Living in a highly client-oriented time where businesses mostly focus on maintaining and improving client relationships, you shouldn’t look down upon the significance of good supplier relationship management. A healthy business model will essentially benefit from solid and long-term supplier relationships. Read more
Being an essential aspect of any larger business, procurement comes with a number of responsibilities and complex tasks. These include identification of buying needs, negotiation, vendor management, payment processing and the like.
When it comes to manufacturing, the right procurement processes can open doors to better cost management, risk reduction, stimulation of supplier innovation for higher competitive advantage, etc.
Supplier Relationship Management (SRM) techniques are strategic developments in businesses that are focused on optimizing and effectively manage the connections between third-party companies that supply goods and services to the business.
One of the main priorities of many businesses is to build long-lasting supplier relationship based on trust and loyalty. However, this can be achieved only through a well-structured Supplier Relationship Management (SRM) process, which will establish a win-win relationship for both sides.
Most medium to large size companies work with a huge number of suppliers, which fuels supply chain complexity. The number one mistake in procurement is that companies fail to properly manage their suppliers and the related external spend.