SpendEdge in the News: Quality Supplier Partnerships Benefit from Goal-setting, Growth Plans
Supply Chain Dive quotes SpendEdge in their article on April 17th
“Degrees of supplier collaboration could mark the difference between an efficient or poorly executed supply chain. The quality and timeliness of supplies is key to a product’s final integrity. Improving this process inevitably requires a strong commitment from supply chain partners to do the same.
Yet, companies can often forget to work with or reward suppliers for their role in securing business growth. A recurring quality mishap can cost millions in recalls, etc., but consistent on-time performance helps mitigate the risk of production halts. Just as insurance costs go down over time and good performance, a supplier should be rewarded for proven quality.
Such rewards need not necessarily be financial, however. As the SpendEdge report found, communication can go a long way. If a supplier senses that they are important to your business, they are more likely to prioritize your order over another’s in the case of disruption. Similarly, ensuring payments for supplies are consistently made on-time are an often forgotten end of the bargain, but communicating a supplier’s importance to the accounting department can make a difference (and even avoid further disruption).
Procurement professionals know supply chains are a relationship business, and it takes both sides to build a good relationship.”
Supply Chain Dive News: Quality supplier partnerships benefit from goal-setting, growth plans
Read the complete blog on 10 Steps Towards Establishing Successful Supply Chain Collaboration