurement process, Titan jewellery division decided to deploy an effective supplier relationship process. A robust Supplier Relationship Module was identified at Tata Motors which was found to fit the requirements of Titan jewellery division after necessary alterations and amendments. It was decided to adopt this module.
The need
A competent and efficient Supplier Relationship Module (SRM) was required to streamline the procurement process at Titan’s jewellery division to enable the vendor management and outsourcing team to work efficiently with suppliers to derive long-term benefits. A robust SRM would also help the team in performing performance evaluation, reconciling payments, forecasting, procurement cycle analysis and lead to improved transparency in dealing with the vendor partners.
Best practice adoption
The successful implementation of the SRM at Tata Motors inspired Titan jewellery division to adopt the module. This module was found to suitably address the requirements of the jewellery division for creating a comprehensive vendor management process.
The cross-functional team from Titan jewellery division engaged with the Tata Technologies team which had designed and implemented the module at Tata Motors. The development team at Tata Technologies was apprised of the requirements of the module by the vendor management team of both the Procurement as well as the Purchase team of the Titan jewellery division. After extensive deliberations, aspects of the module that needed to be changed to align with the existing processes at Titan jewellery division seamlessly were identified. The intricate details including the parameters that should be visible and accessible to the vendor partners and the team at Titan were visualised and determined.
Having taken into account the unique challenges and objectives of Titan jewellery division, the Tata Technologies team has begun designing the module in right earnest and is confident of deploying it by the end of March 2018.