Strategies for Improving Supplier Relationship Management (SRM)!

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Strategies for improving Supplier Relationship Management (SRM) are the hallmark of the Modern Procurement Function.  

In this article we are providing our list of 10 strategies for effective Supplier Relationship Management and overcoming Supplier management challenges.

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The Supplier Management Secret Recipe

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I love cooking. Even more, than I love cooking, I love eating. And there is also a supplier management secret recipe.

Something I’ve learned from a very young age is that food and mealtimes are something to be cherished. For this reason, cooking was always a pastime that was held with high regard in our household. The family philosophy was, if you eat good, then you’ll feel good.

Grandma Garno’s meatballs, Grandpa Charlie’s Pasta e Fagioli, Grandma Helen’s kugel, and so many more family recipes were staple dishes that were seasoned with tradition and tasted like family history.

Over time I’ve had the opportunity to adopt these recipes; handwritten on the back-side of 1950’s newspaper scraps or in such faded ink that one can just barely see it reads ‘teaspoon’ not ‘tablespoon’. Cooking these recipes for friends and family today is a privilege, and often jolts fond childhood memories stimulated through my tastebuds.

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What if Your Supplier Had a Yelp Review?

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Has your friend, or partner, ever looked at you and said, “Let’s go out to eat!”(Side Note: we’re talking about pre- or post- COVID 19 of course) and put a review on Yelp?

There’s often not many seconds between the proposition of eating out, and a frantic barrage of mobile searches on various review sites, blog posts and news articles.

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What is Supplier Relationship Management (SRM)?

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Regardless of what industry your company is in you are dependent on suppliers to operate your company. Thus it makes sense to have a Supplier Relationship Management program.

Suppliers provide components for products you manufacture and sell. Suppliers provide services for products or services you take to market. Suppliers move your goods from one point to another. And suppliers provide the goods, supplies, software and other items required by every function in your company to conduct day to day business.

Without suppliers no company could survive, let alone thrive.

Yet historically too many people have treated suppliers transactionally with no to little regard for fostering mutually beneficial relationships.

Going forward it will no longer be sufficient to just have passive supplier relationships. Companies must have a formal, strategic Supplier Relationship Management (SRM) program!

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What is Supplier Diversity?

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With all of the societal issues circulating around race, racism and discrimination it’s important to understand how this pertains to Supply Chain and what role Supply Chain plays in this arena.

Specifically in the area of Procurement there has been a history associated with attempts to direct spending toward diversity owned businesses. There have been successes and failures for sure but the underlying intent of providing business opportunities to those who would otherwise not have that opportunity still makes sense.

In this article we’d like to explore the history and state of Supplier Diversity. For some this is second nature yet for too many others this is not understood or not even known.

What exactly is Supplier Diversity?

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Suppliers are Friends, not Food!

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“Fish are friends, not food.” Similarly Suppliers are friends and not food.

Bruce, a great white shark, and his two shark friends gather alongside Dory and Marlin, taking a sacred oath, swearing off eating fish. This scene became an instant classic in the homes of the hundreds of millions that have seen Pixar’s mega-success, Finding Nemo.

If you’ve never seen the film, treat yourself by watching this clip below, and directly after you finish this blog, do yourself a favor and stream the entire film.

Is there something to be learned from this quote in Finding Nemo, that we can apply to procurement and sourcing? As buyer and suppliers aren’t we all living in the same ocean, existing in the same ecosystem, and working towards the same value creation?

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5 Qualities of a Reliable Supplier!

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Your business is only as exceptional as the goods or services it offers, and to get exceptional products, the right supplier is a must.

Whether you’re starting a new line of products from scratch or looking to revamp your shelves, here are five qualities of a reliable supplier to prioritize. 

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