2024 GLOBAL SRM RESEARCH REPORT
CALL TO ACTION
28
29
Call to Action
Organisations must rethink how they manage supplier relationships. By focusing on strategic priorities such as building stronger partnerships, investing in skills, leveraging technology, and enhancing governance, companies can unlock greater value and drive sustainable success. Enriching Return on Relationships
Regular executive-level engagement with suppliers will strengthen relationships, ensure alignment with business goals, and mitigate risks. Building Supplier Management capabilities People are at the heart of supplier management success. Investing in people means developing the skills and competencies needed to manage supplier relationships effectively. Organisations should focus on upskilling their teams to ensure they can drive performance and value across their supplier networks. Addressing technology gap Outdated, inefficient systems are holding organisations back. Technology is becoming critical to enable more effective supplier management. By investing in integrated solutions that streamline contract lifecycle management, performance tracking, and data analytics, companies can enhance their decision-making processes and improve the overall efficiency of their supplier management programmes. Strengthening collaborations and interactions At the core of effective supplier management is collaboration. Organisations must move beyond transactional relationships and work closely with suppliers to foster deeper, more strategic partnerships. This involves sharing knowledge, expanding joint initiatives, and collaborating on innovations that drive long-term value for both parties. By focusing on these key areas, organisations can transform their outcomes from supplier management, creating resilient partnerships that deliver sustained success and competitive advantage.
Organisations need to adapt their approach and become more collaborative with key suppliers to deliver long-term value. To elevate supplier management, businesses must focus on unlocking innovation, driving trust, and fostering a culture of shared success that goes beyond transactional benefits. Unlocking value To unlock the true value of supplier relationships, organisations need to adopt a data-driven approach. This means moving beyond simply measuring cost savings and focusing on capturing a wider range of benefits, such as innovation, risk management, and operational efficiency. Investing in systems that provide transparency and insights into supplier performance will allow businesses to measure both financial and non-financial outcomes, ensuring that value is maximised at every stage of the relationship. Driving engagement for mutual success Engagement is critical for maintaining strong, strategic supplier partnerships. Organisations must foster a culture of collaboration by engaging suppliers through structured feedback mechanisms and regular interactions. By actively seeking input from suppliers, companies can strengthen partnerships, align on objectives, and ensure that both parties are working towards shared success. Defining governance to support supplier relationships An effective structure is essential for managing complex supplier networks. Organisations need to establish clear treatment strategies for different supplier tiers and create accountability frameworks that ensure consistent, strategic oversight.
“People are at the heart of supplier management success.”
Powered by FlippingBook