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3 Things to Consider when Making a Supplier Management Strategy:

Posted by Anna Dunn on 20/12/2018

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Creating a Supplier Relationship Management strategy for your business can be challenging, especially when you don't know where to start. I'd like to share a few things that you have to consider before delving into the time intensive planning and execution of such an undertaking. Here is what you have to keep in mind:

Supplier Communication is key.

  • Effective communication with your suppliers provides an extra level of engagement and trust between you and your business partners. Keeping them in the loop regarding company plans can enhance your supplier’s investment and overall engagement (especially when it comes to document collection and other more mundane tasks).

Your suppliers are more than just a transaction:

  • Your suppliers care about your success - if you make your supplier happy, it is in their best interest to reciprocate. This reciprocation can come in different forms, but what you have to consider is the fact that your suppliers have the most information about the product that they are providing you. This means that all this knowledge has strong basis for further end product innovation. If this innovation potential is fostered properly, you will end up with a product/service that you wouldn’t think was possible before you opened your arms to supplier innovation and collaboration. This of course only works if you have established a route to healthy communication.

Efficient software is key:

  • This will vary from one company to another, but one fact is constant - supplier documentation collection can be a challenge. Figuring out how to best establish a barrier-free document collection process is important, so that this doesn’t become the main hassle, taking over the Quality Department’s time, which they can use to focus on what matters most - actual product quality and innovation.

  • Here is a great tool to start with since it provides you with an opportunity to manage all of your documentation in one place, and guarantees higher supplier participation with easy upload features.

Tags: supplier management strategy, Supplier Relationship Management Software, for supplier manager, SRM Software, SRM Benefits