VALUE
MORE THANMONEY: OTHERWAYS TOSHARE THEBENEFITSOF SRM
We have submitted joint entries with suppliers to a number of industry awards to demonstrate the great work happening, as well as acknowledge the effort by suppliers in driving innovation and improved business benefits.” Leading Australian telecommunications company
Annual supplier awards, regular senior stakeholder engagement and support for industry awards.” Leading UK bank
We're content to become reference points and participate in case studies and appropriate publicity.” UK financial services
Informal in terms of positive feedback, sometimes we take themout for ameal, for example. On amore formal basis, an awards programme for suppliers.” UK consultancy firm
We have a supplier league table where top performers get preferred access to top executives, participate in some of our teamevents and receive recognition in articles published externally.” UK retail and services group
We have hosted supplier appreciation events and sent messages of thanks fromour senior executives in appreciation of their hard work.” Major North American power generator
We share our business and technology roadmap and give high- performing suppliers more access
to senior management.” Major telecommunications equipment manufacturer
STATEOF FLUXOPINION: Businesses increasingly see that bettermanagement of supplier relationships is worthwhile, but relatively fewknowexactly what they are going to get out of it. Developing a value propositionmay seem like an extra step in creating a programme you already think is a good idea, but it pays dividends. Leaders in SRMdo it and they aremore likely to see post-contract financial benefits. They understand that early investment in understanding howSRMcreates valuewill reap rewards in the long run.
INTHENEXT SECTION... Even if SRMprojects have identified business drivers and developed a strong value proposition, they are not guaranteed success. Once they are brought to life, they require enthusiasmand commitment from peoplewith their own set of day-to- day priorities and long-termgoals. Stakeholders hold the key to SRM success and in the next sectionwe examine how to engage them.
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