Suppliers are important stakeholders for any project success, you should be spending the right amount of time and energy with each supplier depending on the strategic importance the supplier holds.
Why Supplier Relationship Management (SRM)?
Establishing good supplier relationships can save you money, add value to your business, and help you to achieve your strategic goals.
it is essential that you take the time to manage these relationships properly.
The relationship that you have with each of your suppliers will depend on the level of service that they provide. For instance, if a supplier provides low-cost, “off the shelf” or noncritical items, you may not need to spend a great deal of time managing the relationship.
However, when a supplier is strategically important to your business, you will need to spend much more time and energy into building up your relationship.
Who handle Supplier Relationship Management (SRM)?
Supplier Management handled by the supplier manager and it is not necessary that the procurement & sourcing manager will manage this role, it could be managed by procurement leader, logistics manager or business unit manager or anyone having day to day interaction with the supplier however the person in charge of procurement & sourcing must be the focal person who guide and manage suppliers managers.
How to Manage Your Suppliers Effectively?
We can help draft the right strategy to manage your suppliers, contact us today