Over the past decade, supply chains have grown both in terms of length and complexity as companies ventured beyond borders in search of better margins. With increased outsourcing of non-core competencies, companies have become more reliant on suppliers for driving cost savings and innovation. The result? Strategic supplier partnerships today rank high in the corporate agenda. Additionally, Supplier Relationship Management (SRM) is seen as a priority procurement function that can make a huge difference.
Now, despite the criticality of SRM in the current market scenario, several organizations still struggle to initiate, develop, and nurture value-driven partnerships with suppliers. The primary reason for this is that companies often end up thinly spreading their attention across the entire supplier base which often comprises thousands of Tier-1 and Tier-2 suppliers or subcontractors. Clearly, not all suppliers in a network command the same level of spend, and hence every supplier represents a different level of value to the buyer.
In this white paper you will learn: