5 Top Tips to Manage your Suppliers
The shores of Brunnsviken Bay in Stockholm provided a serene backdrop for CASME subscribers in Northern Europe to discuss how Procurement should best manage suppliers.
This RoundTable was designed for procurement professionals across different industries who are overseeing Supplier Management (SM) and formal Supplier Relationship Management (SRM) programmes. The meeting provided delegates with opportunities to share success stories and good practice suggestions, and to consider the key technologies and future trends.
We share the top five takeaways from the day:
- Delegates recommended that a small number of key strategic and critical suppliers are engaged in the SRM programme - under 20 is ideal
- It may sound obvious, but you should actively listen to your suppliers to capture innovative ideas. Develop the mindset to question whether your suppliers consider you to be a customer they want to support and develop
- Consider arranging a supplier day in which your senior leadership team will deliver presentations, and your current and prospective suppliers can take the opportunity to engage with stakeholders. Delegates reported achieving a significant return from this time and investment
- Play your part in protecting your organisation’s reputation by mitigating risk and complying with GDPR, ethics and modern-day slavery legislation. Valuable savings have been obtained by delegates taking responsibility for CSR concerns and developing a sustainable outlook for their whole supplier chain
- Time is needed to build trust with internal stakeholders and suppliers. It cannot be expected or demanded; it should be allowed to establish gradually while the working relationships grow.
If you wish to examine the best ways to manage your suppliers, you can book one of the last remaining places at the Managing Suppliers RoundTable in San Francisco on 30th October 2019. Contact us for more information.
To understand best practice in other regions, CASME has published summaries of the RoundTables that have taken place across the world since April. These are available to members on the CASME Resource Centre.