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Why is the vendor/supplier relationship so important?
The relationship between the buyer and the supplier are the backbone of the supply
chain. Any disruption in that relationship can result in crippling the entire process.
Organizations who took that relationship for granted pre-pandemic instantly
regretted their decision. Moving forward, this relationship needs to be a priority
within the procurement industry.
Take your time when choosing a supplier.
When choosing who to do business with, it is best to do so with careful
consideration. In order to mitigate major risks, you should consider the nature of
your relationship with a potential supplier. Spend adequate time and resources to
check the background of the company you are planning to buy from. You’re
planning on doing business with this company for the foreseeable future, so there is
no reason to skimp on any of the details. You should consider inspecting their
facilities personally.
A strategic approach is key to ensuring a lasting
relationship.
The relationship between the vendor and supplier needs to be strategically centered
around growth. Too many companies adopt a more reactive approach to these
relationships, only choosing to work on them when something goes wrong. This is a
complete waste of both time and money. Companies are better suited to manage
these relationships from the very beginning, before any sort of agreement with the
supplier has even taken place. The strategic approach means giving your company
a competitive edge from the very start.
Focus on long-term success and trust will continue to
build.
By taking the strategic approach to vendor supplier relationships, you can ensure
that over time, you will have a trusting long-term relationship with your supplier.
Many companies have lost sight of the fact that trust is the key to any successful
relationship. If we’ve learned anything about the supply chain in the last two years,
it’s that a lack of trust can have dire consequences for everyone involved.
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