Following the release of SCM World’s latest report, this webinar identified the major levers being used to harness supplier relationships, the benefits achieved so far and the challenges inherent in pursuing such a strategy. In a challenge to traditional thinking and practice, this session asserted that companies need to ensure they are attractive to do business with not only for customers, but also for their key suppliers.
- Longer-term agreements with suppliers, greater IT integration and leveraging design collaboration/open innovation are the three most popular vehicles for SRM success
- Priority in times of tight supply is the number one business benefit from stronger supplier relationships, followed by supplier loyalty and collaboration on design improvement
- Collaborating with suppliers (rather than internally or with customers) is the top choice for driving innovation, with hi-tech companies placing particularly high value on this
- Healthcare, pharmaceutical and chemicals firms report the biggest improvements in supplier relationships as a result of sustainability initiatives