Why Now is the Time for a New Approach to Supplier Relationships
When the pandemic first struck, one of the first things to get hit was supply chains. Things were not moving as qu
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.