Strategic Supplier Definition
The term “strategic supplier” is often used in business, but what does it really mean? A strategic supplier is a company that provides goods or services that are critical to the success of your business. They are usually suppliers that you have a long-term relationship with and who you rely on for quality products or services.
A strategic supplier can also be a company that provides goods or services that give you a competitive advantage in the marketplace. For example, if you are the only company that can provide a certain product or service, then that supplier would be considered strategic.
Strategic suppliers are important to businesses because they can help them save money, time, and resources. When selecting a strategic supplier, it is important to consider their financial stability, ability to scale, and track record of quality and innovation.
