2023 GLOBAL SRM RESEARCH REPORT
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Demonstrating these behaviours and actions and earning the accolade ‘customer of choice’ is not the end of the story, it’s the start.
Potential benefits and required actions
1. Responsible business benefits • Collaborative problem solving • Improved planning accuracy • Faster speed to market • Strategic support and stability Actions: To achieve these, companies should display the following behaviours: - Quickly and fairly resolve issues - Frequently and proactivity share information and data - Promote and recognise non- financial aspects of the partnership - Ensure there is engagement across all departments 2. Relationship benefits • Senior supplier commitment • Increased general commitment • Improved responsiveness • Access to new developments Actions: To achieve these, companies should display the following behaviours: - Listen to and request opinions and insight from suppliers - Respect suppliers’ business priorities - Ensure all stakeholders demonstrate respect and consistent messaging - Provide timely and constructive feedback
3. Operational benefits • Improved account management • Access to scarce materials • Access to the best resources • Reduced costs Actions: To achieve these, companies should display the following behaviours: - Attend and contribute to meetings and/or workshops - Ensure deadlines are met (including payment deadlines) - Frequently and proactively share information and data with suppliers - Ensure there is timely and transparent decision making 4. Growth benefits • The proactive suggestion of ideas • A willingness to invest • Improved market knowledge • Increased supplier-led innovation Actions: To achieve these, companies should display the following behaviours: - Share your organisation’s strategic vision, roadmaps and priorities - Plan together - Share risks, costs and rewards - Support suppliers in growing their business
5. Contract benefits • Preferential pricing • A greater acceptance to manage risk • Increased transparency • Shared vision and alignment Actions: To achieve these, companies should display the following behaviours: - Define and implement clear partnership terms - Jointly develop and track key performance indicators (KPIs) and service level agreements (SLAs) - Ensure any required changes are clear and requested in a timely manner - Make sure the terms and duration of the contract are mutually beneficial • Reduced partnership risk Actions: To achieve these, companies should display the following behaviours: - Engage stakeholders at the correct level - Follow up on any action items from meetings - Communicate openly, honestly and clearly - Implement and act on 360-degree feedback from suppliers 6. Governance benefits • Faster decision making • Optimised use of resources • Improved compliance
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