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The annual State of Flux global supplier relationship (SRM) management study made its appearance in London last week at the 2024 Supplier Management Summit in its 16th rendition, this time themed ‘Return on Relationships (RoR). Governance — Determining which suppliers bring the most value to the business and which to prioritize.
As a procurement professional, ensuring your suppliers are acknowledging the role of sustainability within their practices is highly important for, not only the obvious – improving the planet – but building effective relationships and meeting your company’s objectives. What Should a Supplier Sustainability Assessment Contain?
Essential Guide to Supplier Collaboration Supplier collaboration is redefining success across industries. Strong supplier partnerships drive new product development, unlock cost efficiencies, and ensure supply chains are adaptable to changing market conditions.
Strategic Objectives Cost Savings: Achieve cost reduction targets through effective supplier negotiations and strategic sourcing. Supplier Relationship Management: Build and maintain strong supplier partnerships to ensure long-term business value. Savings can be cashable or non cashable i.e. cost avoidance.
From new pricing strategies and material substitutability to alternative suppliers and stockpiling, a new GEP-commissioned Economist Impact report reveals that enterprises are adopting a variety of approaches underpinned by data and technology.
Supplier Collaboration: Driving Innovation and Competitive Advantage In today’s hyper-connected global economy, where supply chains span continents, and industries are interlinked globally, supplier collaboration serves as the foundation to drive innovation and create a future-ready organization. What is supplier collaboration?
Knowing how to negotiate with Chinese suppliers is a critical skill for British businesses aiming to import goods. It’s about finding a balance where quality, price, and timing meet your business needs without compromising the supplier’s ability to deliver. The Chinese business culture values patience and politeness.
Strategic Sourcing: The Foundation of Effective Procurement Strategic sourcing is far more than simply choosing suppliers. It involves a methodical approach aimed at developing long-term supplier relationships, mitigating risks, and improving overall cost efficiency. Done well, it can become a key driver of competitive advantage.
The Art of Supplier Collaboration: Best Practices to Build Lasting Partnerships Dynamic market changes and global events seem to create newer demands and greater pressure on procurement professionals. Growth Strategic supplier relationships are vital for supporting business growth.
Discover how GEP SMART, our AI-powered procurement software built on the low-code GEP QUANTUM platform, was deployed with customizations and interfaces to streamline request processes, simplify supplier management, and unify procurement at Hellenic Bank.
Traditionally, procurement was very focused on a firm’s financial health, and controls regarding these aspects have been in place for quite a long time (this is why all major supplier management solutions have had D&B integrations for more than 20 years). However, things are very different today. This made the most logical sense.
Supplier Collaboration: Fundamental to Elevating Manufacturing Performance Supplier relationships are at the heart of manufacturing performance. That’s why supplier collaboration—that consistent, trusted, and responsive interaction between supplier and manufacturer—is pivotal to manufacturing success.
Supplier marketing is the process by which companies engage suppliers, build strong supplier relationships and create supplier value in order to capture value from suppliers in return, Anthony Payne , CMO at HICX , explained at Supplier Experience Live 2023 Conference during a session about how to drive supplier adoption & engagement with supplier (..)
It is now a strategic enabler of operational efficiency, cost savings and supplier innovation. Heres where e-procurement processes often break down: Fragmented catalog and supplier management: Inconsistent supplier onboarding and unstructured catalogs result in pricing discrepancies and procurement delays.
The advisory explores how leading companies are: Accelerating supply chain flexibility with “China-Plus-One” and regional diversification strategies Shifting risk through outsourced supply chain financing and operations Embedding tariff contingencies into supplier contracts and cost models Read the report for strategies to protect your supply chain (..)
Whether from market volatility, inflation, or supplier inconsistency, operations leaders are tasked with doing more with less. One often-underutilized strategy that can significantly protect—and even improve—your gross margin is the use of supplier scorecards. What are supplier scorecards?
When we talk about reputational risk, we refer to damage to a company’s name or brand resulting from the negative actions (inadvertent or not) of a top-tier supplier or sub-tier part of the supply chain. Often they are the result of a supplier cutting costs and corners. What causes reputational risk The causes come from many quarters.
This introduction to supplier risk management outlines the importance of effectively identifying and managing risks that may arise from suppliers. Supplier risk management is crucial for businesses, as it helps them mitigate potential challenges that can disrupt operations. This process is known as supplier risk management.
Here’s a detailed guide to enhance procurement capabilities across various domains: Strategic Sourcing and Supplier Management Actionable Steps: Analyze Spend Data: Use spend analysis tools to identify areas where costs can be reduced or efficiencies improved. Workshops on negotiation and supplier relationship management.
What’s Inside: Tools to model and simulate tariff impacts before they hit How to pivot suppliers, shift sourcing, and respond in real time Strategies to optimize total landed cost and streamline compliance Learn how AI-powered procurement solutions help businesses stay ready, no matter what policy hits next.
A typical procurement competency framework covers several key areas, including but not limited to strategic sourcing, supplier management, risk management, and contract negotiation. Core Competencies in the Procurement Framework Sourcing Involves identifying and evaluating the best suppliers to secure high-quality goods and services.
A network approach where suppliers maintain rich information on their cost structures (SG&A, machine rates, etc.) Instead of using RFXs, buyers and suppliers could benefit from the cost modeling and calculation capabilities to define and optimize prices of parts and products. to provide deep and accurate insights and auto-costing.
