The Ultimate Supplier Onboarding Process

The Ultimate Supplier Onboarding Process The process of establishing new supplier relationships can be complex. Your business may be at risk of losing valuable business if you do not have a clear system in place for onboarding and developing these partnerships. In order to start working together successfully, you should onboard your suppliers prior to

Supplier Selection & Evaluation – How To Find The Right Suppliers

Supplier Selection & Evaluation – How To Find The Right Suppliers It is important for your business to be able to source top quality raw materials and services at a competitive price and with the assurance that they are being produced in a reliable manner so your company can succeed in today’s competitive market. This

Best Practices for Supplier Management

Best Practices for Supplier Management Managing suppliers is an essential component of a business’ procurement process. Done well, it can turn you into a company superstar. Poor management, however, can add more stress to the situation. A poor supplier management can result in several issues, including: A missed opportunity to save Supplier performance problems due

Direct vs. Indirect Procurement: What’s the Difference?

Direct vs. Indirect Procurement: What’s the Difference? Essentially, procurement involves acquiring the supplies every organisation needs to function day-to-day. When you get into the details, you start to bring in all the supporting factors that make procurement work. The procurement process can be broken down neatly into two niches—direct and indirect procurement. Despite the fact that

Identifying The Risks Associated With a New Supplier Relationship

Identifying The Risks Associated With a New Supplier Relationship The concept of supplier relationship management isn’t necessarily new, but it needs to be better formalised in the current economic climate Rather than being a transactional interaction involving a contract kept in a filing cabinet until renewed, a recent report by GEP states that vendor-supplier relationships are by necessity becoming

Supplier Relationship Management
A Complete Guide To Supplier Relationship Management

A Complete Guide To Supplier Relationship Management There is a number of ways an organization can manage its supplier relationships, from determining how each supplier contributes to its success to developing strategies that will help them perform more efficiently. Supplier relationship management (SRM) is a systematic approach to evaluating vendors that provide goods, materials, and

The Complete Supplier Compliance Process

The Complete Supplier Compliance Process Any successful interaction within procurement, whether internal or external, depends on smart relationship management. The requirement for an efficient and effective vendor compliance program is non-negotiable when it comes to reducing costs and building strong, mutually beneficial relationships with your vendors. By drafting and implementing a comprehensive vendor compliance policy,

The Ultimate Guide To Successful Supplier Lifecycle Management

The Ultimate Guide To Successful Supplier Lifecycle Management A successful collaboration requires a thorough understanding of every aspect of the supplier. Supplier lifecycle management involves managing these aspects.  By ensuring quality throughout the cycle, supplier lifecycle management enables companies to identify the right suppliers and get better value. Below are the most important phases of

The Benefits, Processes, And Best Practices Of Supplier Management

The Benefits, Processes, And Best Practices Of Supplier Management Business processes have been dramatically impacted by globalization, which has created a more dynamic, competitive, and complex environment for today’s businesses. As a result, every organization relies on suppliers to provide goods and services in order to successfully operate. Managing suppliers is of paramount importance for any

How Do You Manage Supplier Relationships?

How Do You Manage Supplier Relationships? It’s a simple fact that suppliers are an essential part of every business, with 70% of the average company’s revenue being spent with third parties.  Despite this, for some companies the procurement process ends after signing a contract and starting to use a new supplier. Usually, the only time

Do You Measure Supplier Performance?

Do You Measure Supplier Performance? Your company has spent a lot of time and effort to run a competitive tender process, negotiated a good deal, signed the contract and implemented the new supplier. For some this is where the idea of the procurement process stops and the supplier is just left to get on and

Supply Management
What Is Supplier Management?

What Is Supplier Management? Supplier management is a process that drives the best value between a company and the suppliers they work with. Within strategic procurement, Supplier Management allows companies to plan, manage and improve interactions with third-parties that provide them with goods or services. Supplier relationship management (see below) is a key factor in a

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