To Avoid Procurement Splintering
A procurement manager I know recently told me a story about a supply crisis where a key supplier unexpectedly shuttered their doors. The manager's proactive efforts to build relationships with other suppliers kept the company going and saved the company from disaster. This incident highlighted one of the most important aspects of procurement: building and maintaining good supplier relationships. This is not just a good practice, it is essential risk management tactic. Here are some simple strategies to improve supplier relationships Regular Communication : Keep open lines of dialogue to address issues early and share success stories. Joint Innovation : Collaborate on new projects or improvements, which can lead to better outcomes for both parties. Performance Feedback : Provide constructive feedback regularly, allowing suppliers to improve and adapt. Recognition : Acknowledge your suppliers’ achievements; this can motivate them to maintain high performance. Long-Term Commitments