The NBA finals are upon us. Is it luck? Or have the Raptors and the Warriors made it this far by building a framework for success; utilizing each player’s strengths and abilities to give them a competitive edge above the rest? We say it’s a framework for success – which is exactly what it takes for a supplier management strategy to work, too. From covering the basic fundamentals to ensuring you’re prepared for any and every potential supplier risk, maximizing the competitive advantage you can achieve with the right approach to supplier management helps the entire organization win.
Supplier management is impacting organizations now more than ever. It is imperative to understand how your suppliers impact various departments throughout the organization and be able to create the right framework for success. Spend Matters’ Supplier Management 101 takes us back to basics, guides us in identifying key requirements, and advises us on building the right approach to having visibility and control through holistic digitalization.
It’s a given – technology is required for a sustainable and agile approach to supplier management. However, Anéliya Riminchan, Product Director of Sourcing for Determine, a Corcentric company, contends that the right approach involves having a careful balance of convenient automation and collaborative human relationships. Anéliya and Kelly Barner, Owner & Director of Buyers Meeting Point, discuss how to find the right balance in this month’s episode of Determine OutLoud.
Once you have a basic architecture and formalized supplier management approach, you can focus on creating more value through supplier diversity and concentric risk management. We close out the month with these trending topics by diving into the importance of having a diverse supplier base and uncovering how to extend risk management efforts beyond specific suppliers to include industry and geography, as well. So before you watch Game 1 tonight, catch up on this month’s resources and start thinking of ways you could become the Steph Curry or Kawhi Leonard of your team.
May DetermiNews looks at the month gone by:
Supplier Management 101.
Treat your suppliers like customers. Read On >>
Creating the perfect mix between talent & technology. Listen In >>
The competitive edge on supplier diversity. Read On >>
Understand, monitor, and prepare for supplier risks. Read On >>