Is your company a “customer of choice” with your key suppliers? If not, you are leaving an incredible amount of value on the table. The best companies do an excellent job of Supplier Relationship Management. They ensure contract compliance, SLA monitoring, great issue resolution, excellent on boarding and divestiture of suppliers etc. etc. A lot of best practices can be had by emulating them and they should be emulated. But we believe that Next Practices takes you to a place where the relationships you have with your suppliers are a source of competitive differentiation. Your supply base can be a competitive weapon if you are willing to shift your approach from “managing” to optimizing. This requires a significant amount of collaboration and shedding the adversarial approach we have been using for years.
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