Oracle launched Oracle Supplier Hub and Oracle Supplier Lifecycle Management applications. The two apps work together to help companies avoid the headaches that usually come with dealing with multiple suppliers,

Nagaraj Srinivasan, Oracle’s vice president of supply chain management, told InformationWeek: “The hub gives you a golden record of your suppliers, and lifecycle management gives you systematic processes to model and track suppliers on top of the hub.

“The idea is to get a complete view of each supplier, including quantitative metrics like quality, on-time delivery and invoice-rejection rates, as well as qualitative data about how buyers, internal employees and end customers perceive suppliers in terms of quality and reliability.

“We give you the deployment option of treating it as a pure MDM solution or, if the focus is on the pain point of doing business with suppliers, then the lifecycle management features can take precedence.

“Lifecycle management is about lowering the cost of dealing with suppliers by replacing manual, high-touch processes with something more automated and efficient.”

Supplier Hub is described as a master data management app designed to create and maintain a single source of trustworthy supplier information. It works by consolidating supplier information from various systems in the enterprise to make consistent records.

Meanwhile, Supplier Lifecycle Management supports onboarding, performance evaluation and governance of suppliers based on risk. It does that by streamlining registration and review of suppliers with web-self-service features and configurable approval processes. Put together, the two applications really have great potential to make this section of supply chain management easier.