A Comprehensive Guide to Monitoring Supplier Engagement
Monitoring supplier engagement is a crucial part of managing and optimizing business relationships, especially when running specific engagement projects or campaigns. To effectively track this engagement, businesses often utilize a funnel model that breaks down the process into distinct stages. Understanding these stages can provide valuable insights into the progress and success of the campaign. Below, we’ll explore each stage of the supplier engagement funnel, from initial selection to data quality checks.
1. Total: Selecting Suppliers for the Campaign
The "Total" stage represents the starting point of the engagement process. At this stage, a specific number of companies or suppliers are selected to be part of the campaign. These companies are identified based on strategic criteria relevant to the campaign's goals. This stage is about defining the pool of potential participants who will be targeted for further engagement.
2. Engaged: Initial Contact Made
Once suppliers are selected, the next step is to reach out to them, marking the "Engaged" stage. A supplier is considered engaged once a campaign invite has been sent to at least one contact within the company. Crucially, for a supplier to reach this stage, the invite must be successfully delivered, meaning no contact information bounced. This stage is pivotal as it signifies that the company has been formally approached and is aware of the campaign.
3. Opted Out: Declining Participation
While rare, some companies may choose to opt out of the campaign, which is reflected in the "Opted Out" stage. If a supplier decides not to participate or explicitly requests exclusion from the campaign, they are categorized here. Understanding the reasons behind opting out can be important for refining future engagement strategies.
4. Responded: Acknowledging the Request
The "Responded" stage indicates that at least one contact from the engaged company has replied to the campaign request, typically via email. This response may vary in nature, ranging from a simple acknowledgment of receipt to more detailed queries or expressions of interest. This stage is crucial as it confirms active communication and shows that the campaign has captured the supplier’s attention.
5. Registered: Signing Up for the Platform
After responding, some suppliers move on to the "Registered" stage, where they sign up for the Emitwise platform. This platform is used to share the requested data and/or to measure emissions. Registration is a significant step forward in the engagement process, indicating a supplier's commitment to participating in the campaign and providing the necessary data.
6. Submitted: Providing Data
Once registered, suppliers are expected to submit specific data, which could include emissions and/or spend data. The "Submitted" stage tracks whether suppliers have provided the required information. This stage is broken down further into more granular details, depending on the type of data submitted. This step is crucial for the success of the campaign, as it directly contributes to the data collection objectives.
7. Data Quality Check: Ensuring Data Integrity
The final stage in the funnel is the "Data Quality Check." Suppliers that have submitted sufficient data move into this stage, where their data undergoes quality assessment. The checks ensure that the data provided meets the necessary standards, including comprehensive submission of revenue, scope 1, scope 2, and upstream scope 3 emissions data. Suppliers will be notified if they pass or fail this quality check. Those who pass are told what to expect next, while those who fail are given guidance on how to correct the issues.
Conclusion
Understanding each stage of the supplier engagement funnel is vital for monitoring and managing the effectiveness of engagement campaigns. From initial selection to ensuring data quality, each stage provides critical insights into supplier participation and the overall progress of the campaign. By closely tracking these stages, businesses can optimize their strategies, address challenges promptly, and ultimately enhance the quality and outcomes of their supplier engagements.