Supplier Relationship Management
Supplier Relationship Management (SRM) programs and processes are powerful tools to work collaboratively with key suppliers and maximize the performance and potential value of those relationships.
Industry sources suggest that the value of a contract can degrade by up to 30% in the first year without proper controls. Spinnaker Supplier Relationship Management programs help customers continue to achieve the results and value in supplier relationships long after the ink on the original contract dries.
Key elements to a successful Supplier Relationship Management program include:
- Developing a regular business/partnership review process
- Regularly measuring and continuously benchmarking supplier performance via defined scorecards
- Managing supplier development plans for strategic suppliers (collaboration plans and strategic partnership roadmaps)
- Implementing supplier contract management, compliance administration and contract repository
- Developing market re-engagement triggers to help identify when to take business back to market