LONDON--(BUSINESS WIRE)--SpendEdge, a leading provider of procurement market intelligence solutions, has announced the completion of their downloadable article on the supplier management best practices for companies to deploy in 2019. The article offers detailed insights into supplier management best practices that companies can adopt to drive significant business value from their supplier relationships. The article also highlights how supplier management can help businesses drive greater value throughout the sourcing process.
Shorter product lifecycle and wider market swings have changed the needs of businesses drastically over the last few years. They have reached a stage where they can no longer function alone. Collaborating with suppliers is the best strategy that they can follow to ensure growth in today's hyperkinetic business environment. However, businesses need to understand how to manage their suppliers. Download this free resource to know supplier management best practices that businesses can adopt to obtain the best results from their supplier management initiatives.
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Supplier Management Best Practices for Businesses
Segment suppliers effectively
Segmenting suppliers based on their impact on the supply chain and supply market complexity is a common practice followed by businesses. Measuring the compatibility between the organization and the supplier is an additional parameter that can help businesses manage their suppliers in the long run. Incorporating such metrics helps companies to develop supplier-specific strategies based on their classification.
Get in touch with our procurement experts to know how companies can systematically manage interactions with key suppliers to maximize the value of those interactions.
Develop a governance model
Developing a governance model helps businesses to track relationship with suppliers and obtain clarity regarding supplier relationship management. This enables businesses to ensure that the performance of suppliers meets their business objectives. If the company has more strategic suppliers, then the degree of governance and monitoring increases manifold.
Devising an effective governance model requires companies to analyze different market aspects. Request a free demo to know how our experts can help you gain precise real-time insights.
Improve collaboration and transparency
Improving collaboration and transparency is one of the supplier management best practices that companies can follow to improve supplier management. Promoting collaboration as one of the key elements can help businesses to build trust and manage multiple suppliers. However, this requires businesses to be transparent about their goals and expectations from suppliers.
To know about supplier management best practices that you can implement, download the complete article here.
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