Supplier relationships should be built methodically, assessed objectively and nurtured strategically. Suppliers aren’t just your vendors, they are potential strategic partnerships, and they need to be managed accordingly.
Procurement is amongst some of the most rapidly changing business areas, and maybe for the better. Only time will tell if the coming digital transformation of various business areas, just like procurement, will make for positive outcomes. But, in the meantime, there is still a large population of procurement professionals, strapping up their boots every morning, and doing their darndest.
Procurement and sourcing teams are heavily reliant upon the effectiveness of the suppliers they choose to collaborate with. Relationship management between buyer and supplier is crucial to the success rate of a partnership, and both parties must learn to give and take to create fair/shared value.
Without an acceptance to disrupt and transform from top to bottom, is there even an opportunity to change at all?
CPOs (Chief Procurement Officers) is the function in charge of leading this transformation. Many leaders within the procurement world are ready to realize the change that lies ahead.
When most people hear the word ‘startup’ their minds instantly wander to a mental image of a business started by young adults, sitting around on beanbag chairs, wearing branded t-shirts and hooded sweatshirts, down to their last cent of funding and underdeveloped as an organization.