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Enabling Supplier Innovation - Building the Business Case for SRM (Part 3)

October 31, 2018

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How collaboration network can increase supplier value. Empower your procurement team with the right tool to increase collaboration among the team your stakeholders and suppliers.

Taking action is a snap with document templates and email integration that ensures critical communications to suppliers and stakeholders are done in a consistently high-quality manner versus the old free text email.

Investing in enhanced supplier relationship management (SRM) capabilities is frequently discussed within procurement organizations but not often executed. The immediate need to achieve annual savings targets and satisfy stakeholders often drives a focus on sourcing, wi...

Savings from strategic sourcing can be eroded by inadequate supplier performance management and collaboration (or lack of collaboration).

November 1, 2018

We are at LUPR, focusing on improving procurement efficiency, which can dramatically reduce non-value add (NVA) activities performed by procurement

Value-added innovation is anything promoting efficiency or mitigating risk and can be as mundane as getting a supplier to license technology

In this post in our series on developing the business case for investing in supplier relationship management (SRM) capabilities, we focus on reducing supplier risk. (Catch up on the first three entries here, as well as the introduction.)

Supplier qualification...

September 24, 2018

SRM capabilities will tremendously help in assessing and improving stakeholder satisfaction, help create value and improve procurement bottom-line results.

We can readily see how the new tax law is benefiting investors, employees, and communities (via more investment) but I bet no one out there in the procurement community has gotten an excited call from a supplier offering to share the benefits of the new tax law via red...

While not all procurement groups have adopted the “supplier” flavor of customer lifecycle management — that is, supplier relationship management (SRM) — an increasing number of organizations are taking the plunge and purchasing supplier management capabilities, either...

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December 01, 2016

Supplier Relationship Management Insights by ISM

The term "supplier relationship management (SRM)" refers to the practice and process for interacting with suppliers. Most supply professionals view SRM as an organized approach to defining what they need and want from a supplier and establishing and managing the company-to-company (or procurement-to-sales) link to obtain these needs. Even when there is no conscious procurement-to-supplier's sales link, there still are practices and processes in play — informal as they might be. Formal or not, academic and consulting company research shows that organized approaches to supply and suppliers produce positive sourcing results.

October 04, 2016

How to Really Get a 360-Degree View of Your Suppliers By Spend Matters

Having a 360-degree view of your supplier is the notion that you are considering your supplier from every possible angle: value, quality, risk, compliance, diversity, and most importantly, their ongoing performance. Back in the day, a supplier was evaluated on price alone. Now, with all the data and systems we have, alongside the ability to integrate all of these systems together, we are able to evaluate our suppliers well beyond price and move to total value that considers all of the aforementioned criteria. By having a 360-degree view, you eliminate a lot of blind spots, and aren’t typically caught off-guard when something does go wrong.

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