Supplier Relationship Management (SRM)

Insights on the Evolving Role of Supply Management

Posted: 10/05/2021 - 00:00

The global COVID-19 pandemic put supply chain management and procurement in a very bright and positive spotlight for keeping life moving as normal as possible during all the shutdowns, disruption and general uncertainty.

It also highlighted that business and supply chain disruption are ongoing facts of life – such as ongoing extreme weather events globally and a megaship blocking the Suez Canal for weeks, to name just two. And the impacts created a snowball effect on other industries:

How to Get CFOs to Promote Procurement

Posted: 09/27/2021 - 09:00
How to Get CFOs to Promote Procurement

CPOs are always looking for new ways to increase internal advocacy and improve strategic value to elevate the role of Procurement. As the lead of an organization’s financial vision, CFOs can support their counterparts in Procurement by helping them achieve this goal.

For CFOs looking to build up that relationship, we suggest starting the conversation by focusing on building a strategic procurement plan aligned with Finance’s working capital strategy.

How to Recognize and Manage Supplier Red Flags

Posted: 09/13/2021 - 09:00
How to Recognize and Manage Supplier Red Flags

Global trends, including the COVID-19 pandemic, have taught procurement professionals the value of identifying supplier red flags and mitigating the risks they may pose before it’s too late. To do this, some organizations are making local buying their top priority, while others are committing to consolidating their supplier lists or further diversifying as their needs demand.

Boosting Supplier Relationships Through Total-Value Sourcing

Posted: 08/24/2021 - 09:00
Boosting Supplier Relationships Through Total-Value Sourcing

Sourcing leaders today operate within an intricate web of interconnected buyers and suppliers from around the globe. When awarding parts of a business, companies must weigh more than the cost of what they buy. Prospective suppliers have to be viewed through multiple lenses. Prioritizing cost savings alone may seem like a clear win for your bottom line, but it can lead to missed opportunities to capitalize on other forms of value that suppliers can extend.

Four Considerations to Create and Maintain Sustainable Procurement Practices

Posted: 08/23/2021 - 00:00
Four Considerations to Create and Maintain Sustainable Procurement Practices

With 80% of an organization’s sustainability impact intertwined in its supply chain, businesses will need to identify where they can work with suppliers to realize their corporate purpose ambitions. On average, over 90% of an organization’s carbon footprint sits in “scope 3,” mainly in its supply chain and product lifecycle. Defer that logic across the wider scope of business initiatives, and you uncover a better understanding of where most sustainability lies.

The Future of Supplier Collaboration

Posted: 08/13/2021 - 09:00
The Future of Supplier Collaboration

Supply chain resiliency took on a new meaning in 2020. In the first few months of the pandemic, suppliers and procurement teams alike were left scrambling, desperately trying to maintain business continuity. The situation called for unprecedented levels of collaboration and visibility, which many organizations were not able to meet.

What to Consider When Sourcing Sustainable Packaging

Posted: 07/30/2021 - 09:00
What to Consider When Sourcing Sustainable Packaging

When it comes to packaging, raw material generally represents the largest cost component, especially in an inflationary commodity environment. Raw material also represents the largest carbon footprint share of the packaging itself. With the climate in peril, sourcing sustainable materials is instrumental in creating an environmentally aware product. So, it’s all the more important to ensure you’re considering key elements when determining the sustainability performance of the packaging solution.

5 Insights to Drive Your Procurement Priorities

Posted: 07/28/2021 - 09:00
5 Insights to Drive Your Procurement Priorities

Just as there was no roadmap for navigating a crisis like COVID-19, there is no formula for the best way to come out of a pandemic, either. However, if anyone has proven that they are up to charting the way forward, it’s procurement professionals. As resourcing experts, procurement is known for finding strategic solutions that satisfy diverse stakeholder needs — and fast.

Reclaiming Value with Strategic Contract Lifecycle Management

Posted: 07/09/2021 - 09:00
Reclaiming Value with Strategic Contract Lifecycle Management

Poor contract management costs businesses up to 9% percent of their annual revenues.  Contracts determine the flow of an organization’s finances and directly impact customer satisfaction, savings, risk exposure and productivity. However, organizations can have thousands of working contracts at any given time—each with their own set of set of risks, terms and expectations.

Top 5 Strategies to Improve Supplier Relationships

Posted: 06/24/2021 - 09:00
Top 5 Strategies to Improve Relationships with your Suppliers

Supplier management is something that many companies overlook. Customer satisfaction is the natural focus for businesses, but it's not the only relationship you should be cultivating, as it is also critical to have a good relationship with your suppliers. Supplier relationship management is a domain in which all companies can excel because it has far-reaching implications.

Are You Ready for the Next Crisis?

Posted: 05/10/2021 - 09:00
Are You Ready for the Next Crisis?

The COVID-19 pandemic created a crisis of epic proportions and left leaders in every industry scrambling to react. Procurement leaders across the globe saw the weakness in their supply chains and needed to reinvent their ability to manage the data in order to make critical decisions. In fact, according to a recent survey by the Institute for Supply Management, upwards of 75% of companies saw supply chain disruptions in the wake of COVID-19. 

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