Your Supplier Risk and Relationship Maturity Score overview
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Here are some tips and valuable resources
In your job as a leader in purchasing, it is crucial to build strategic partnerships that drive value and resilience. By fostering digital collaboration with suppliers, you can enhance visibility, streamline processes, and proactively mitigate risks. This approach not only reduces costs and increases efficiency but also strengthens your supply network, positioning your organization for long-term success in an increasingly complex marketplace. Here are some tips and tricks.
- You indicated that you do not frequently review and update your supplier segmentation results. We suggest implementing a periodic review process to reassess supplier segmentation and adjust your strategies accordingly—suppliers at the borderline of a segment may require a different partnership approach.
- You indicated that your contract templates with external manufacturers have not been updated to reflect the digital era. We recommend that you revise your contract templates to be in-line with your company’s current digital requirements and compliance measures. Ensuring that your templates are up-to-date is a great way to support your business in its digital transformation initiatives.
- You responded that your contracts have not been digitized beyond being storing as PDFs in an electronic vault. Supplier performance should always be measured against standard parameters, so we recommend that you consider storing your contract standards (lead times, targets etc.) separately in your contract management or ERP system.
- You told us that you do not have a process for tracking contract compliance and performance. That’s ok, the best place to start is with your most important KPIs. We recommend that you incorporate review cycles into your supplier relationship management to prepare and discuss performance in line with your biggest priorities.
- You indicated that you do not have visibility into your suppliers’ supply chains. We recommend engaging directly with your suppliers to map out their supply chain for greater visibility into critical raw materials and sources.
- You indicated that you are seeking visibility into your suppliers’ supply chains. That’s great, having increased visibility into their critical raw materials and sources will aid your operations. The first step should be to engage directly with your suppliers to map out their supply chain.
Valuable resources for you:
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