Platform-enabled capabilities like workflow automation, supplier segmentation, and performance tracking are essential for scale and resilience. Regular performance reviews and feedback loops help teams and suppliers adapt to change and refine processes, so they can demonstrate strategic value to the business.
By understanding the S&OP process, procurement teams can make more informed decisions, improve supplier relationships, and support overall business growth. They can get involved in the Demand Review of S&OP and see the NPI pipeline and also any changes in product design changes and communicate with suppliers proactively.
Multiple legacy systems prevent procurement from standardizing processes and tracking what they’re spending with each supplier. For global manufacturers, managing direct and indirect material spend can get very complicated very quickly.
Building Stronger Relationship s : Effective Approaches to Multi-Tier Supplier Collaboration A chain is only as strong as its weakest link—but what if you can’t evaluate the entire chain? Tier 1 suppliers and their suppliers—and their suppliers’ suppliers—make up an organization’s multi-tier supply chain.
Differentiate With Supplier Relationship Management (SRM)! Efficient supplier onboarding is a critical aspect of successful procurement and sourcing operations. Fortunately, with the advent of contract redlining software , organizations can revolutionize their supplier onboarding workflows and streamline the entire process.
Managing a successful supply chain requires more than just ensuring products are delivered on time its about building strong, effective partnerships with your suppliers. Supplier collaboration refers to the strategic process of working closely with suppliers to improve the efficiency, quality, and overall performance of the supply chain.
GEP’s sourcing expertise and market intelligence enabled the company to centralize sourcing and order management processes, strengthen key supplier relationships, and enhance supply chain resilience and agility. The result was a year-over-year savings of more than 3%.
What Is AI in Supplier Management? AI in supplier management is the use of artificial intelligence (AI) technologies to streamline and enhance various supplier-related processes. AI helps optimize supply chain management by offering predictive supplier analytics , real-time tracking, and automation.
In this fast-paced economic landscape, the importance of strategic supplier relationship management cannot be overstated. Join us as we delve into the world of Supplier Relationship Management, unlocking the secrets to success in the face of tariff uncertainty.
Platform-enabled capabilities like workflow automation, supplier segmentation, and performance tracking are essential for scale and resilience. Regular performance reviews and feedback loops help teams and suppliers adapt to change and refine processes, so they can demonstrate strategic value to the business.
E-sourcing streamlines supplier discovery, qualification, and evaluation using embedded compliance criteria and scoring logic. E-sourcing accelerates supplier selection while ensuring that decisions are transparent and defensible. For more detail on optimizing sourcing, see our guide to e-sourcing strategy.
Direct Store Delivery, or DSD, is a common practice among global suppliers and retailers – like PepsiCo, Frito Lay, CVS, and Dollar General – and its popularity is growing, with the global DSD market expected to reach $1.19 trillion by 2027.
20152020: Procurement Gains Strategic Recognition Emergence of Strategic Sourcing : CFOs began to recognize procurement’s role in driving long-term value through strategic sourcing, supplier relationships, and risk management. Analytics and insights from procurement data were minimal.
By providing a unique supplier portal that integrates data from various ERP systems, IDAS helps manufacturers maintain on-time delivery rates, ensuring operational efficiency and stability in complex supply chains. It leverages data to provide customers with insights to ensure supply continuity. This content is for members only.
Spend analytics is crucial for procurement teams as it provides valuable insights into the organization’s spending patterns, supplier performance and potential cost-saving opportunities.
Unlike a purchase order (PO) , which is sent externally to a supplier – often using purchase order automation software – to initiate a transaction, a purchase requisition is used solely within the organization to gain approval for a potential purchase. At this stage, the buying decision becomes official. Download the UPL case study.
You will learn: Best practices for identifying and mitigating forced labor risks before they become compliance issues 🔍 How analytics and human subject matter experts can help companies anticipate enforcement actions, identify high-risk suppliers, and adjust sourcing strategies before issues arise 📊 How companies have successfully navigated (..)
Implementing procurement software best practices begins with understanding the full scope of the Source-to-Pay (S2P) process – the end-to-end workflow that includes supplier management, sourcing, contract lifecycle management (CLM), purchasing, invoicing, payments and spend analytics. Find Out More What Is Procurement Software?
Metrics around supplier consolidation and spend concentration are also common. Customers use Onventis to consolidate suppliers and negotiate better terms. Customers emphasize how procurement technology safeguards against non-compliance penalties and helps maintain preferred supplier standards.
By embracing these technological solutions, businesses can optimize their resource allocation, enhance supplier relationship management,gain AI-driven procurement insights through comprehensive analysis and control of spend, and ultimately deliver a framework of continuous procurement process improvement.
Direct procurement focuses on production-critical materials and suppliers, directly impacting margin and operational resilience. Creating Value: Sourcing and procurement use relevant sourcing processes and tools to engage and select the best-fit supplier. It continues through production and the product’s end-of-life phase.
Speaker: Cathy Morrow Roberson, Research Manager for the Reverse Logistics Association
While establishing efficient communication channels with suppliers and empowering customers with comprehensive return information can be challenging, it is attainable with the right approach and tools. Businesses need to leverage advanced tracking systems and data analytics to identify bottlenecks and improve supply chain visibility.
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