7 Strategic Supplier Management Tips for Businesses

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We outlines seven strategies for effective supplier relationship management. Here's a summary:

1️⃣ Segment Suppliers: Classify suppliers into strategic, tactical, operational, and commodity categories based on their importance to your business.
2️⃣ Set Clear Expectations: Communicate business goals and expectations clearly from the start.
3️⃣ Define and Monitor KPIs: Establish key performance indicators and use tools like SRM software for monitoring.
4️⃣ Avoid Unfair Demand Schedules: Respect contractual obligations and avoid unreasonable demands.
5️⃣ Give Praise When Earned: Acknowledge and appreciate suppliers for good performance.
6️⃣ Manage Contracts Proactively: Monitor and make timely decisions about supplier contracts to avoid automatic renewals and associated costs.
7️⃣ Empathy and Flexibility: Show understanding and flexibility when suppliers face unforeseen challenges.

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