32.1 C
Singapore
Wednesday, September 22, 2021
HomeProcurementKey Strategies to Enhance Supplier Relationship

Key Strategies to Enhance Supplier Relationship

Supplier Relationship Management (SRM) is the critical approach used for engaging with suppliers on a level that reflects the priorities of the customer organization and how best these needs can be achieved. The products and services procured are incredibly influential in how the organizations view and interact with each other. This differentiation process enables us to recognize that not all suppliers are the same and treating then should not be the same. Plan multiple strategies to use on different suppliers.

Maintaining good supplier relationship often leads to favourable prices, generous terms, improved availability and even the occasional buyback. It is essential to develop and maintain relationships with key suppliers. It would be a mistake to think that a small or mid-sized retailer may merely place orders with any supplier.


The full content is only visible to SIPMM members

Already a member? Please Login to continue reading.


Ben Ng Boon Hee, DPSM
Ben Ng Boon Hee has 5years of experience handling both the functions of procurement and customer demands for automobile components and spare parts. He is a member of the Singapore Institute of Purchasing and Materials Management (SIPMM). Ben Ng completed the Diploma in Procurement and Supply Management (DPSM) course on September 2018 at SIPMM Institute.
RELATED ARTICLES

Most Read