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Encouraging or helping a firm's suppliers to achieve in the desired fashion can be directed to as Supplier Management.
What is meant by Supplier Management?
Assessing supplier performance, defining and establishing delivery and quality standards, and upholding supplier relationships are all parts of supplier management. Making sure that suppliers meet or exceed the buyer's expectations in terms of quality, delivery, and pricing is the aim of supplier management. Value for money must be acquired from all suppliers, according to the Supplier Manager. He ensures that all contracts with suppliers support the demands of the company and that all suppliers uphold their end of the bargain.
The systematic, enterprise-wide evaluation of a supplier's strengths, performance, and capabilities in relation to the overall business strategy is known as supplier relationship management (SRM). SRM also involves choosing which activities to undertake with various suppliers, as well as planning and carrying out all supplier interactions in a coordinated manner throughout the relationship life cycle in order to maximize the value realized through those interactions.
Creating two-way, mutually beneficial connections with strategic supply partners is the main goal of SRM in order to provide higher levels of innovation and competitive advantage than are possible through independent operation or a standard, transactional purchasing arrangement. Supplier information management, compliance, risk management, and performance management are underlying disciplines that underpin effective SRM.
Hence, Â Encouraging or helping a firm's suppliers to achieve in the desired fashion can be directed to as Supplier Management.
To learn more about Supplier Management refer to:
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