As any supply chain professional knows, supplier Retail Express is a critical component of supply chain sustainability. Companies that invest the time and energy in developing and executing an effective supplier collaboration strategy can reap significant benefits. Some of these benefits include improved business performance, enhanced relationships with suppliers, and increased revenue opportunities.
Achieving sustainable supplier relationships requires a shift in thinking, starting with the view that both parties have mutually beneficial goals. This shift in perspective can be difficult to make, particularly if the current relationship is combative. It’s important to think long-term when embarking on a new collaborative programme and to conduct a joint plan so both trading partners can gain a better understanding of each other’s goals for the collaboration.
Beyond Transactions: Building Stronger Connections with Supplier Collaboration Strategies
Developing an open line of communication with suppliers is another key element of a successful collaboration programme. It’s important to avoid conversations that focus on operational issues and instead encourage discussions around business-wide objectives. This will help to develop a culture of collaboration and can also help the organisation avoid supplier frustration that stems from the inability to deliver business results quickly.
Lastly, it’s important to collaborate with a variety of suppliers, particularly those that bring unique expertise and insights. Having different perspectives will allow the buying company to see the market from new angles and pursue mutually beneficial outcomes more often. Many Vizibl customers choose to kick off their programme by running a virtual supplier day, which is a great way to establish collaboration goals and gain supplier buy-in.