Supplier management processes are an integral part of any successful business. They involve the management of relationships with suppliers to ensure that goods and services are delivered on time, of the highest quality, and at the most competitive price. This involves the identification of potential suppliers, the selection of suppliers based on their ability to meet the company’s needs, and the monitoring of supplier performance. It also includes the negotiation of contracts, the management of supplier relationships, and the resolution of any disputes that may arise.
The goal of supplier management processes is to ensure that the company is able to obtain the best possible value from its suppliers, while also ensuring that the supplier is able to meet the company’s needs in a timely and cost-effective manner.
By properly managing the relationship between the company and its suppliers, businesses can ensure that they are able to obtain the highest quality goods and services at the most competitive prices.